Staged privatization: transforming state-owned enterprises into market-based firms

Jiang, Kun and Wang, Susheng (2016) Staged privatization: transforming state-owned enterprises into market-based firms. Journal of Institutional and Theoretical Economics JITE, 172 (4). pp. 694-726. ISSN 0932-4569

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Abstract

Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show that such an approach is efficient, in the sense that it can successfully transform state-owned enterprises into efficient market-based firms. Our theory explains the popularity of staged privatizations around the world. We have also conducted empirical analysis, yielding supporting evidence for our theory.

Item Type: Article
Additional Information: Jiang, Kun; Wang, Susheng: Staged privatization: transforming state-owned enterprises into market-based firms. Journal of Institutional and Theoretical Economics JITE, Volume 172, Number 4, December 2016, pp. 694-726.
Keywords: staged privatization, lockup policy, tradable shares, nontradable shares
Schools/Departments: University of Nottingham, UK > Faculty of Social Sciences > Nottingham University Business School
Identification Number: https://doi.org/10.1628/093245616X14618208477844
Depositing User: Eprints, Support
Date Deposited: 27 Feb 2018 14:34
Last Modified: 28 Feb 2018 03:11
URI: http://eprints.nottingham.ac.uk/id/eprint/50064

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