| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Abnormal Returns of UK Privatisations. From Underpricing to Outperformance | |
| Massimo Florio; Katiuscia Manzoni | |
| 发表日期 | 2002 |
| 出处 | Economy and Society |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a Conservative Government (Railtrack). We exclude more recent years because the change of government, the introduction of a windfall tax on excess profits of regulated utilities, and changes in the regulatory regime, mark a totally different landscape as compared with the previous twenty years. We find evidence that underpricing was not followed by underperformance, as is usually observed with IPOs, but rather strong outperformance. We decompose this trend by subgroups within a 55 observations sample, and conclude that lax regulation was probably the main driving force between abnormal returns of British PIPOs. |
| 特色分类 | H32,G14,L33 |
| 关键词 | Privatisation,regulation,abnormal returns |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-abnormal-returns-of-uk-privatisations-from-underpricing-to-outperformance/ |
| 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/116795 |
| 推荐引用方式 GB/T 7714 | Massimo Florio,Katiuscia Manzoni. The Abnormal Returns of UK Privatisations. From Underpricing to Outperformance. 2002. |
| 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 | ||
| NDL2002-083.pdf（706KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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