Partial Privatization And Incomplete Contracts

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Partial Privatization and Incomplete Contracts

Author : Patrick W. Schmitz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Partial Privatization and Incomplete Contracts by : Patrick W. Schmitz

Download or read book Partial Privatization and Incomplete Contracts written by Patrick W. Schmitz and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper it is argued that privatization is not the only alternative to public ownership. Adopting the incomplete contract approach, it is shown that partial privatization, i.e. joint ownership, may well turn out to be the optimal property rights regime, if the trade-offs that have been emphasized in the privatization context (see Hart, Shleifer and Vishny, Quarterly Journal of Economics (1997)) are taken into account. While in the standard incomplete contract model joint ownership is often dominated, it is shown here that joint ownership in the form of partial privatization can be optimal since it mitigates the disadvantages of public ownership (no incentives to improve quality if the manager invests or too strong incentives if the government invests) and of privatization (too strong incentives for the manager to reduce costs).

Privatization and Restructuring

Author : Dieter Bös
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Privatization and Restructuring by : Dieter Bös

Download or read book Privatization and Restructuring written by Dieter Bös and published by International Monetary Fund. This book was released on 1996-09 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with restructuring and privatizing industrial enterprises in a transition economy. As was the case in East Germany, a government privatization agency sells the firms to private investors on the basis of bilateral negotiations. Since the government wants to privatize quickly, the contract between agency and investor was signed before the net value of the firm is known.

Incomplete contracts and privatization

Author : Sascha Dederichs
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Incomplete contracts and privatization by : Sascha Dederichs

Download or read book Incomplete contracts and privatization written by Sascha Dederichs and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Incomplete contracts and privatization

Author : Klaus M. Schmidt
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (756 download)

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Book Synopsis Incomplete contracts and privatization by : Klaus M. Schmidt

Download or read book Incomplete contracts and privatization written by Klaus M. Schmidt and published by . This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Financial Economics of Privatization

Author : William L. Megginson
Publisher : Oxford University Press
ISBN 13 : 0198034318
Total Pages : 533 pages
Book Rating : 4.1/5 (98 download)

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Book Synopsis The Financial Economics of Privatization by : William L. Megginson

Download or read book The Financial Economics of Privatization written by William L. Megginson and published by Oxford University Press. This book was released on 2005-01-13 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.

IOCB 2010 Industrial Organization: a Contract Based approach

Author :
Publisher : Nicolas Boccard
ISBN 13 :
Total Pages : 806 pages
Book Rating : 4./5 ( download)

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Book Synopsis IOCB 2010 Industrial Organization: a Contract Based approach by :

Download or read book IOCB 2010 Industrial Organization: a Contract Based approach written by and published by Nicolas Boccard. This book was released on with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Privatizing the Public University

Author : Christopher C. Morphew
Publisher : JHU Press
ISBN 13 : 0801891647
Total Pages : 221 pages
Book Rating : 4.8/5 (18 download)

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Book Synopsis Privatizing the Public University by : Christopher C. Morphew

Download or read book Privatizing the Public University written by Christopher C. Morphew and published by JHU Press. This book was released on 2009-07 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: With public colleges and universities facing substantial budget cuts and increased calls for accountability, more institutions now rely on private revenue streams for support. As market-driven policies and behaviors become more commonplace, some cautious critics sound the alarm, while others watching the bottom line cheer. But which perspective gets it right? Does the privatization of public higher education threaten its very mission or support it? In this collection of essays, economists, policy makers, political scientists, sociologists, and organizational researchers discuss the impact of privatization from their respective disciplinary perspectives and assess its implications for the future of higher education. Privatization may bring additional funds and services that are free from government regulations and oversight, but does it also allow private interests to have undue influence over public higher education? Should public universities have to compete in the economic marketplace as vigorously as they do in the marketplace of ideas? What are the implications when institutions of higher learning function like businesses? With privatization now a reality for most public colleges and universities, an objective examination of the issue from these diverse academic perspectives will be welcomed by those struggling with its challenges.

The Challenges of Privatization

Author : Bernardo Bortolotti
Publisher : OUP Oxford
ISBN 13 : 0191530387
Total Pages : 172 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The Challenges of Privatization by : Bernardo Bortolotti

Download or read book The Challenges of Privatization written by Bernardo Bortolotti and published by OUP Oxford. This book was released on 2004-03-11 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: From 1997 to 2001, more than 4,000 privatization operations have been carried out in more than 100 countries, bringing in government revenues of over 1,362 billion dollars. The phenomenon, which grew exponentially at the end of the 1990s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level. Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization. Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints. Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership of state-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets, appropriate regulation, and suitable institutions.

Partial Privatization and Firm Performance: Evidence from India

Author : Nandini Gupta
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.L/5 ( download)

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Book Synopsis Partial Privatization and Firm Performance: Evidence from India by : Nandini Gupta

Download or read book Partial Privatization and Firm Performance: Evidence from India written by Nandini Gupta and published by . This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reforming Infrastructure

Author : Ioannis Nicolaos Kessides
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis Reforming Infrastructure by : Ioannis Nicolaos Kessides

Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.

Network Industries and Social Welfare

Author : Massimo Florio
Publisher :
ISBN 13 : 019967485X
Total Pages : 431 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Network Industries and Social Welfare by : Massimo Florio

Download or read book Network Industries and Social Welfare written by Massimo Florio and published by . This book was released on 2013-06-20 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a careful scrutiny of energy and telephony reforms and their social impact on households in 15 countries across Western Europe. It concludes that the benefits for consumers are limited and it discusses the reasons why the European reform experiment of network industries is not living up to its promises.

