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Evaluation of Mass Privatization in Bulgaria

Jeffrey Miller ()

No wp814, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: The mass privatization program in Bulgaria was implemented in 1996-97. 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. Dilution is similar in both mass privatization firms and nonmass privatization firms. Dilution is associated with positive performance, suggesting that more concentrated ownership has had some benefits. Even after a number of years have passed, mass privatization firms have performed less well than firms privatized by other means.

Keywords: Bulgaria; mass privatization; dilution (search for similar items in EconPapers)
JEL-codes: G3 P3 P5 (search for similar items in EconPapers)
Pages: pages
Date: 2006-03-01
New Economics Papers: this item is included in nep-eec, nep-fin, nep-his and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Related works:
Journal Article: Evaluation of Mass Privatization in Bulgaria (2011) Downloads
Working Paper: Evolution of Mass Privatization in Bulgaria (2006) Downloads
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