| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1305 |
| DP1305 Trade Strategy, Investment and Exports: Another Look at East Asia | |
| Dani Rodrik | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure of control and insufficient corporate governance. We analyse the results of the five auction rounds of the Czech privatization programme and subsequent stock market developments. Contrary to prior fears, dominant investors did emerge in most cases. We then show that the presence of a dominant investor led to an above average share price after correcting for all publicly known differences between the various enterprises. We use information contained in the price dynamics of the auction rounds to show that this price difference was not due to inside information available to dominant investors only, but also to the anticipation of better governance in the presence of dominant investors. This led to a lower cost of capital (higher share price). |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Ownership structure Voucher privatization |
| URL | https://cepr.org/publications/dp1305 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530436 |
| 推荐引用方式 GB/T 7714 | Dani Rodrik. DP1305 Trade Strategy, Investment and Exports: Another Look at East Asia. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Dani Rodrik]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Dani Rodrik]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Dani Rodrik]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
