Arbeitspapier
A castle built on sand: the effects of mass privatization on stock market creation in transition economies
This paper deals with the relationship between mass privatization and stock market development in transition economies.The link is investigated empirically using a panel of data that includes most transition countries.Our results confirm the hypothesis that mass privatization exerted a negative influence on stock market functioning over the short and medium term.Further, it appears that stock markets in countries with mass privatization were initially perceived as mere byproducts of the privatization process.Such stock markets typically not only failed in their core mission of providing capital for the corporate sector, but generated negative investor sentiment and did little to catalyze economic growth.
- Language
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Englisch
- ISBN
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952-462-836-8
- Bibliographic citation
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Series: BOFIT Discussion Papers ; No. 14/2006
- Classification
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Wirtschaft
International Financial Markets
Financial Institutions and Services: Government Policy and Regulation
Socialist Institutions and Their Transitions: Financial Economics
- Subject
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privatization
mass privatization
emerging stock markets
stock market
- Event
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Geistige Schöpfung
- (who)
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Fungáčová, Zuzana
Hanousek, Jan
- Event
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Veröffentlichung
- (who)
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Bank of Finland, Institute for Economies in Transition (BOFIT)
- (where)
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Helsinki
- (when)
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2006
- Handle
- Last update
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20.09.2024, 8:22 AM CEST
Data provider
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Object type
- Arbeitspapier
Associated
- Fungáčová, Zuzana
- Hanousek, Jan
- Bank of Finland, Institute for Economies in Transition (BOFIT)
Time of origin
- 2006