Privatization versus Private Sector Initial Public Offerings in Poland

Wolfgang Aussenegg ()
Additional contact information
Wolfgang Aussenegg: Vienna University of Technology, Austria

Multinational Finance Journal, 2000, vol. 4, issue 1-2, 69-99

Abstract: This article compares the characteristics and the price behavior of case-by-case privatization initial public offerings and private sector initial public offerings in Poland over the first nine years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented, trying to build up reputation for its privatization policy over time by underpricing, selling a high fraction at the initial offer and underpricing more when selling to domestic retail investors. In the long run privatization initial public offerings experience neither an under- nor an overperformance. A lower political influence has no effect on the long-run performance of privatized companies.

Keywords: initial public offerings; long-run performance; privatization; underpricing (search for similar items in EconPapers)
JEL-codes: G12 G18 G38 (search for similar items in EconPapers)
Date: 2000
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.mfsociety.org/modules/modDashboard/uplo ... 6v1kb2iq16khnfr4.pdf
http://www.mfsociety.org/modules/modDashboard/uplo ... ogleScholar/678.html

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mfj:journl:v:4:y:2000:i:1-2:p:69-99

Access Statistics for this article

Multinational Finance Journal is currently edited by Panayiotis C. Andreou

More articles in Multinational Finance Journal from Multinational Finance Journal Contact information at EDIRC.
Bibliographic data for series maintained by Theodossiou Panayiotis ().