Economics at your fingertips  

Share issue privatization and political objectives: do governments make a difference?

Germà Bel ()

No 56, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia

Abstract: This paper empirically analyzes the political and economic objectives underlying privatization on the stock market. Particularly, I explain the factors of SIPs underpricing, and analyze if the change of political parties in government play a role on the issue. The paper has two main findings. Fist, larger initial returns occurred in the early stages of privatization. Second, the change of government from left-wing to right-wing did not lead to significantly higher levels of underpricing. My results show that governments are quite pragmatic with respect to underpricing: maximizing proceeds from SIPs shows to be more important than ideological differences between parties in government.

JEL-codes: E62 G32 L32 L33 (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:

Access Statistics for this paper

More papers in Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia Espai de Recerca en Economia, Facultat de Ciències Econòmiques. Tinent Coronel Valenzuela, Num 1-11 08034 Barcelona. Spain.. Contact information at EDIRC.
Bibliographic data for series maintained by Espai de Recerca en Economia ().

Page updated 2020-01-11
Handle: RePEc:bar:bedcje:199956