Privatisation in New Zealand and Australia: an empirical analysis
Jarrod Kerr and
Managerial Finance, 2007, vol. 34, issue 1, 41-52
Purpose - The paper aims to investigate the long-run performance of privatised initial public offerings (IPOs) and their effects on the New Zealand share market (NZSE) and the Australian share market (ASX). Design/methodology/approach - The paper examines the relationship between privatisation and share market capitalisation, liquidity and share ownership. The research also evaluates long-run risk-return performance of the privatised companies' portfolios. Findings - The analysis reveals that privatisations have significantly increased share market capitalisation and have impacted on the market liquidity. In general, anyone investing in privatised companies' portfolios could have received significantly higher returns than investing in an aggregate market portfolio. Originality/value - The findings have significant practical implications for individual and institutional investors.
Keywords: Privatization; Shares; New Zealand; Australia; Financial performance (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
http://www.emeraldinsight.com/10.1108/030743508108 ... RePEc&WT.mc_id=RePEc (text/html)
Access to full text is restricted to subscribers
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eme:mfipps:v:34:y:2007:i:1:p:41-52
Ordering information: This journal article can be ordered from
Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
http://emeraldgroupp ... s/journals.htm?id=mf
Access Statistics for this article
Managerial Finance is currently edited by Professor Don T Johnson
More articles in Managerial Finance from Emerald Group Publishing
Bibliographic data for series maintained by Virginia Chapman ().