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Article: Staged privatization: A market process with multistage lockups

TitleStaged privatization: A market process with multistage lockups
Authors
KeywordsLockup Effect
Lockups
Market Processes
Nontradable Shares
Staged Privatization
Issue Date2012
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/chieco
Citation
China Economic Review, 2012, v. 23 n. 4, p. 1051-1070 How to Cite?
AbstractMost privatizations around the world take the form of staged privatization with multistage lockups and step-by-step unlocking of shares. A lockup prevents the shares of a company from being sold to the public for a specified or unspecified period of time. This paper presents a theory and provides empirical evidence for staged privatization under market forces. The theory is based on a specification of a lockup effect on demand, where the existence of this lockup effect is shown by our empirical analysis. With this theory, we can analyze how various factors, such as the lockup effect, demand elasticity, growth potential and business fluctuations, affect staged privatization, in particular, the equilibrium speed of privatization. Our paper is the first to analyze a market-oriented, multistage privatization process, instead of a fully government-controlled or centrally planned process. Interestingly, staged privatization resembles initial public offerings (IPOs). Hence, our study can shed light on IPOs from a unique angle. Our empirical analysis provides evidence in support of our theoretical findings. © 2012 Elsevier Inc.
Persistent Identifierhttp://hdl.handle.net/10722/177811
ISSN
2015 Impact Factor: 1.116
2015 SCImago Journal Rankings: 0.997
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorJiang, Ken_US
dc.contributor.authorWang, Sen_US
dc.date.accessioned2012-12-19T09:39:58Z-
dc.date.available2012-12-19T09:39:58Z-
dc.date.issued2012en_US
dc.identifier.citationChina Economic Review, 2012, v. 23 n. 4, p. 1051-1070en_US
dc.identifier.issn1043-951Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/177811-
dc.description.abstractMost privatizations around the world take the form of staged privatization with multistage lockups and step-by-step unlocking of shares. A lockup prevents the shares of a company from being sold to the public for a specified or unspecified period of time. This paper presents a theory and provides empirical evidence for staged privatization under market forces. The theory is based on a specification of a lockup effect on demand, where the existence of this lockup effect is shown by our empirical analysis. With this theory, we can analyze how various factors, such as the lockup effect, demand elasticity, growth potential and business fluctuations, affect staged privatization, in particular, the equilibrium speed of privatization. Our paper is the first to analyze a market-oriented, multistage privatization process, instead of a fully government-controlled or centrally planned process. Interestingly, staged privatization resembles initial public offerings (IPOs). Hence, our study can shed light on IPOs from a unique angle. Our empirical analysis provides evidence in support of our theoretical findings. © 2012 Elsevier Inc.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/chiecoen_US
dc.relation.ispartofChina Economic Reviewen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in China Economic Review. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 23, ISSUE 4, (2012)] DOI 10.1016/j.chieco.2012.05.007-
dc.subjectLockup Effecten_US
dc.subjectLockupsen_US
dc.subjectMarket Processesen_US
dc.subjectNontradable Sharesen_US
dc.subjectStaged Privatizationen_US
dc.titleStaged privatization: A market process with multistage lockupsen_US
dc.typeArticleen_US
dc.identifier.emailJiang, K: jiangkun@hku.hken_US
dc.identifier.authorityJiang, K=rp01520en_US
dc.description.naturepostprinten_US
dc.identifier.doi10.1016/j.chieco.2012.05.007en_US
dc.identifier.scopuseid_2-s2.0-84867655734en_US
dc.identifier.hkuros220142-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84867655734&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume23en_US
dc.identifier.issue4en_US
dc.identifier.spage1051en_US
dc.identifier.epage1070en_US
dc.identifier.isiWOS:000311009500023-
dc.publisher.placeNetherlandsen_US
dc.identifier.ssrn1465150-
dc.identifier.scopusauthoridJiang, K=55191409900en_US
dc.identifier.scopusauthoridWang, S=7410349142en_US
dc.identifier.citeulike10726577-

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