Evaluation of Mass Privatization in Bulgaria

Jeffrey Miller () and Vladimir Lazarov

Comparative Economic Studies, 2011, vol. 53, issue 4, 646 pages

Abstract: The mass privatization (MP) program in Bulgaria was implemented in 1996–1997. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme problems that manifested themselves in these other countries, but there were still serious problems of dilution of shareholder value. We find that dilution in Bulgaria is similar in both MP firms and non-MP firms. After a number of years have passed, MP firms have performed better than firms privatized by other means or firms that were never privatized.

Date: 2011
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Working Paper: Evolution of Mass Privatization in Bulgaria (2006)
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