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Why Privatizations Are Grossly Underpriced
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Book Synopsis Why Privatizations are Grossly Underpriced by : Alvan E. Ikoku
Download or read book Why Privatizations are Grossly Underpriced written by Alvan E. Ikoku and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical analyses of the pricing of new issues of common stock in equity markets all over the world reveal significantly larger underpricing of privatizations than ordinary initial public offerings. A model of new issue pricing which is consistent with this empirical regularity is developed in which managers (including bureaucrats) underprice shares in order to create additional consumer surplus. Managers then try to capture this contrived surplus in pecuniary and non-pecuniary terms, including political support. The non-pecuniary benefit of underpricing is termed influence, and the role of influence-seeking in the greater underpricing of privatizations is examined. This model contributes to the resolution of the IPO underpricing anomaly by introducing a motive ignored by theories based on asymmetric information, signaling, the insurance motive, and market segmentation.
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.
Book Synopsis Constraints and Impacts of Privatisation by : V. V. Ramanadham
Download or read book Constraints and Impacts of Privatisation written by V. V. Ramanadham and published by Routledge. This book was released on 2002-03-11 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains papers on some 25 countries written by experts directly connected with privatisation, either as academics or as policy makers and practitioners, with a comparative review at the end by the editor. It highlights the major factors in the success and the failings of privatisation attempts in different countries in Europe, America, Latin America, Africa, Asia and Australasia. In particular there are studies on the evolving experience of transformation to free market economy in the former socialist countries of Eastern Europe.
Book Synopsis The Critique of Commodification by : Christoph Hermann
Download or read book The Critique of Commodification written by Christoph Hermann and published by Oxford University Press. This book was released on 2021 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Critique of Commodification -- A Theory of Commodification -- Politics of Commodification -- Consequences of Commodification -- Limits of Commodification -- Rediscovering Use Value -- Alternatives to Commodification: Use Value Society.
Book Synopsis The Political Economy of Privatization by : Thomas Clarke
Download or read book The Political Economy of Privatization written by Thomas Clarke and published by Routledge. This book was released on 2005-08-17 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Political Economy of Privatization the authors assess the success of privatization. The work is an international study of the extensive privatization, and the pressure towards privatization, in different parts of the world. The book includes: * A study of the relationship between ownership and performance; * An assessment of the importance of market structure and regulation; * A discussion of privatization strategies within the public sector; * Individual country case-studies, looking at the experience of different countries engaged in the contrasting approaches to privatization. * A critical assessment of the much vaunted relationship between ownership and efficiency.
Book Synopsis The Logic of Privatization by : Walter Molano
Download or read book The Logic of Privatization written by Walter Molano and published by Praeger. This book was released on 1997-01-14 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many countries have attempted to employ privatization programs to restructure their economies; however, some of the programs are rejected by the polity in the early stages of consideration. Research on privatization has mainly focused on programs that have been accepted, but it often ignores issues associated with rejection. Dr. Molano breaks new ground by examining the microeconomic, macroeconomic, and political factors that shape all outcomes of privatization. A case study method is employed to review attempts to privatize state-owned telephone companies in countries in the southern cone of Latin America. The study is further generalized to cover 23 attempts to privatize telephone companies from 1985 to 1995.
