| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Intra-Industry Effects of Privatization Announcements: Evidence from Developed and Developing Countries |
| Isaac Otchere
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| 发表日期 | 2002
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| 出处 | Economy and Society
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| 出版年 | 2002
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| 语种 | 英语
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| 摘要 | We examine the stock price reaction of rival firms to privatization announcements to infer information about industry effects of privatization. We find that the rival firms reacted negatively to privatization announcements, thus suggesting that the announcement effects reflect competitive considerations rather than positive industry-wide effects. In comparison, we find that the adverse reaction of the rival firms to privatization announcements in developing countries is stronger than that in the developed countries. Interestingly also, we find that full privatization announcements generate larger negative abnormal returns for rival firms than partial privatization announcements where the firm gains only partial autonomy from the government. We present some, albeit weak evidence that the rival firms' reaction to privatization announcement is increasing in the degree of government ownership of the privatized firm. Thus as the proportion of government ownership reduces, subsequent partial privatization elicits stronger market reaction from rival firms. We further demonstrate that the negative abnormal returns earned by shareholders of the rival firms' are not due to price pressure effects. |
| 特色分类 | G21,G32,G14,L33
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| 关键词 | Privatization,rival firms' reaction,developed and emerging capital markets,price pressure
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/intra-industry-effects-of-privatization-announcements-evidence-from-developed-and-developing-countries/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116824
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推荐引用方式
GB/T 7714 |
Isaac Otchere. Intra-Industry Effects of Privatization Announcements: Evidence from Developed and Developing Countries. 2002.
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文件名：
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NDL2002-112.pdf
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格式：
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Adobe PDF
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