دانلود مقاله ISI انگلیسی شماره 80750
ترجمه فارسی عنوان مقاله

عملکرد مالی پس از خصوصی سازی شرکت سابق دولتی

عنوان انگلیسی
The post-privatization financial performance of former state-owned enterprises
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80750 2003 19 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Financial Markets, Institutions and Money, Volume 13, Issue 1, February 2003, Pages 19–37

ترجمه کلمات کلیدی
خصوصی سازی
کلمات کلیدی انگلیسی
Privatization; IPOG15; G14
پیش نمایش مقاله
پیش نمایش مقاله  عملکرد مالی پس از خصوصی سازی شرکت سابق دولتی

چکیده انگلیسی

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.