Privatisation: politics,institutions, and financial markets |
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| Affiliation: | 1. Naveen Jindal School of Management, University of Texas at Dallas, 800 W. Campbell Rd (SM30), Richardson, TX 75080, United States;2. Department of Quantitative Economics, School of Business and Economics, Maastricht University, P.O. Box 616, Maastricht 6200 MD, the Netherlands;1. School of Business, Georgia Gwinnett College, 1000 University Center Lane, Lawrenceville, GA 30043, United States;2. Department of Economics, Williams College, 24 Hopkins Hall Dr., Williamstown, MA 01267, United States |
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| Abstract: | This paper presents evidence on privatisation processes in 49 countries for the period 1977–1996. The empirical analysis shows that the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public-sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable legal institutions and developed capital markets. |
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