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Modelling Investment Decisions though Logistic Regressions (using data on mass privatisation)


  • Aleksandar Tsvetkov
  • Mariana Kotseva


The article describes an attempt to use, through microeconomic models, factors and causes determining investor’s behaviour of the participants in the mass privatisation. In particular the object of the research is the demand of stocks issued by the offered for privatisation enterprises. The survey includes all enterprises listed on the three auctions of the first round of mass privatisation, carried out in 1996. The results of the estimated model of the logistic regression show that the investors have made their decisions for buying stocks from enterprises guided by the classical investment and finance theory. The data shows that enterprises with positive profitability, low immobilization of property, high turnover of the capital, lower debts and bigger share of stocks listed on the auction, have higher probability for buying out. The investor’s attention has been directed to enterprises in light industry and in services.

Suggested Citation

  • Aleksandar Tsvetkov & Mariana Kotseva, 2002. "Modelling Investment Decisions though Logistic Regressions (using data on mass privatisation)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 56-72.
  • Handle: RePEc:bas:econth:y:2002:i:1:p:56-72

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    References listed on IDEAS

    1. Amemiya, Takeshi, 1981. "Qualitative Response Models: A Survey," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1483-1536, December.
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    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity


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