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Evolution of Mass Privatization in Bulgaria

  • Jeffrey Miller


    (Department of Economics,University of Delaware)

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.

(This abstract was borrowed from another version of this item.)

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Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 06-10.

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Length: 11 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:dlw:wpaper:06-10
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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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