Privatization and stock market liquidity |
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| Authors: | Bernardo Bortolotti Frank de Jong Giovanna Nicodano Ibolya Schindele |
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| Affiliation: | 1. University of Turin and FEEM, Italy;2. Department of Finance, Tilburg University and Finance Group, Universiteit van Amsterdam, The Netherlands;3. University of Turin and Fondazione Collegio Carlo Alberto, Italy;4. Norwegian School of Management (BI), Norway |
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| Abstract: | This paper shows that share issue privatization (SIP) is a major source of domestic stock market liquidity in 19 developed economies. Particularly, privatization IPOs have a negative effect on the price impact – measured by the ratio of the absolute return on the market index to turnover. This result is robust to the inclusion of controls for other observable and unobservable factors, having also considered the endogenous nature of the decision to privatize. |
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| Keywords: | L33 G14 F30 O16 |
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