The mass privatization program in Bulgaria was implemented in 1996-97. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme problems that manifested themselves in these other countries, but there were still serious problems of dilution. Dilution is similar in both mass privatization firms and nonmass privatization firms. Dilution is associated with positive performance, suggesting that more concentrated ownership has had some benefits. Even after a number of years have passed, mass privatization firms have performed less well than firms privatized by other means.
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Length: pages Date of creation: 01 Mar 2006 Date of revision: Handle: RePEc:wdi:papers:2006-814
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Find related papers by JEL classification: P5 - Economic Systems - - Comparative Economic Systems P3 - Economic Systems - - Socialist Institutions and Their Transitions G3 - Financial Economics - - Corporate Finance and Governance
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