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Evolution of Mass Privatization in Bulgaria

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  • Jeffrey Miller

    () (Department of Economics,University of Delaware)

Abstract

The mass privatization (MP) program in Bulgaria was implemented in 1996–1997. 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 of shareholder value. We find that dilution in Bulgaria is similar in both MP firms and non-MP firms. After a number of years have passed, MP firms have performed better than firms privatized by other means or firms that were never privatized.
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Suggested Citation

  • Jeffrey Miller, 2006. "Evolution of Mass Privatization in Bulgaria," Working Papers 06-10, University of Delaware, Department of Economics.
  • Handle: RePEc:dlw:wpaper:06-10
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    File URL: http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2006/UDWP2006-10.pdf
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    References listed on IDEAS

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    1. Vladimir Atanasov & Conrad S. Ciccotello & Stanley B. Gyoshev, 2005. "How Does Law Affect Finance? An Empirical Examination of Tunneling in an Emerging Market," William Davidson Institute Working Papers Series wp742, William Davidson Institute at the University of Michigan.
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    Cited by:

    1. Iwasaki, Ichiro & Mizobata, Satoshi, 2017. "Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature," CEI Working Paper Series 2016-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Brada, Josef C., 2016. "Corporate governance following mass privatization," Journal of Comparative Economics, Elsevier, vol. 44(4), pages 1132-1144.
    3. Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
    4. Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.

    More about this item

    Keywords

    Bulgaria; mass privatization; dilution;

    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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