| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4600 |
| DP4600 The 'Genome' of NEG Models with Vertical Linkages: A Positive and Normative Synthesis | |
| Gianmarco Ottaviano; Frédéric Robert-Nicoud | |
| 发表日期 | 2004-09-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | 20 countries around the world have used incentive packages, including bonus shares and discounts, to attract retail investors to participate in privatizations. Using a unique dataset, we estimate the total cost of incentive packages at approximately $27 billion. The expiration of bonus share plans is associated with a six-day abnormal return of -1.1% and a long-term increase in volume. Incentives have been surprisingly effective in meeting stated privatization objectives. A dollar spent on retail incentives helps to attract about 21 times as many investors as a dollar spent on underpricing. Individual-level analysis shows that flipping is not only much reduced in the short term, but also declines by at least 15% over a period of 1,000 trading days. |
| 主题 | Financial Economics |
| 关键词 | Privatization Equity offerings Bonus shares Discounts Flipping |
| URL | https://cepr.org/publications/dp4600 |
| 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/533521 |
| 推荐引用方式 GB/T 7714 | Gianmarco Ottaviano,Frédéric Robert-Nicoud. DP4600 The 'Genome' of NEG Models with Vertical Linkages: A Positive and Normative Synthesis. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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