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Article: Staged privatization: A market process with multistage lockups
Title | Staged privatization: A market process with multistage lockups |
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Authors | |
Keywords | Lockup Effect Lockups Market Processes Nontradable Shares Staged Privatization |
Issue Date | 2012 |
Publisher | Elsevier 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? |
Abstract | Most 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 Identifier | http://hdl.handle.net/10722/177811 |
ISSN | 2023 Impact Factor: 5.2 2023 SCImago Journal Rankings: 1.732 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Jiang, K | en_US |
dc.contributor.author | Wang, S | en_US |
dc.date.accessioned | 2012-12-19T09:39:58Z | - |
dc.date.available | 2012-12-19T09:39:58Z | - |
dc.date.issued | 2012 | en_US |
dc.identifier.citation | China Economic Review, 2012, v. 23 n. 4, p. 1051-1070 | en_US |
dc.identifier.issn | 1043-951X | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177811 | - |
dc.description.abstract | Most 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.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/chieco | en_US |
dc.relation.ispartof | China Economic Review | en_US |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.rights | NOTICE: 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.subject | Lockup Effect | en_US |
dc.subject | Lockups | en_US |
dc.subject | Market Processes | en_US |
dc.subject | Nontradable Shares | en_US |
dc.subject | Staged Privatization | en_US |
dc.title | Staged privatization: A market process with multistage lockups | en_US |
dc.type | Article | en_US |
dc.identifier.email | Jiang, K: jiangkun@hku.hk | en_US |
dc.identifier.authority | Jiang, K=rp01520 | en_US |
dc.description.nature | postprint | en_US |
dc.identifier.doi | 10.1016/j.chieco.2012.05.007 | en_US |
dc.identifier.scopus | eid_2-s2.0-84867655734 | en_US |
dc.identifier.hkuros | 220142 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-84867655734&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 23 | en_US |
dc.identifier.issue | 4 | en_US |
dc.identifier.spage | 1051 | en_US |
dc.identifier.epage | 1070 | en_US |
dc.identifier.isi | WOS:000311009500023 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.ssrn | 1465150 | - |
dc.identifier.scopusauthorid | Jiang, K=55191409900 | en_US |
dc.identifier.scopusauthorid | Wang, S=7410349142 | en_US |
dc.identifier.citeulike | 10726577 | - |
dc.identifier.issnl | 1043-951X | - |