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Author : Jan Boone
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (664 download)
Download or read book Optimal Privatization Using Qualifying Auctions written by Jan Boone and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric S. Maskin
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (246 download)
Download or read book Auctions and Privatization written by Eric S. Maskin and published by . This book was released on 1992 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jocelyn Braun
Publisher :
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4.:/5 (832 download)
Download or read book Auctions in Privatization written by Jocelyn Braun and published by . This book was released on 1997 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Robert Alan Feldman
Publisher : International Monetary Fund
ISBN 13 : 145184283X
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)
Download or read book Auctions written by Mr.Robert Alan Feldman and published by International Monetary Fund. This book was released on 1993-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Before making our recommendations on the appropriate format for auctioning these items, the paper explains basic auction formats and assesses the advantages and disadvantages of these formats drawing on the existing, and mostly theoretical, literature.
Author : George K. Yarrow
Publisher : Taylor & Francis
ISBN 13 : 9780415143257
Total Pages : 568 pages
Book Rating : 4.1/5 (432 download)
Download or read book Privatization written by George K. Yarrow and published by Taylor & Francis. This book was released on 1996 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maarten Christiaan Wilhelmus Janssen
Publisher : Cambridge University Press
ISBN 13 : 9780521537575
Total Pages : 340 pages
Book Rating : 4.5/5 (375 download)
Download or read book Auctioning Public Assets written by Maarten Christiaan Wilhelmus Janssen and published by Cambridge University Press. This book was released on 2004 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike.
Author : Bernardo Bortolotti
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Privatization, Large Shareholders, and Sequential Auctions of Shares written by Bernardo Bortolotti and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the government's decision to sell a state-owned enterprise to strategic investors in a common value auction setting. The government can choose to sell his control stake all at once, or to design a sequential auction of shares. The sequential auction allows information transmission, so that the winner of the first stake receives a signal about the value of control rights which will be sold at the second and final auction. We show that if bidders are symmetric, the sequential auction and the block auction are revenue equivalent. If instead one of the bidders has private information, the sequential auction is more profitable for the government. By disseminating information, the sequential auction forces the informed bidder to bid more aggressively, raising expected revenues.
Author : Klaus M. Schmidt
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (258 download)
Download or read book Methods of Privatization written by Klaus M. Schmidt and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zsuzsanna Fluck
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (129 download)
Download or read book Privatization with Political Constraint written by Zsuzsanna Fluck and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging market economies. We identify an emerging market economy by the political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparantly suboptimal privatization mechanism: private negotiation. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, the privatization auctions and private negotiations are equally successful in raising public revenues. If, however, political constraints distort the agent's incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprise than privatization auctions. In this case the agent may play favorites among bidders, but to the extent he cares about price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fair price for the company, then privatization auctions will outperform private negotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In a privatization auction, in contrast, the presence of other bidders, regardless how informed they are, induces competition and places a lower bound on the equilibrium winning bid. We further find that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of noncolluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Author : Zsuzsanna Fluck
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Privatization with Political Constraints written by Zsuzsanna Fluck and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging market economies. We identify an emerging market economy by the political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently suboptimal privatization mechanism: private negotiation. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, then privatization auctions and private negotiations are equally successful in raising public revenues. If, however, political constraints distort the agent's incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprise than privatization auctions. In this case the agent may play favorites among the bidders, but to the extent he cares about the price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fair price for the company, then privatization auctions will outperform private negotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In a privatization auction, in contrast, the presence of other bidders, regardless of how informed they are, induces competition and places a lower bound on the equilibrium winning bid. We further find that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of noncolluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Author : Martha Anne Stancill
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.:/5 (477 download)
Download or read book Collusion in Czech Small Privatization Auctions written by Martha Anne Stancill and published by . This book was released on 2000 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zsuzsanna Fluck
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Privatization with Political Constraints written by Zsuzsanna Fluck and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging marketeconomies characterized by political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently suboptimal privatization mechanism: private negotiations. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, then privatization auctions and privatenegotiations are equally successful in raising public revenues. If, however, political constraints distort the agent s incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprisethan privatization auctions. In this case the agent may play favorites among the bidders, but to the extent he cares about the price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fairprice for the company, then privatization auctions will outperform private egotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In an auction, in contrast, the presence of other bidders,regardless how informed they are, induces competition and places a lower bound on theequilibrium winning bid. We also show that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of non-colluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Author : Paul Robert Milgrom
Publisher : Cambridge University Press
ISBN 13 : 9780521536721
Total Pages : 396 pages
Book Rating : 4.5/5 (367 download)
Download or read book Putting Auction Theory to Work written by Paul Robert Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Author :
Publisher : Deutscher Universitätsverlag
ISBN 13 : 9783824467778
Total Pages : 0 pages
Book Rating : 4.4/5 (677 download)
Download or read book Large-scale Privatization via Auctions written by and published by Deutscher Universitätsverlag. This book was released on 1998-07-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: On the basis of a game-theoretic framework of analysis, Jocelyn Braun shows that the mechanism of auctioning is an efficient and equitable alternative to many privatization methods that have so far been implemented with disappointing results.
Author : Peter Harsany
Publisher :
ISBN 13 :
Total Pages : 2 pages
Book Rating : 4.:/5 (349 download)
Download or read book Privatization Via Bonds and Auctions in Hungary written by Peter Harsany and published by . This book was released on 1991 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Clare Grayston
Publisher : Springer
ISBN 13 : 9789041109255
Total Pages : 376 pages
Book Rating : 4.1/5 (92 download)
Download or read book Sale of Private and Public Companies by Auction written by Clare Grayston and published by Springer. This book was released on 1996-08-21 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of `auction-styled' procedures in the mergers and acquisitions field is gaining increased prominence. The term `auction' is possibly misleading as, in most cases, there is no formal auction process. Instead, bidding arrangements are handled more like a formal tender. There is evidence that not only are auctions becoming a more popular method of selling a company but also that these procedures are no longer the private domain of investment banks; that, increasingly, lawyers are taking a prominent role in these matters. To test the level of awareness of auction bids, the level of sophistication of practices and procedures which have grown up around auction bids and the level of both specific and general regulatory control in this field, a questionnaire was circulated to lawyers within a number of jurisdictions covering both Europe and North America. This work is a compilation of the reports received from those lawyers together with a final report which attempts to draw those reports together.
Author : Herbert Giersch
Publisher : Springer
ISBN 13 : 9783642645747
Total Pages : 367 pages
Book Rating : 4.6/5 (457 download)
Download or read book Privatization at the End of the Century written by Herbert Giersch and published by Springer. This book was released on 2011-09-26 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the end of the century, privatization has become a worldwide phenomenon. It is taking place in what was once called the first, the second, and the third world. The volume mirrors this expansion of privatization. In Part I on the economics of privatization, historical, theoretical, and politico-economic issues are covered. In Part II country studies are presented for China, the Czech Republic, Eastern Germany, Estonia, Hungary, Poland, Russia and the United Kingdom. In Part III a broader view on privatization is taken by including deregulation and the private provision of public goods and services.The book contains contributions by D.Bos, T.Eggertsson, R.P.Heinrich, P. Jasinski, H.Klodt, B.Krug, D.Lal, S.C.Littlechild, M. Mejstrik, P.Mihalyi, P.Plane, J.-J.Rosa, K.M.Schmidt and M.Schnitzer, and U.Siegmund."
