The Financial Economics Of Privatization

Hardcover | December 24, 2004

byWilliam L. Megginson

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Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of allnon-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions suchas how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics ofprivatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text inprivatization courses.

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From the Publisher

Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of allnon-U.S. stock markets. The focus of this book...

William Leon Megginson is at University of Oklahoma.
Format:HardcoverDimensions:544 pages, 6.61 × 9.29 × 1.81 inPublished:December 24, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195150627

ISBN - 13:9780195150629

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Table of Contents

Chapter 1: The Scope of PrivatizationIntroductionA Brief History of State Ownership Until 1979The Rise of Privatization, 1979-2002How Much Privatization Has Actually Occurred?SummarySuggested ReadingsReferencesChapter 2: Why Do Countries Privatize?IntroductionThe Theoretical Case For State Ownership of Business EnterprisesThe Theoretical Case Against State Ownership of Business EnterprisesEmpirical Evidence on State versus Private OwnershipAre There Effective Policy Alternatives to Privatization?The Fiscal and Macroeconomic Impact of PrivatizationSummarySuggested ReadingsReferencesChapter 3: How Do Countries Privatize?IntroductionCommercializing and Restructuring SOEs Prior to SaleStrategic Issues in Planning for the Sale of Specific SOEsNon-Cash Methods of Privatization: Vouchers and Mass PrivatizationPrivatizing SOEs Using Trade SalesPrivatizing SOEs Using Public Share OfferingsSummarySuggested ReadingsReferencesChapter 4: Empirical Evidence on Privatization's Effectiveness in Non-Transition EconomiesIntroductionStrategic Approach to Classifying and Assessing Tests of Privatization's EffectivenessEmpirical Studies Comparing Pre Versus Post-Privatization Performance of SIPsCase Study, Single-Industry and Single-Country Studies: Developed NationsCase Study, Single-Industry and Single-Country Studies: Developing NationsInfrastructure Privatization StudiesSummarySuggested ReadingsReferencesChapter 5: Empirical Evidence on Privatization in Transition EconomiesIntroductionOverview: The Economic Performance of Transition Economies Since 1989Privatization's Impact on Economic Performance in Transition EconomiesEmpirical Evidence on Privatization in Central and Eastern Europe (CEE)Empirical Evidence on Privatization in Russia and the Former Soviet RepublicsThe Transition Outlier: Privatization's Impact on China's Economic PerformanceSummarySuggested ReadingsReferencesChapter 6: The Structure and Investment Performance of Privatization ShareIntroductionCharacteristics of Share Issue Privatization (SIP) OfferingsInitial Returns Earned by Investors in Share Issue PrivatizationsLong-Run Returns Earned by Investors in Share Issue PrivatizationsSummarySuggested ReadingsReferencesChapter 7: Privatization's Impact on Financial Market DevelopmentIntroductionThe Rise of Capital Market-Based FinancePrivatization's Impact on Stock and Bond Market DevelopmentThe Impact of Privatization on Individual and Institutional Share OwnershipPrivatization's Impact on International Corporate GovernanceWhat Must be Done to Develop an Effective Corporate Governance System?SummarySuggested ReadingsReferencesChapter 8: Privatization Industry Studies: TelecommunicationsIntroductionOverview of the Global Telecommunications (Telecom) IndustryRegulating Privatized TelecomsThe Privatization Wave in TelecomsThe Empirical Evidence on Telecom Privatization (and Regulation)The Future of Telecom PrivatizationSuggested ReadingsReferencesChapter 9: Privatization Industry Studies: Commercial BankingIntroductionWhy Has State Ownership of Commercial Banks Been So Prevalent Historically?Why Have Governments Launched Bank Privatization Programs?The Record on Privatizing State-Owned BanksEmpirical Evidence on Banking PrivatizationsThe Future of Banking PrivatizationSummary and ConclusionsSuggested ReadingsReferencesChapter 10: Privatization Industry Studies: Energy and AirlinesIntroductionPrivatizing Oil and Gas CompaniesPrivatizing Electric UtilitiesPrivatizing National AirlinesSummarySuggested ReadingsReferencesChapter 11: The Lessons and Future of PrivatizationIntroductionLessons Learned from a Quarter-Century of Privatization ExperienceUnresolved Issues in Privatization Policy and ResearchThe Future of PrivatizationReferencesAppendices