This article examines the undemocratic process of telecommunications divestment in Jamaica and Trinidad and Tobago. The divestment of the telecommunications sector was largely prompted by each state’s inability to service external debt. Despite espousing the importance of public participation in the ownership of state-owned enterprises being divested, the governments each limited or excluded na...

This paper explores the economic impact of alternative ownership structures on transportation system performance, social welfare, and regulatory needs. Road pricing, investment, and ownership decisions are jointly considered in an agent-based evolutionary model applicable to large networks. Results suggest that a centralized public regime with average-cost pricing is far from socially optimal w...

We examine how changes in hospital ownership to and from for-profit status affect quality and Medicare payments per hospital stay. We hypothesize that hospitals converting to for-profit ownership boost post acquisition profitability by reducing dimensions of quality not readily observed by patients and by raising prices. We find that 1-2 years after conversion to for-profit status, mortality of...

This paper considers policies for promoting productive investments in the USA, especially as regards the project of building a clean energy economy. The four main policies examined are (i) expanding public investments throughout the economy and gaining the crowding-in benefits that will accrue from such investments, (ii) refocusing the successful but ad hoc, US model of industrial policies, (ii...

the state which in principle must be the guardian of the ownership of persons in society, in some cases takes private property for the purpose of executing general policies, challenges the ownership of persons in the name of superior interest, and acts to take the persons' property. now days, due to expansion of urbanization, this act has since become ever so expanding, and involves import...

the existing laws on cultural heritage treasure, significantly limiting the private ownership of treasure, treasure and historical monuments - culture is seen, including article 562 of the penal code to acquire property that any exploration of the historical - cultural prohibited, and committed to prison from six months to three years and sentenced to capture objects artifacts. this question is...

It seems that privatization in South Africa is politically contentious. This is probably a common feature of most such projects around the world. (Perhaps the main exception is in some of the countries of the former Soviet empire, where an obvious distrust of the state’s exploitative power meant that privatization was politically extremely popular.) However, what is also a common experience is ...

The literature on multinationality-performance relationship has been limited to multinational firms from developed economies, and previous studies generally disregard the effects of location and ownership structure. This paper seeks to explain this relationship in the emerging market context, highlighting the importance of location decisions and ownership structure. We use panel data that inclu...

This paper investigates, both theoretically and empirically, how earnings management and ownership retention interact, and how these two jointly affect the equilibrium market valuation of IPO firms in the presence of information asymmetry. Analytically, this paper extends the univariate signaling framework of Leland and Pyle (1977) and derives an efficient signaling equilibrium in which both re...

This paper shows empirically that the positive association between mutual fund ownership and firm value in China is mainly driven by the informed trading of mutual funds. Utilizing the unique short term feature of mutual fund holdings for the period from 2001 to 2010, we provide an informational link between a decomposed component of market-to-book ratio (firm specific valuation component) and ...