Investment Funds In Mass Privatization And Beyond

Author : Ira W. Lieberman,Stilpon Nestor,Raj M. Desai
Publisher : World Bank Publications
Page : 270 pages
File Size : 49,5 Mb
Release : 1997-01-01
Category : Political Science
ISBN : 0821339478

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Between State and Market by Ira W. Lieberman,Stilpon Nestor,Raj M. Desai Pdf

IFC Discussion Paper No. 32. Over the years, demand for education at all levels in Kenya has greatly outpaced supply, a gap that has been reduced by private schools catering to the needs of a wide range of socioeconomic groups. This gap will widen further unless the private sectors role is expanded, but private educational institutions face a number of serious constraints, primarily stemming from lack of adequate finance and, in many cases, limited management skills. This paper reviews the market and its constraints and focuses on conditions under which private financial institutions and the International Finance Corporation might play a useful role in the sector. Annexes include 1996 operating costs of Kenya's academic, technical, and vocational schools.

Author : Katharina Pistor
Publisher : Unknown
Page : 50 pages
File Size : 40,9 Mb
Release : 1996
Category : Mutual funds
ISBN : STANFORD:36105021000703

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Investment Funds in Mass Privatization and Beyond by Katharina Pistor Pdf

Author : Saul Estrin,Marko Simoneti,Andreja B”hm
Publisher : Edward Elgar Publishing
Page : 214 pages
File Size : 49,8 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1782543589

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The Governance of Privatization Funds by Saul Estrin,Marko Simoneti,Andreja B”hm Pdf

Privatization investment funds are the key feature of mass privatization programmes in transitional economies. This book offers a thorough survey of mass privatization programmes in the Czech Republic, Poland and Slovenia, supported with extensive empirical analysis. The study of 'top-down' privatization funds in Poland and 'bottom-up' funds in the Czech Republic and Slovenia offers different solutions to the problem of how to improve the governance of privatization funds.

Author : David P. Ellerman
Publisher : World Bank Publications
Page : 18 pages
File Size : 47,5 Mb
Release : 1998
Category : Capital investments
ISBN : 8210379456XXX

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Voucher Privatization with Investment Funds by David P. Ellerman Pdf

May 1998 The most likely outcome of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers-along with drift, stagnation, and decapitalization of the privatized industrial sector. Common wisdom among post-socialist reformers has been to use voucher investment funds to provide the corporate governance needed to restructure newly privatized enterprises after mass privatization efforts. The idea has been that mass privatization would spread the ownership too wide and make corporate governance difficult. Ellerman examines the likely institutional behavior of voucher funds and the possible effects of their development on a transition economy. Since most policy advice has been in favor of voucher privatization with investment finds, Ellerman can be seen as playing the devil's advocate, but his argument is institutional, not statistical. Policymaking requires insight and foresight into how institutions will tend to function. He concludes that voucher funds will introduce a bias in the economy away from the real industrial sector toward an ersatz financial sector that will have little if any positive financial role but will be well-protected by friendly regulators. One long-term consequence of voucher privatization with investment funds, according to this view, is a de facto industrial policy of real sector decapitalization in favor of short-term rent-seeking by fund managers through board sinecures and lucrative side deals with portfolio companies and through financial market manipulation and paper entrepreneurship in the financial sector. Without strong corporate governance from the funds and without stable ownership of their own, many enterprise managers will exploit the post-socialist version of the separation of ownership and control to grab what they can in the form of salaries, bonuses, perquisites, and side deals. The most likely results of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers-together with the accompanying drift, stagnation, and decapitalization of the privatized industrial sector. This paper-a product of the Office of the Senior Vice President, Development Economics-is part of a larger effort in the Bank to define policymaking using institutional analysis. The author may be contacted at dellerman@worldbank.org.

Author : Ira W. Lieberman,Stilpon Nestor,Raj M. Desai
Publisher : World Bank Publications
Page : 276 pages
File Size : 53,9 Mb
Release : 1997
Category : Business & Economics
ISBN : STANFORD:36105020829391

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Between State and Market by Ira W. Lieberman,Stilpon Nestor,Raj M. Desai Pdf

Studies of Economies in Transformation No. 23. This anthology studies the major issues involved in the mass privatization of former centrally planned economies, including institutional capitalism, the establishment of property rights, and reform of the public sector. Part one examines the impact of existing institutional endowments on the structure and shape of mass privatization programs. Part two surveys the actual implementation of voucher-based privatization schemes. Part three explores the problems of residual state holdings in regard to governments holding significant shares of privatized companies. Part four analyzes the market "infrastructure" for trading those ownership rights once they have been created. Essays in part five examine the experience of mass privatization with respect to the problems of corporate finance and management control. Part six concludes with fourteen case studies of countries that have experimented with mass privatization programs.

Author : Marshall I. Goldman
Publisher : Routledge
Page : 297 pages
File Size : 53,6 Mb
Release : 2003-04-10
Category : Business & Economics
ISBN : 9781134376858

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The Piratization of Russia by Marshall I. Goldman Pdf

Examines the debacle of Russian reform, especially the emergence of oligarchs accused of using guile, intimidation and violence to reap riches. Explains Russia's problems and how they could have been avoided.

Author : Nemat Shafik
Publisher : World Bank Publications
Page : 68 pages
File Size : 49,5 Mb
Release : 1993
Category : Privatization
ISBN : UCSD:31822016860108

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Making a Market by Nemat Shafik Pdf

The mass privatization scheme put information about enterprise values in the public domain by allowing increasingly informed bidders to interact. This quickly differentiated enterprises with favorable prospects from those with unfavorable prospects. The design of the program served the objectives of speed and equity more than those of corporate governance.

