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Privatization And Emerging Equity Markets
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Book Synopsis Privatization and Emerging Equity Markets by : Ira W. Lieberman
Download or read book Privatization and Emerging Equity Markets written by Ira W. Lieberman and published by World Bank Publications. This book was released on 1998-01-01 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: The text provides an overview of privatization and emerging equity markets describes the role of privatization providing critical mass for new stock markets and examines investment opportunities that deepen existing stock markets.
Book Synopsis Privatization, Political Risk and Stock MArket Development in Emerging Economies by : Enrico C. Perotti and Pieter van Oijen
Download or read book Privatization, Political Risk and Stock MArket Development in Emerging Economies written by Enrico C. Perotti and Pieter van Oijen and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Politics of Equity Finance in Emerging Markets by : Kathryn C. Lavelle
Download or read book The Politics of Equity Finance in Emerging Markets written by Kathryn C. Lavelle and published by Oxford University Press. This book was released on 2004-10-14 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
Book Synopsis Privatization, Political Risk and Stock Market Development by : Enrico Camillo Perotti
Download or read book Privatization, Political Risk and Stock Market Development written by Enrico Camillo Perotti and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Privatization in Emerging Markets by : Joshua Aizenman
Download or read book Privatization in Emerging Markets written by Joshua Aizenman and published by . This book was released on 1998 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the welfare implications of privatization in emerging market economies, in countries where policies are determined by the median voter. We show that privatization may lead to large efficiency gains by changing the menu of taxes. We illustrate this point with two examples. First, we consider privatization of import competing public enterprises. Reducing the public sector involvement in import competing activities is shown to lower the public sector's benefits from protection, reducing thereby the equilibrium tariff rate. The second example deals with social security privatization in an economy characterized by imperfect capital mobility, where the private sector may engage in capital flight. A small share of the capital owned by the middle class implies that the median voter would impose a tax on capital income that exceeds the efficient tax by a large margin, reflecting the beggar my (capitalist) neighbor' attitude. Social security privatization increases the equity position of the middle class, inducing the median voter to internalize a higher fraction of the costs of high taxes on capital, thereby reducing the capital tax rate. The indirect effects of privatization described in the paper are external to the privatized activity. Hence, these benefits are not accounted for in a conventional cost benefit assessment of the privatized projects. Our examples illustrate that ignoring these effects may lead one to underestimate the potential gains of privatization.
Book Synopsis Private Equity Investing in Emerging Markets by : R. Leeds
Download or read book Private Equity Investing in Emerging Markets written by R. Leeds and published by Springer. This book was released on 2015-12-05 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the author's four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.
Book Synopsis Privatization and Capital Market Development by : Michael McLindon
Download or read book Privatization and Capital Market Development written by Michael McLindon and published by Praeger. This book was released on 1996-09-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization and capital markets support and reinforce each other to promote economic growth around the world. This work is intended to fill a gap in the literature by discussing the links between privatization and capital markets, and to provide useful insights for policy makers in developing countries and in the international donor agencies, for academics and practitioners dealing with economic development, and for the internationally minded private sector around the world. Privatization, in its various forms, and the development of capital markets will be a primary catalyst for economic growth and development well into the next century.
Book Synopsis Confidence Building in Emerging Stock Markets by : Luc Laeven
Download or read book Confidence Building in Emerging Stock Markets written by Luc Laeven and published by . This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Privatization, Political Risk and Stock Market Development in Emerging Economies by : Enrico C. Perotti
Download or read book Privatization, Political Risk and Stock Market Development in Emerging Economies written by Enrico C. Perotti and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test which gradually resolves uncertainty over political commitment to a market-oriented policy as well as to regulatory and private property rights. We present evidence suggesting that progress in privatization is correlated with improvements in perceived political risk. These gains tend to be gradual over the privatization period and are significantly larger in privatizing countries than in nonprivatizing countries, suggesting that the resolution of such risk is endogenous to the privatization process. Our analysis shows further that changes in political risk in general tend to have a strong effect on local stock market development and excess returns in emerging economies, suggesting that political risk is a priced factor. We conclude that the resolution of political risk resulting from successful privatization has been an important source for the rapid growth of stock markets in emerging economies.
Book Synopsis Privatization and Financial Distress in Emerging Markets by : David Lynn
Download or read book Privatization and Financial Distress in Emerging Markets written by David Lynn and published by LAP Lambert Academic Publishing. This book was released on 2009-06-29 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines privatization and the relationship between macroeconomic financial distress in emerging market countries. The study was undertaken to investigate the rationales of privatization and to explain the pattern and behavior of privatization in emerging market countries (EMCs). The central hypothesis under investigation is that countries with fiscal pressures such as high debt levels, significant budget deficits, and large current account deficits, ceteris paribus, are more likely to increase their privatization activities. The study begins by providing a background on privatization and state- owned-enterprises (SOEs) in EMCs. It then reviews the theoretical literature underlying privatization and financial distress. Next it provides a comparative profile of EMCs that privatized. The empirical analysis supports the hypothesis of a positive relationship between financial distress (with an emphasis on debt as a primary driver of distress) and privatization. In particular, higher levels of debt caused financial distress which caused countries to privatize relatively more.
