Evolution of Mass Privatization in Bulgaria
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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|Date of creation:||2006|
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- 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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