A Theory of Partial Sales and Underpricing in Privatizations: April 1991 (Classic Reprint) (Paperback) - Livro de bolso
2015, ISBN: 1332284558
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A Theory of Partial Sales and Underpricing in Privatizations: April 1991 (Classic Reprint) (Paperback) - Livro de bolso
2015, ISBN: 1332284558
[EAN: 9781332284559], New book, [PU: Forgotten Books, United States], Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker… mais…
ISBN: 9781332284559
Excerpt from A Theory of Partial Sales and Underpricing in Privatizations: April 1991 This paper develops a theory of gradual sales and underpricing of shares in privatizations. Gradual s… mais…
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2015
ISBN: 9781332284559
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ISBN: 9781332284559
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This paper develops a theory of gradual sales and underpricing of shares in privatizations. Gradual sales and underpricing are strategic devices used by policymakers to signal commitment when the capital markets are unsure about the governments type and attempt to infer it from observed performance. The model establishes for which firms the use of underpricing is optimal. Further, in the context of a multiple firm model, the question of when gradual sales can be abandoned is analyzed.
1 Introduction
Among other things, the Eighties will be remembered as the decade of privatization: the selling of state assets is taking place at the same time almost everywhere. Perhaps surprisingly, most privatization programs seem to display important similarities. It is. for instance, true that, during the initial stages of the program, governments frequently use partial sales. Although a number of reasons has been offered, ranging from seller inexperience to stock-market liquidity constraints, none of these provides a completely satisfactory explanation. Also, it has been reported that the underpricing of shares in privatizations is significantly and consistently larger than the average underpricing occurring in the private sector initial public offers. Jenkinson and Mayer (1988), measuring discounts of issue price in relation to offer prices at the end of the first trading day, note that only 5 out of 23 of the discounts in privatizations in France and the U.K. were in single figures, which are consistent with the underpricing in private IPOs for the two countries. This is particularly intriguing because state owned corporations are usually well known to the public, and the government, unlike shareholders of private corporations, should not have to pay the underwriters for risks that it is better placed to assume.
In this paper we investigate why gradual sales and underpricing of shares may be optimal features in the design of privatization plans.- Our explanation relies on the fact that governments, unlike any other seller of an asset, can interfere with the activities of the firm after privatization and change the ex-post contractual rights of the new owners.
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Dados detalhados do livro - A Theory of Partial Sales and Underpricing in Privatizations
EAN (ISBN-13): 9781332284559
ISBN (ISBN-10): 1332284558
Livro de bolso
Ano de publicação: 2015
Editor/Editora: Forgotten Books, United States
Livro na base de dados desde 2015-08-25T17:47:21+01:00 (Lisbon)
Página de detalhes modificada pela última vez em 2017-10-01T01:16:41+01:00 (Lisbon)
Número ISBN/EAN: 1332284558
Número ISBN - Ortografia alternativa:
1-332-28455-8, 978-1-332-28455-9
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