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The Financial Economics of Privatization / Edition 1

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Overview

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 all non-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 such as 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 of privatized 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 in privatization courses.

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Editorial Reviews

Foreign Affairs
Privatization — the sale of government-owned production activities — has been one of the prominent features of the world economy over the past two decades: governments have raised over $1.5 trillion through such sales. Privatization has also greatly enlarged equity markets and increased the percentage of the public that owns shares, thus fostering the development of an equity-owning culture and the liquidity of equity markets. It has also generally, but not universally, improved the efficiency of the privatized enterprises and the quality of the service provided. This scholarly and data-rich book covers both the diverse motivations and the diverse consequences of privatization around the world since 1979. Five sectors receive special attention: telecommunications, banking, oil and gas, electricity generation and distribution, and airlines. In any field that constantly produces new material, empirical work needs continual updating, but this richly synthetic work will become a standard reference for some time to come.
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Product Details

  • ISBN-13: 9780195150629
  • Publisher: Oxford University Press, USA
  • Publication date: 1/13/2005
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 544
  • Product dimensions: 9.30 (w) x 6.60 (h) x 1.80 (d)

Table of Contents

Chapter 1: The Scope of Privatization
Introduction
A Brief History of State Ownership Until 1979
The Rise of Privatization, 1979-2002
How Much Privatization Has Actually Occurred?
Summary
Suggested Readings
References
Chapter 2: Why Do Countries Privatize?
Introduction
The Theoretical Case For State Ownership of Business Enterprises
The Theoretical Case Against State Ownership of Business Enterprises
Empirical Evidence on State versus Private Ownership
Are There Effective Policy Alternatives to Privatization?
The Fiscal and Macroeconomic Impact of Privatization
Summary
Suggested Readings
References
Chapter 3: How Do Countries Privatize?
Introduction
Commercializing and Restructuring SOEs Prior to Sale
Strategic Issues in Planning for the Sale of Specific SOEs
Non-Cash Methods of Privatization: Vouchers and Mass Privatization
Privatizing SOEs Using Trade Sales
Privatizing SOEs Using Public Share Offerings
Summary
Suggested Readings
References
Chapter 4: Empirical Evidence on Privatization's Effectiveness in Non-Transition Economies
Introduction
Strategic Approach to Classifying and Assessing Tests of Privatization's Effectiveness
Empirical Studies Comparing Pre Versus Post-Privatization Performance of SIPs
Case Study, Single-Industry and Single-Country Studies: Developed Nations
Case Study, Single-Industry and Single-Country Studies: Developing Nations
Infrastructure Privatization Studies
Summary
Suggested Readings
References
Chapter 5: Empirical Evidence on Privatization in Transition Economies
Introduction
Overview: The Economic Performance of Transition Economies Since 1989
Privatization's Impact on Economic Performance in Transition Economies
Empirical Evidence on Privatization in Central and Eastern Europe (CEE)
Empirical Evidence on Privatization in Russia and the Former Soviet Republics
The Transition Outlier: Privatization's Impact on China's Economic Performance
Summary
Suggested Readings
References
Chapter 6: The Structure and Investment Performance of Privatization Share
Introduction
Characteristics of Share Issue Privatization (SIP) Offerings
Initial Returns Earned by Investors in Share Issue Privatizations
Long-Run Returns Earned by Investors in Share Issue Privatizations
Summary
Suggested Readings
References
Chapter 7: Privatization's Impact on Financial Market Development
Introduction
The Rise of Capital Market-Based Finance
Privatization's Impact on Stock and Bond Market Development
The Impact of Privatization on Individual and Institutional Share Ownership
Privatization's Impact on International Corporate Governance
What Must be Done to Develop an Effective Corporate Governance System?
Summary
Suggested Readings
References
Chapter 8: Privatization Industry Studies: Telecommunications
Introduction
Overview of the Global Telecommunications (Telecom) Industry
Regulating Privatized Telecoms
The Privatization Wave in Telecoms
The Empirical Evidence on Telecom Privatization (and Regulation)
The Future of Telecom Privatization
Suggested Readings
References
Chapter 9: Privatization Industry Studies: Commercial Banking
Introduction
Why Has State Ownership of Commercial Banks Been So Prevalent Historically?
Why Have Governments Launched Bank Privatization Programs?
The Record on Privatizing State-Owned Banks
Empirical Evidence on Banking Privatizations
The Future of Banking Privatization
Summary and Conclusions
Suggested Readings
References
Chapter 10: Privatization Industry Studies: Energy and Airlines
Introduction
Privatizing Oil and Gas Companies
Privatizing Electric Utilities
Privatizing National Airlines
Summary
Suggested Readings
References
Chapter 11: The Lessons and Future of Privatization
Introduction
Lessons Learned from a Quarter-Century of Privatization Experience
Unresolved Issues in Privatization Policy and Research
The Future of Privatization
References
Appendices

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