Author : Ira W. Lieberman,Daniel J. Kopf
Publisher : Elsevier
Page : 383 pages
File Size : 46,6 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780762314638

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Privatization in Transition Economies by Ira W. Lieberman,Daniel J. Kopf Pdf

Annotation.

Author : William L. Megginson
Publisher : Oxford University Press
Page : 544 pages
File Size : 47,7 Mb
Release : 2005-01-13
Category : Business & Economics
ISBN : 0198034318

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The Financial Economics of Privatization by William L. Megginson Pdf

Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.

Author : E. Rosenbaum,F. Bönker,H. Wagener
Publisher : Springer
Page : 291 pages
File Size : 50,5 Mb
Release : 2000-03-23
Category : Business & Economics
ISBN : 9780230286078

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Privatization, Corporate Governance and the Emergence of Markets by E. Rosenbaum,F. Bönker,H. Wagener Pdf

The volume focuses on privatisation in transition countries, addressing issues ranging from corporate governance to the relationship between privatisation and the emergence of markets, from a multi-disciplinary perspective. The contributors investigate both the theoretical groundwork of privatisation and enterprise restructuring as well as recent empirical evidence. The contributions show that changes in ownership titles are but one part of the story, being closely interwoven as they are with the transformation of corporate governance, enterprise restructuring, network transformation and the emergence of markets.

Author : Hilary Appel
Publisher : University of Pittsburgh Press
Page : 259 pages
File Size : 45,5 Mb
Release : 2004-12-12
Category : Political Science
ISBN : 9780822972662

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A New Capitalist Order by Hilary Appel Pdf

After the collapse of communism in the Soviet Union and eastern Europe, more than a dozen countries undertook aggressive privatization programs. Proponents of economic reform championed such large-scale efforts as the fastest, most reliable way to make the transition from a state-run to a capitalist economy. The idea was widely embraced, and in the span of a few years, policymakers across the region repeatedly chose an approach that distributed vast amounts of state property to the private sector essentially for free-despite the absence of any historical precedent for such a radical concept. But privatization was not a panacea. It has, instead, become increasingly synonymous with collusion, corruption, and material deprivation. Why was privatization so popular in the first place, and what went wrong? In answering this question, Hillary Appel breaks with mainstream empirical studies of postcommunist privatization. By analyzing the design and development of programs in Russia, the Czech Republic, and across eastern Europe, Appel demonstrates how the transformation of property rights in these countries was first and foremost an ideologically driven process. Looking beyond simple economic calculations or pressure from the international community, she argues that privatization was part and parcel of the foundation of the postcommunist state. A New Capitalist Order reveals that privatization was designed and implemented by pro-market reformers not only to distribute gains and losses to powerful supporters, but also to advance a decidedly Western, liberal vision of the new postcommunist state. Moreover, specific ideologies-such as anticommunism, liberalism, or nationalism, to name but a few-profoundly influenced the legitimacy, the power, and even the material preferences of key economic actors and groups within the privatization process.

Author : Adam Jarosz,Krzysztof Olszewski
Publisher : Cambridge Scholars Publishing
Page : 410 pages
File Size : 51,6 Mb
Release : 2014-07-24
Category : Political Science
ISBN : 9781443864831

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Central Europe on the Threshold of the 21st Century by Adam Jarosz,Krzysztof Olszewski Pdf

This book draws attention to selected aspects of the Central European reality and discusses interesting subjects related to the political, economic and social landscape of the region, which are in a continuous process of transformation. The book will be a useful source of knowledge, as Central Europe is still considered to be an “undiscovered island” in the “changeable waters” of contemporary international relations.

Author : Carol Scott Leonard,David Pitt-Watson
Publisher : Routledge
Page : 206 pages
File Size : 55,8 Mb
Release : 2013-06-19
Category : Business & Economics
ISBN : 9781135021665

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Privatization and Transition in Russia in the Early 1990s by Carol Scott Leonard,David Pitt-Watson Pdf

Few economic events have caused such controversy as the privatization process in Russia. Some see it as the foundation of political and economic freedom. For others it was economics gone wrong, and ended in "Russians stealing money from their own country". As Russia reasserts itself, and its new brand of capitalism, it is ever more important that policy makers and scholars understand the roots of the economic structure and governance of that country; what was decided, who made the decisions and why, what actually transpired, and what implications this has for the future of Russia. This work, written by two senior advisors to the Russian government, has unique access to documentation, tracking the decision making process in the Russian Mass Privatization process. By close reference to events, and supplemented by interviews with many of the key participants, it shows that the policies adopted were often influenced and shaped by different forces than those cited by current popular accounts. The book challenges the interpretation of Russian privatization by some of the West’s most eminent economists. It underlines that economists of all schools, who bring assumptions from the West to the analysis of Russia, may reach false or misleading conclusions. It is an essential guide for anyone interested in Russian economic reform, and anyone who seeks to understand this enigmatic country, and its actions today.

Author : Ira W. Lieberman
Publisher : Washington, D.C. : World Bank
Page : 110 pages
File Size : 42,8 Mb
Release : 1995
Category : Business & Economics
ISBN : STANFORD:36105017329595

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Mass Privatization in Central and Eastern Europe and the Former Soviet Union by Ira W. Lieberman Pdf

Author : M. Tatahi
Publisher : Springer
Page : 189 pages
File Size : 54,8 Mb
Release : 2006-04-26
Category : Business & Economics
ISBN : 9780230624955

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Privatisation Performance in Major European Countries Since 1980 by M. Tatahi Pdf

Major theoretical approaches stress the superiority of privately-owned over state-owned companies without addressing how corporate performance should best be measured. This book investigates performance of both private and state-owned, applying factor analysis to compare the two states.