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
Englisch
ISBN
952-462-836-8

Bibliographic citation
Series: BOFIT Discussion Papers ; No. 14/2006

Classification
Wirtschaft
International Financial Markets
Financial Institutions and Services: Government Policy and Regulation
Socialist Institutions and Their Transitions: Financial Economics
Subject
privatization
mass privatization
emerging stock markets
stock market

Event
Geistige Schöpfung
(who)
Fungáčová, Zuzana
Hanousek, Jan
Event
Veröffentlichung
(who)
Bank of Finland, Institute for Economies in Transition (BOFIT)
(where)
Helsinki
(when)
2006

Handle
Last update
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

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