عملکرد مالی پس از خصوصی سازی شرکت سابق دولتی

We analyze the long-term performance of privatizations, i.e. IPOs of former state-owned enterprises by measuring unadjusted and excess returns in average annual and cumulative terms. The results show negative abnormal price performance during the 1st year after the initial trading day, as well as during subsequent years. On average, privatization offers yield 1st year returns that are over 50% lower than market returns over the same time period. The results for cumulative returns also show, on average, a cumulative negative return of approximately 40% at the end of the 5th year of trading. The overall size of an offer seems to matter—the larger the offer, the better the long-term performance. This conclusion is offered with qualifications. On the other hand, the state of economic development of the privatizing country and the initial return do not appear to have a long-term impact on performance.