Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/119713
Authors: 
Bortolotti, Bernardo
de Jong, Frank
Nicodano, Giovanna
Schindele, Ibolya
Year of Publication: 
2002
Series/Report no.: 
Nota di Lavoro, Fondazione Eni Enrico Mattei 105.2002
Abstract: 
Share issue privatization - i.e. privatization on public equity markets - is often claimed to foster stock market development. In this paper, we provide an empirical assessment of this claim, testing the role of privatization on two market liquidity measures in a panel with monthly data of 19 developed economies. Privatization is shown to be key in improving domestic stock market liquidity, controlling for other economic, financial and institutional determinants. Results do not appear to be driven by reverse causality or non-stationarity of the data.
Subjects: 
Privatization
Financial Market Development
JEL: 
L33
G14
Document Type: 
Working Paper

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