Book Synopsis Imf, World Bank & Adb Agenda on Privatisation by : Nihal Sri Ameresekere
Download or read book Imf, World Bank & Adb Agenda on Privatisation written by Nihal Sri Ameresekere and published by Author House. This book was released on 2011-05-25 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pillage of Plantations in Sri Lanka, under the IMF, World Bank and ADB privatization agenda, incisively analyses, appallingly dubious privatizations of valuable plantations in Sri Lanka, causing the people colossal losses, exposing shocking indifference of international developmental agencies, completely eroding public confidence, which is crucial to foster a free and open economy, with transparency. Plantations historically base of the national economy, leading tea exporter in the world, were nationalized by Prime Minister Sirima Dias Bandaranaike. Her daughter, President Chandrika Bandaranaike Kumaratunga, who decried previous privatizations, as brazen pillage and plunder of peoples wealth by cronies, publicly avowed privatization would be transparent, free of corruption, and those in public life held accountable. Plantations privatizations were carried out by hand-picked confidantes, presided by Senior Partner, KPMG Ford Rhodes Thornton & Co., Rajan Asirwatham, under the purview of Deputy Minister Finance G.L. Peiris, also then Minister, Justice & Constitutional Affairs (now Minister, External Affairs), directly under President Kumaratunga. Though President Kumaratunga, Minister G.L. Peiris and then Foreign Minister Lakshman Kadirgamar, two Oxford educated, publicly decried as dubious and fraudulent plantations privatizations, assuring legal action, no action was taken thereon, arraigning the confidantes and cronies. What is demonstrated is that pontification by political leaders, espousing enforcement of the rule of law is mere rhetoric, and in reality, socio-politically influential are above the rule of law. It discloses the unashamed tolerance of fraud and corruption by confidantes of those at the helm in a country; with governments and society uninhibitedly bestowing upon corrupt miscreants, even more recognition and position, rather than arraigning them, as warranted, before the law; whilst some duplicitously articulate transparency and good governance. This book is an invaluable and indispensable research book on real case studies for those who are interested in privatization and advocating good governance; and to comprehend socio-political realities.
Book Synopsis Privatization Or Public Enterprise Reform? by : Ali Farazmand
Download or read book Privatization Or Public Enterprise Reform? written by Ali Farazmand and published by Praeger. This book was released on 2001 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the complex question, "Is privatisation a good public policy?"
Book Synopsis Suspending Suspicious Transactions by : Klaudijo Stroligo
Download or read book Suspending Suspicious Transactions written by Klaudijo Stroligo and published by World Bank Publications. This book was released on 2013-07-18 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seizure and confiscation of proceeds of crime, and funds intended to finance terrorism, are key objectives of the global initiative to combat money laundering and terrorism financing. The timely identification and immobilization of such funds are critical to permit the action necessary to prevent the flight of illicit assets beyond the reach of national law enforcement and prosecutorial authorities. Among the measures and tools that have been developed is the power for Financial Intelligence Units (FIUs) to order the postponement of transactions involving funds suspected of being related to money laundering or terrorism financing. This power has been given to a significant number of FIUs, but is not a mandatory element of the international anti-money laundering and countering terrorist financing standards. The World Bank and the Egmont Group undertook a joint study to gather information about the legal basis of this power and its practical application as well as the frequency and modalities of its use. Detailed findings of this study are reported in this booklet, together with a series of recommendations that address anomalies, or perceived weaknesses, in the structure and scope of this power, and the manner in which it is used by FIUs. In this regard it is worth mentioning some of the key recommendations flowing from the study that urge national authorities to: • Provide an explicit legal basis for the FIU’s power to postpone suspicious transactions. • Identify the minimum requisite conditions for the FIU’s exercise of this power. • Ensure that the legal provision for this power mandates a reasonable maximum duration for the FIU postponement order. • Introduce legal provisions to require the FIU to issue a written postponement order, while allowing for an oral order in urgent cases. • Develop and implement effective mechanisms for coordination of the activities of reporting entities and public authorities involved in the postponement of transactions and follow-on interventions that may be triggered by the postponement. The report’s findings and recommendations are intended to provide practical advice to those countries that may wish to review, upgrade or strengthen their FIU’s capacities to use this power. It will also be an invaluable source of information and guidance to policy makers, FIUs, as well as law enforcement and prosecutorial authorities of countries that may be considering the introduction of this power.
Book Synopsis A Comparative Analysis of the Process of Privatization in the Southern Cone of Latin America by : Walter Thomas Molano
Download or read book A Comparative Analysis of the Process of Privatization in the Southern Cone of Latin America written by Walter Thomas Molano and published by . This book was released on 1995 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Forcing Freedom written by Boyan Belev and published by University Press of America. This book was released on 2000 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forcing Freedom considers the "means versus ends" dilemma in economic reform and also elaborates on "the orthodox paradox," the increasing importance of state involvement in the implementation of liberal political and economic reforms, in respect to privatization in Egypt and Tunisia. In these countries, the political regimes are stable and the leaders have adopted a pragmatic course toward economic liberalization, but the local elite continues to show an ambivalent attitude toward market-oriented reforms due to its vested interests in the existing political and social order. What these countries need, the book argues, are reform-minded governments that are willing to resort to illiberal means, such as restrictive policies, increased centralized involvement and political control over the process, in order to achieve liberal ends.
