What Factors Determine Auction Prices in Privatization?

Do the timing and type of auction affect the sale price? What kind of restructuring is worth doing before privatization? The author examines how much these and other factors affect privatization prices. The study shows that speed and competitive bi...

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Main Author:	López-de-Silanes, Florencio
Format:	Viewpoint
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AUCTIONS DENATIONALIZATION PRICES PROCUREMENT POLICY MAKING STOCKHOLDERS ASSETS BALANCE SHEET BANKRUPTCY BANKS BIDDING BOOK VALUE COMPARATIVE ADVANTAGE DEBT ECONOMETRIC ESTIMATES EMPIRICAL ANALYSIS EMPLOYMENT GOVERNMENT INTERVENTION INCOME MARKET CONDITIONS MARKET PENETRATION MARKET POWER MARKET SHARE MARKET STRUCTURE PRICE PROTECTION PRIVATIZATION PROFITABILITY PUBLIC ENTERPRISES REORGANIZATION SALES SAVINGS STATE ENTERPRISES UNEMPLOYMENT
Online Access:	http://documents.worldbank.org/curated/en/1997/06/441455/factors-determine-auction-prices-privatization http://hdl.handle.net/10986/11582

id	okr-10986-11582
recordtype	oai_dc
spelling	okr-10986-115822021-06-14T11:04:29Z What Factors Determine Auction Prices in Privatization? López-de-Silanes, Florencio AUCTIONS DENATIONALIZATION AUCTIONS PRICES DENATIONALIZATION PROCUREMENT POLICY MAKING STOCKHOLDERS ASSETS AUCTIONS BALANCE SHEET BANKRUPTCY BANKS BIDDING BOOK VALUE COMPARATIVE ADVANTAGE DEBT ECONOMETRIC ESTIMATES EMPIRICAL ANALYSIS EMPLOYMENT GOVERNMENT INTERVENTION INCOME MARKET CONDITIONS MARKET PENETRATION MARKET POWER MARKET SHARE MARKET STRUCTURE PRICE PROTECTION PRIVATIZATION PROFITABILITY PUBLIC ENTERPRISES REORGANIZATION SALES SAVINGS STATE ENTERPRISES UNEMPLOYMENT Do the timing and type of auction affect the sale price? What kind of restructuring is worth doing before privatization? The author examines how much these and other factors affect privatization prices. The study shows that speed and competitive bidding consistently increase sale premiums, but that many restructuring measures such as absorbing debt and improving efficiency do not. The key lesson for policymakers: Don't do too much --just sell. 2012-08-13T15:27:22Z 2012-08-13T15:27:22Z 1997-06 http://documents.worldbank.org/curated/en/1997/06/441455/factors-determine-auction-prices-privatization http://hdl.handle.net/10986/11582 English Viewpoint: Public Policy for the Private Sector; Note No. 116 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	AUCTIONS DENATIONALIZATION AUCTIONS PRICES DENATIONALIZATION PROCUREMENT POLICY MAKING STOCKHOLDERS ASSETS AUCTIONS BALANCE SHEET BANKRUPTCY BANKS BIDDING BOOK VALUE COMPARATIVE ADVANTAGE DEBT ECONOMETRIC ESTIMATES EMPIRICAL ANALYSIS EMPLOYMENT GOVERNMENT INTERVENTION INCOME MARKET CONDITIONS MARKET PENETRATION MARKET POWER MARKET SHARE MARKET STRUCTURE PRICE PROTECTION PRIVATIZATION PROFITABILITY PUBLIC ENTERPRISES REORGANIZATION SALES SAVINGS STATE ENTERPRISES UNEMPLOYMENT
spellingShingle	AUCTIONS DENATIONALIZATION AUCTIONS PRICES DENATIONALIZATION PROCUREMENT POLICY MAKING STOCKHOLDERS ASSETS AUCTIONS BALANCE SHEET BANKRUPTCY BANKS BIDDING BOOK VALUE COMPARATIVE ADVANTAGE DEBT ECONOMETRIC ESTIMATES EMPIRICAL ANALYSIS EMPLOYMENT GOVERNMENT INTERVENTION INCOME MARKET CONDITIONS MARKET PENETRATION MARKET POWER MARKET SHARE MARKET STRUCTURE PRICE PROTECTION PRIVATIZATION PROFITABILITY PUBLIC ENTERPRISES REORGANIZATION SALES SAVINGS STATE ENTERPRISES UNEMPLOYMENT López-de-Silanes, Florencio What Factors Determine Auction Prices in Privatization?
relation	Viewpoint: Public Policy for the Private Sector; Note No. 116
description	Do the timing and type of auction affect the sale price? What kind of restructuring is worth doing before privatization? The author examines how much these and other factors affect privatization prices. The study shows that speed and competitive bidding consistently increase sale premiums, but that many restructuring measures such as absorbing debt and improving efficiency do not. The key lesson for policymakers: Don't do too much --just sell.
format	Publications & Research :: Viewpoint
author	López-de-Silanes, Florencio
author_facet	López-de-Silanes, Florencio
author_sort	López-de-Silanes, Florencio
title	What Factors Determine Auction Prices in Privatization?
title_short	What Factors Determine Auction Prices in Privatization?
title_full	What Factors Determine Auction Prices in Privatization?
title_fullStr	What Factors Determine Auction Prices in Privatization?
title_full_unstemmed	What Factors Determine Auction Prices in Privatization?
title_sort	what factors determine auction prices in privatization?
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1997/06/441455/factors-determine-auction-prices-privatization http://hdl.handle.net/10986/11582
_version_	1764417254999457792

What Factors Determine Auction Prices in Privatization?

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