A political economic framework is used to describe an economy following transition to private ownership. The transition, characterized by massive privatization, is accompanied by a constitutional change, which is influenced by potential shareholders who may be described as the local entrepreneur, the corrupt entrepreneur, or the foreign entrepreneur. The constitutional changes influence the pri...

This paper develops a theory of gradual sales and underpricing of shares in privatizations. Gradual sales and underpricing are strategic devices used by policymakers to signal commitment when the capital markets are unsure about the government's type and attempt to infer it from observed performance. The model establishes for which firms the use of underpricing is optimal. Further, in the conte...

Using the high-power setting of newly privatized firms from 64 countries, we examine the relationship between ownership type and firm-level capital allocations as captured by investment sensitivity to stock price. Consistent with our predictions that government and foreign institutional owners are associated with different levels of information asymmetry and agency problems, we find strong and ...

I analyze the effects of privatization and export tax in renewable resource sector. find that increases stock level, show conditions under which is welfare improving. Further, effect on level welfare. In addition, study interaction between policy optimal can be different based levels privatization. also have similar domestic

Purpose – According to one influential set of arguments, the privatization of public pensions has been informed by neoliberalism, and has thus been an integral element of a broader program of welfare retrenchment, which is inconsistent with social cohesion. The paper aims to take issue with this negative characterization of pensions privatization. Design/methodology/approach – The argument is i...

This research investigates the comparative analysis of the performance, Efficiency of Allied & Muslim Commercial Bank before and after Privatization period. The primary resource of data for empirical analysis is the balance sheets of target years collected from the different branches of Allied bank and Muslim Commercial Bank in Khairpur and Sukkur. The balance sheets along with the income state...

Both the theory and practice of public interest lawyering are in transition. Whereas the public interest lawyer of the 1960s and 1970s typically advocated before administrative agencies and courts on behalf of poor people and underrepresented groups, the public interest lawyer of today assumes a much greater variety of roles and is involved in a broader array of tasks. One of the causes of this...

The management of transport infrastructures has undergone major reforms in recent decades, including privatization, de-bureaucratization, and regulation. One important but often neglected issue in the management of large transport facilities is the joint governance of ports and airports, a phenomenon that is relatively frequent in the US but not in either Europe or Asia. To examine the factors ...