Book Synopsis The Rebirth of the Russian Space Program by : Brian Harvey
Download or read book The Rebirth of the Russian Space Program written by Brian Harvey and published by Springer Science & Business Media. This book was released on 2007-11-25 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: This, fifty years after Sputnik, is the definitive book on the Russian space program. The author covers all the key elements of the current Russian space program, including both manned and unmanned missions. He examines the various types of unmanned applications programs as well as the crucial military program, and even analyzes the infrastructure of production, launch centres and tracking. You’ll also find discussion of the commercialization of the program and its relationship with western companies. Russia’s current space experiment is also put in a comparative global context. Strong emphasis is placed on Russia’s future space intentions and on new programs and missions in prospect.
Book Synopsis The Politics of Privatisation and Its Impact on People by :
Download or read book The Politics of Privatisation and Its Impact on People written by and published by . This book was released on 1999 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Imf, World Bank & Adb Agenda on Privatisation Volume Ii by : Nihal Sri Ameresekere
Download or read book Imf, World Bank & Adb Agenda on Privatisation Volume Ii written by Nihal Sri Ameresekere and published by AuthorHouse. This book was released on 2011-11-21 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Book dramatically spotlights with real case studies, the truism and reality, that politicians aspire for high political office, campaigning vociferously, avowing commitment to combat fraud and corruption, exploiting the economic anguish of poverty stricken people, however upon assuming political power, pathetically such avowed commitment becomes hypocritical hollow rhetoric, with them appallingly getting bogged down in the quagmire of corruption, vehemently castigated and denounced! Reality is that politicians are funded and and assisted by lackeys at elections, resulting in politicians getting obligated to lackeys, blatantly seeking returns on funding and support, at the expense of the abject poor. Case studies dealt with appallingly reveal that the idealistic agenda of IMF, World Bank and ADB pushing privatization only germinates the breeding of corruption, with such institutions becoming mere spectators, compromised to be viewed, as having aided and abetted in corruption, publicly denounced by them, ironically providing alleviation schemes for the upliftment of the abject poor. Fraud and corruption at the highest echelons in Government, involving international parties, are shockingly revealed, with intriguing diplomatic interventions. It is an unbelievable revelation from the stage of lofty idealism to the sublime apathy of deception, complicit with duplicity and hypocrisy, in enforcing the law unequally against opponents for political expediency, whilst those wielding power, themselves, have brazenly acted otherwise, perpetrating offences of much greater gravity, including also shielding lackeys and cronies. Amazingly, the highest judiciary, castigating corruption, upholds the dire need for governance and enforcement of the rule of law, including against the highest in the country. Brilliant in-depth research into real human behavior and wheeler-dealing in the upper echelons of Governments-an ideally invaluable Book for academics and professionals interested in political science, human behaviour, governance, public finance, commerce, rule of law, forensic accounting and privastisation, and for public interest activists.
Book Synopsis Neoliberalism and Globalization in Africa by : J. Mensah
Download or read book Neoliberalism and Globalization in Africa written by J. Mensah and published by Springer. This book was released on 2008-12-08 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at Africa's involvement in contemporary neoliberal globalization, paying particular attention to the social, economic, political, and cultural cost of the unbalanced structure of global wealth and power between Africa and the rest of the world.
Book Synopsis The Piratization of Russia by : Marshall I. Goldman
Download or read book The Piratization of Russia written by Marshall I. Goldman and published by Routledge. This book was released on 2003-04-10 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the debacle of Russian reform, especially the emergence of oligarchs accused of using guile, intimidation and violence to reap riches. Explains Russia's problems and how they could have been avoided.
Book Synopsis The Market Revolution and its Limits by : Alan Shipman
Download or read book The Market Revolution and its Limits written by Alan Shipman and published by Routledge. This book was released on 2002-01-22 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Market Revolution and its limits summarises why many economists believe that markets are best. It explores how even 'market failures' can be given market solutions, and asks why market ideas seem to have taken such a firm hold. Non-polemical in its approach, this book provides a comprehensive appraisal of the market and its alternatives, backed up with empirical international illustrations. Shipman concludes that the 'revolution' lies in redefining the market process rather than the market outcome.
