| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13427 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w13427 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571100 |
| 推荐引用方式 GB/T 7714 | Siddhartha G. Dastidar,Raymond Fisman,Tarun Khanna. Testing Limits to Policy Reversal: Evidence from Indian Privatizations. 2007. |
| 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 | ||
| w13427.pdf（293KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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