Book Synopsis Privatizing China by : Carl E. Walter
Download or read book Privatizing China written by Carl E. Walter and published by John Wiley & Sons. This book was released on 2003-06-25 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much is written about the various efforts aimed at reforming China’s state-owned enterprises. But in all this literature the Chinese government’s determined effort to use the equity capital markets as a tool of enterprise reform has been virtually ignored. The fact is that during the past decade this has been, and will continue to be, the principal thrust with regard to the reform of state-owned enterprises. On-again, off-again, noises about bankruptcy, M&A solutions and asset management companies are only sideshows in the process. Carl E. Walter is a Managing Director of JP Morgan and Chief Operating Officer of its China businesses. Prior to joining JP Morgan in 2001, Mr. Walter was a Managing Director and member of the Management Committee of China International Capital Corporation. He was Chief Representative in Beijing for Credit Suisse First Boston from 1993-8. During his decade in China, Mr. Walter has participated in a number of pathbreaking international and domestic share listings and debt issues for Chinese companies, banks and the Ministry of Finance. He holds a PhD from Stanford University and a graduate certificate from Beijing University. Fraser Howie is an independent financial analyst located in Beijing. Over the past ten years he has worked in Hong Kong trading equity derivatives at Bankers Trust and Morgan Stanley. After moving to China in 1998 he worked in the Sales and Trading Department of China International Capital Corporation then with a domestic retail financial services company and most recently with China M&A Management Company.
Book Synopsis Privatization and Equity by : V. V. Ramanadham
Download or read book Privatization and Equity written by V. V. Ramanadham and published by Routledge. This book was released on 1995-03-23 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization and Equity, the contributors look at some of the problems brought about by the change to private ownership. They identify factors which can lead to greater inequality, including changes in market structure, foreign ownership and operating policies. They also highlight the consequences of ignoring considerations of equity. In the short
Book Synopsis The Challenges of Privatization by : Bernardo Bortolotti
Download or read book The Challenges of Privatization written by Bernardo Bortolotti and published by Oxford University Press, USA. This book was released on 2004-03-11 with total page 171 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 fewattempts 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 ofstate-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.
Book Synopsis The Dynamics of Privatization, the Legal Environment and Stock Market Development by : Narjess Boubakri
Download or read book The Dynamics of Privatization, the Legal Environment and Stock Market Development written by Narjess Boubakri and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine under which conditions privatization is an effective means to develop local stock markets for a panel of 61 countries over the last twenty four years. By addressing the endogeneity between privatization and stock market development, we show for the 1980-98 period that the initial legal environment is a significant contemporary determinant of stock market development, while privatization is not. When we examine the dynamics of privatization in interaction with the legal environment, we find that privatization has a two-year-lagged effect on stock market development in emerging markets, and a one-year-lagged effect in developed countries. Results for the 1999-2003 period seem to be largely affected by the global crash that followed the Asian crisis.
Book Synopsis Confidence Building in Emerging Stock Markets by : Enrico C. Perotti and Luc Laeven
Download or read book Confidence Building in Emerging Stock Markets written by Enrico C. Perotti and Luc Laeven and published by . This book was released on 2001 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Support to Private Infrastructure Projects in Emerging Markets by : Mansoor Dailami
Download or read book Government Support to Private Infrastructure Projects in Emerging Markets written by Mansoor Dailami and published by World Bank Publications. This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: January 1998 For citizens to reap the full benefits of private investment in infrastructure, infrastructure prices must be high enough to cover costs, and private investors must assume commercial risk. Good macroeconomic policy matters because it affects the credibility of a price regime and especially the trust in currency convertibility essential for foreign investors. Driven by fiscal austerity and disenchantment with the performance of state-provided infrastructure services, many governments have turned to the private sector to build, operate, finance, or own infrastructure in power, gas, water, transport, and telecommunications sectors. Private capital flows to developing countries are increasing rapidly; 15 percent of infrastructure investment is now funded by private capital in emerging markets. But relative to needs, such private investment is progressing slowly. Governments are reluctant to raise consumer prices to cost-covering levels, while investors, mindful of experience, fear that governments may renege on promises to maintain adequate prices over the long haul. So investors ask for government support in the form of grants, preferential tax treatment, debt or equity contributions, or guarantees. These subsidies differ in how they allocate risk between private investors and government. Efficiency gains are greatest when private parties assume the risks that they can manage better than the public sector. When governments establish good policies-especially cost-covering prices and credible commitments to stick to them-investors are willing to invest without special government support. Privatizing assets without government guarantees or other financial support is possible, even where governments are politically unable to raise prices, because investors can achieve the returns they demand by discounting the value of the assets they are purchasing. But this is not possible for new investments (greenfield projects). If prices have been set too low and the government is not willing to raise them, it must give the investor financial support, such as guarantees and other forms of subsidy, to facilitate worthwhile projects that would not otherwise proceed. But guarantees shift costs from consumers to taxpayers, who subsidize users of infrastructure services. Much of that subsidy is hidden, since the government does not record the guarantee in its fiscal accounts. And taxpayers provide unremunerated credit insurance, as the government borrows based on its ability to tax citizens if the project fails, not on the strength of the project itself. This paper-a joint product of the Regulatory Reform and Private Enterprise Division, Economic Development Institute, and the Private Participation in Infrastructure Group-was presented at the conference Managing Government Exposure to Private Infrastructure Projects: Averting a New-Style Debt Crisis, held in Cartagena, Colombia, May 29030, 1997. Mansoor Dailami may be contacted at [email protected].
Book Synopsis Zambia's Stock Exchange and Privatisation Programme by : Kenneth Kaoma Mwenda
Download or read book Zambia's Stock Exchange and Privatisation Programme written by Kenneth Kaoma Mwenda and published by . This book was released on 2001 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt:
