Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 车嘉华教授 (经济学系) |
全文
| 数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○ |
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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/2WOS source URL
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摘要This paper presents a dynamic model of privatization, driven by improved institutional protection of private property rights and constrained by the buyer's financial constraints. Government ownership is more efficient than private ownership when private property rights are insecure. Improved institutional protection of property rights over time creates the need to privatize. The buyer's financial constraints affect the timing of privatization, causing the firm's post-privatization performance either to improve or to deteriorate in the short run. Financial constraints also have the possibility of inducing an underpricing phenomenon during privatization where the firm is priced below both what the buyer is willing to pay and the buyer's ability to pay. Faster institutional development calls for earlier privatization, but it also has the potential to either create or exacerbate deadweight losses associated with inefficient privatization. A host of empirically testable implications are derived.
着者Che JH
期刊名称REVIEW OF ECONOMIC STUDIES
出版年份http://aims.cuhk.edu.hk/converis/portal/Publication/2009
月份4
日期1
卷号76
期次http://aims.cuhk.edu.hk/converis/portal/Publication/2
出版社WILEY-BLACKWELL PUBLISHING, INC
页次563 - 596
国际标準期刊号0034-65http://aims.cuhk.edu.hk/converis/portal/Publication/27
语言英式英语
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
