Using vouchers to privatize an economy: the Czech and Slovak case
Using vouchers to privatize an economy: the Czech and Slovak case
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使用优惠券实现经济私有化：捷克和斯洛伐克的案例
DOI：
10.1111/j.1468-0351.1994.tb00103.x
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发表时间：
1994
影响因子：
--
通讯作者：
M. Šinger
中科院分区：
文献类型：
--
作者：
Jan Svejnar;M. Šinger
本文分析了捷克斯洛伐克1992年凭证私有化的过程和结果。它首先描述了凭证私有化过程的机制并评估了总体结果。然后，它使用在五轮代金券计划中私有化的 1,491 家公司的公司级数据，分别分析个人投资者和投资私有化基金对股票的需求（出价）模式。最后，本文研究了当局在各轮之间的（股票）定价行为。结果表明，存在系统性模式，个人和机构投资者的行为相当理性。当局的定价行为可以用一个相对简单的函数形式来精确解释。
The paper analyzes the process and outcome of Czechoslovakia's 1992 voucher privatization. It first describes the mechanics of the voucher privatization process and assesses the overall outcome. It then uses firm-level data on 1,491 firms that were privatized in the five rounds of the voucher scheme to analyze the patterns of demand for shares (bids) by individual investors and investment privatization funds, respectively. Finally, the paper examines the (share) price setting behavior of the authorities between the rounds. The results show that there were systematic patterns and that individual and institutional investors behaved quite rationally. The price setting behavior of the authorities can be explained precisely by a relatively simple functional form.