G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w13427
来源IDWorking Paper 13427
Testing Limits to Policy Reversal: Evidence from Indian Privatizations
Siddhartha G. Dastidar; Raymond Fisman; Tarun Khanna
发表日期2007-09-21
出版年2007
语种英语
摘要We examine the effect of regime change on privatization using the 2004 election surprise in India. The pro-reform BJP was unexpectedly defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for definite privatization by the BJP dropped by 3.5 percent relative to private firms. Surprisingly, government-controlled companies that were only under study for possible privatization fell by 7.5 percent relative to private firms. We interpret this as evidence of investor belief of policy irreversibility, where reforms may reach a stage beyond which future regimes have difficulty reversing those policies. Further analysis suggests that layoffs, combined with the privatization announcement, served as a credible commitment to the government's privatization agenda.
主题Financial Economics ; Financial Markets ; Corporate Finance ; Public Economics ; Industrial Organization ; Nonprofits
URLhttps://www.nber.org/papers/w13427
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/571100
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Siddhartha G. Dastidar,Raymond Fisman,Tarun Khanna. Testing Limits to Policy Reversal: Evidence from Indian Privatizations. 2007.
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