Competition and the State

Author : D. Daniel Sokol
Publisher : Stanford University Press
ISBN 13 : 0804791627
Total Pages : 302 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Competition and the State by : D. Daniel Sokol

Download or read book Competition and the State written by D. Daniel Sokol and published by Stanford University Press. This book was released on 2014-05-21 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition and the State analyzes the role of the state across a number of dimensions as it relates to competition law and policy across a number of dimensions. This book re-conceptualizes the interaction between competition law and government activities in light of the profound transformation of the conception of state action in recent years by looking to the challenges of privatization, new public management, and public-private partnerships. It then asks whether there is a substantive legal framework that might be put in place to address competition issues as they relate to the role of the state. Various chapters also provide case studies of national experiences. The volume also examines one of the most highly controversial policy issues within the competition and regulatory sphere—the role of competition law and policy in the financial sector. This book, the third in the Global Competition Law and Economics series, provides a number of viewpoints of what competition law and policy mean both in theory and practice in a development context.

The Oxford Handbook of Corporate Governance

Author : Mike Wright
Publisher : OUP Oxford
ISBN 13 : 0191649368
Total Pages : 832 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Oxford Handbook of Corporate Governance by : Mike Wright

Download or read book The Oxford Handbook of Corporate Governance written by Mike Wright and published by OUP Oxford. This book was released on 2013-03-28 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers' accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society. Critiques of traditional governance research based on agency theory have noted its "under-contextualized" nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance. This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.

Corporate Governance in Government Corporations

Author : Michael J. Whincop
Publisher : Routledge
ISBN 13 : 1351948490
Total Pages : 226 pages
Book Rating : 4.3/5 (519 download)

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Book Synopsis Corporate Governance in Government Corporations by : Michael J. Whincop

Download or read book Corporate Governance in Government Corporations written by Michael J. Whincop and published by Routledge. This book was released on 2017-03-02 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many governments across the world have responded to the need for greater efficiency in the delivery of government services by the reorganization of these bureaucracies along the lines of for-profit business corporations. In doing so, governments have relied on the capacity for governance practices to overcome the weaker incentives created by the attenuated 'property rights' that are created in public enterprise.

Regulation by Contract

Author : Tonci Bakovic
Publisher : World Bank Publications
ISBN 13 : 9780821355923
Total Pages : 106 pages
Book Rating : 4.3/5 (559 download)

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Book Synopsis Regulation by Contract by : Tonci Bakovic

Download or read book Regulation by Contract written by Tonci Bakovic and published by World Bank Publications. This book was released on 2003-01-01 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments and investors in many developing countries have criticised the performance of recently privatised electricity distribution companies, particularly in relation to the design of regulatory systems. This report examines whether regulation by contract or a combination of regulation by contract and regulatory independence would provide a better option.

To Serve and Protect

Author : Bruce L. Benson
Publisher : NYU Press
ISBN 13 : 0814709125
Total Pages : 656 pages
Book Rating : 4.8/5 (147 download)

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Book Synopsis To Serve and Protect by : Bruce L. Benson

Download or read book To Serve and Protect written by Bruce L. Benson and published by NYU Press. This book was released on 1998-08-01 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the accelerating trend towards privatization in the criminal justice system In contrast to government's predominant role in criminal justice today, for many centuries crime control was almost entirely private and community-based. Government police forces, prosecutors, courts, and prisons are all recent historical developments–results of a political and bureaucratic social experiment which, Bruce Benson argues, neither protects the innocent nor dispenses justice. In this comprehensive and timely book, Benson analyzes the accelerating trend toward privatization in the criminal justice system. In so doing, To Serve and Protect challenges and transcends both liberal and conservative policies that have supported government's pervasive role. With lucidity and rigor, he examines the gamut of private-sector input to criminal justice–from private-sector outsourcing of prisons and corrections, security, arbitration to full "private justice" such as business and community-imposed sanctions and citizen crime prevention. Searching for the most cost-effective methods of reducing crime and protecting civil liberties, Benson weighs the benefits and liabilities of various levels of privatization, offering correctives for the current gridlock that will make criminal justice truly accountable to the citizenry and will simultaneously result in reductions in the unchecked power of government.

Routledge Dictionary of Economics

Author : Donald Rutherford
Publisher : Routledge
ISBN 13 : 1136240233
Total Pages : 1505 pages
Book Rating : 4.1/5 (362 download)

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Book Synopsis Routledge Dictionary of Economics by : Donald Rutherford

Download or read book Routledge Dictionary of Economics written by Donald Rutherford and published by Routledge. This book was released on 2013-06-26 with total page 1505 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Dictionary of Economics, now in its third edition, provides the clearest, most authoritative definition of economic and financial terms available. The book is perfect for students and professionals interested in a broad range of disciplines including Business, Economics, Finance, and Accountancy and all additional subjects where a knowledge of these fields of essential. The dictionary has been updated to reflect the economic changes of the new Millennium including the emergence of experimental and behavioural economics, new political economy, the importance of institutions, globalization, environmental economics, financial crises and the economic emergence of China and India. It’s an international dictionary that includes succinctly explained A to Z entries and definitive explanations of the key terms, accompanied by a short bibliography and comprising supplementary online definitions. In a world where the reader is met with a barrage of conflicting and competing information, this book continues to provide a definitive guide to economics.