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Privatization and Financial Market Development: Theoretical Issues

  • Gabriella Chiesa

    (University of Bologna, Italy)

  • Giovanna Nicodano

    (University of Torino, Italy)

Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori impact on market liquidity and market size. A positive correlation between such features and market development in a cross section of countries would support the claim that certain types of SIPs contribute to stock market development.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2003.1.

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Date of creation: Jan 2003
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Handle: RePEc:fem:femwpa:2003.1
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  1. Merton, Robert C., 1987. "A simple model of capital market equilibrium with incomplete information," Working papers 1869-87., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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