The Financial and Operating Performance of Newly Privatized Firms : Evidence from Developing Countries
This paper examines the change in financial and operating performance of 79 companies from 21 developing countries that experience full or partial privatization over the period 1980 to 1992. To take account of the possibility that some of the differences between preprivatization and postprivatization performance could be due to economywide factors we use performance measures adjusted for market effects in addition to unadjustedperformance measures.
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