Share issue privatizations as financial means to political and economic ends

被引：179

作者：

Jones, SL

Megginson, WL

Nash, RC

Netter, JM ^{[1
]}

机构：

[1] Univ Georgia, Terry Coll Business, Athens, GA 30602 USA

[2] Wake Forest Univ, Babcock Grad Sch Management, Winston Salem, NC 27109 USA

[3] Univ Oklahoma, Price Coll Business, Norman, OK 73109 USA

[4] Indiana Univ, Kelley Sch Business, Indianapolis, IN 46202 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1999年 / 53卷 / 02期

关键词：

privatization; IPO underpricing;

D O I：

10.1016/S0304-405X(99)00021-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines how political and economic factors affect the offer price, share allocation, and other terms governments choose when they privatize state-owned enterprises via a public share offering. Using a 59 country sample of 630 share issue privatizations (SIPs) with total proceeds of over $446 billion during the period 1977-1997, we find that governments consistently underprice SIP offers, tilt their share allocation patterns to favour domestic investors, impose control restrictions on privatized firms, and typically use fixed-price offers rather than book building or competitive tender offers, all to further political and economic policy objectives. (C) 1999 Elsevier Science S.A. All rights reserved.

引用

页码：217 / 253

页数：37