Privatization and Market Efficiency in the Emerging Equity Markets of Post-Communist Central Europe

本项目研究中欧转型经济中资本市场的效率。运转良好的资本市场对本地区具有巨大的潜在重要性。公众相信这些市场是公平的，不会被内部人士操纵，这对于产生经济重组所需的资本，以及为市场机制和转型过程中有时会出现的痛苦步骤提供支持都很重要。这项研究的重点是这些发展中市场的效率程度，以及关于私有化的不同选择可能如何影响最终资本市场的运作。此外，它还分析了捷克代金券私有化计划所创造的人为和独立的资本市场的运作。将进行一系列研究，将市场技术应用于新兴的中欧资本市场。这些技术与研究其他市场（包括拉丁美洲和亚洲的新兴市场）时使用的技术类似。这些研究将使人们能够比较在经济结构发生剧烈变化后迅速出现的市场和那些较缓慢出现或具有较长发展历史的市场的市场结构和效率。将深入了解各种私有化方法促进或阻碍运作良好的资本市场的能力。

This project investigates the efficiency of capital markets in the transition economies of Central Europe. Well functioning capital markets are of great potential importance to this region. Public trust that these markets are fair and not rigged in favor of insiders is important both in generating the capital needed for economic restructuring and in building support for market mechanisms and the sometimes painful steps involved in the transition. This research focuses on both the extent of efficiency in these developing markets and on how different choices with respect to privatization may have affected the working of the eventual capital market. In addition, it analyzes the workings of the artificial and self-contained capital market created by the Czech voucher privatization scheme. A series of studies will be undertaken which apply market techniques to emerging Central European capital markets. These techniques are similar to the ones used in the study of other markets including the emerging markets in Latin America and Asia. These studies will allow for a comparison of market structure and efficiency in markets that emerged rapidly following radical changes in economic structure with those that emerged more gradually or have had a long history of development. Insights will be obtained into the ability of various methods of privatization to promote or hinder well-functioning capital markets.