Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic

• Tác giả: Katharina Pistor
• Ngôn ngữ: eng
• Ký hiệu phân loại: 020.94 Library and information sciences
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 314517
• Chủ đề: 1. AFFILIATED ORGANIZATIONS; 2. ARBITRAGE; 3. ASYMMETRIC INFORMATION; 4. AUCTION; 5. BANK GROUP

Tóm tắt

Investment funds play a key role in mass privatization in many transition economies. But have they lived up to expectations? The authors look at that question in the two earliest and best-known cases--Russia and the Czech Republic. The evidence is discouraging. It appears that the funds have either not been able to enhance the value of their holdings or have failed to share any gains with their investors. Dividends have been extremely low. Property rights created in a hasty attempt to depoliticize property relations are weak. And capital markets remain illiquid. Many funds have simply become holding companies rather than active portfolio investors. The initial design problems in mass privatization--asymmetric information and imperfect property rights--remain.