Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/118014
Authors: 
Bortolotti, Bernardo
Faccio, Mara
Year of Publication: 
2004
Series/Report no.: 
Nota di Lavoro, Fondazione Eni Enrico Mattei 130.2004
Abstract: 
We study the evolution of the control structure of 141 privatized firms from OECD countries over the period from 1996 through 2000. We find that governments do not relinquish control after “privatization.” We show that the market-to-book ratios of privatized firms converge through time to those of a control sample. However, this convergence does not depend on whether governments relinquish their control rights. In fact, large government stakes have no negative effect on either adjusted market value or stock price performance.
Subjects: 
Privatization
Corporate governance
JEL: 
L33
D72
G15
H6
K22
Document Type: 
Working Paper

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