A castle built on sand : the effects of mass privatization on stock market creation in transition economies

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Title: A castle built on sand : the effects of mass privatization on stock market creation in transition economies
Author: Fungáčová, Zuzana ; Hanousek, Jan
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 14/2006
Year of publication: 2006
Publication date: 15.11.2006
Pages: 27 s.
Keywords: osakkeet; siirtymätaloudet; osakemarkkinat; yksityistäminen; kehittyvät markkinat; rahoitusmarkkinat; pääomamarkkinat; Bofit-kokoelma
JEL: G15; G28; P34
Abstract: 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. JEL Classifications: G15, G28, P34 Keywords: privatization, mass privatization, emerging stock markets, stock market
Rights: https://helda.helsinki.fi/bof/copyright


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