Staged Privatization: An Efficient Approach
31 Pages Posted: 1 Oct 2009
Date Written: September 28, 2009
Abstract
This paper provides a theory on staged or step-by-step privatization. We show that such an approach can be efficient, in the sense that it can successfully transform a state-owned enterprise into an efficient market-based firm by the time when the reform is complete. It may explain the popularity of staged privatization around the world. We have also conducted em-pirical analysis, which yields supporting evidence for our theory.
Keywords: staged privatization, lockup policy, tradable shares, nontradable shares
JEL Classification: D23, D73, P31
Suggested Citation: Suggested Citation
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