| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Why do Governments Sell Privatised Companies Abroad? | |
| Bernardo Bortolotti; Marcella Fantini; Carlo Scarpa | |
| 发表日期 | 2000 |
| 出处 | Economy and Society |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper provides an empirical analysis of GovernmentsÕ decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries in the 1977-1998 period. Political theories of privatisation find strong support in our analyses: market oriented Governments favour domestic investors in the allocation of shares. The need to expose the company to global competition, to penetrate foreign markets and to warrant better legal protection to shareholders also appears as relevant. Significant differences emerge in OECD and non-OECD countries. In wealthy economies stock market liquidity favours cross-listing, while in emerging countries Governments resort to cross-listing in order to "import" liquidity and to develop domestic stock markets. Legal institutions also play a different role. In OECD countries, weak shareholder protection induces Governments to cross-list, in order to borrow the reputation and best practices of established exchanges. On the other hand, creditorsÕ protection is more relevant in non-OECD countries, where weak legal protection of creditors reduces the scope of bank finance, forcing Governments to look for funds abroad. |
| 特色分类 | L33,G15,G30,K22 |
| 关键词 | Privatisation,cross-listing,international financial markets,political economy,investor protection |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/why-do-governments-sell-privatised-companies-abroad/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116516 |
| 推荐引用方式 GB/T 7714 | Bernardo Bortolotti,Marcella Fantini,Carlo Scarpa. Why do Governments Sell Privatised Companies Abroad?. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2000-023.pdf（476KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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