The financial and operating performance of privatized firms during the 1990s

Article Abstract:

This study compares the pre- and postprivatization financial and operating performance of 85 companies from 28 industrialized countries that were privatized through public share offerings for the period from 1990 through 1996. We document significant increases in profitability, output, operating efficiency, and dividend payments - and significant decreases in leverage ratios - for our full sample of firms after privatization, and for most subsamples examined. Capital expenditures increase significantly in absolute terms, but not relative to sales. Employment declines, but insignificantly. Combined with results from two previous, directly comparable studies, these findings strongly suggest that privatization yields significant performance improvements. (Reprinted by permission of the publisher.)

Evaluation, Privatization, Privatization (Business), Government business enterprises, Public enterprises

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Determinants of secondary market prices for developing country syndicated loans

Article Abstract:

This paper presents our investigation of the factors that determine secondary market prices of developing country syndicated loans. Trading volume in this market has almost doubled yearly from 1985 to 1988 while average market prices declined from 73% to 41% of par value during the same period. We find that loan values depend on a country's solvency rather than its liquidity and show that a country's adoption of a debt conversion program significantly decreases its loans' market prices. Furthermore, the debt moratoria by Brazil and Peru, as well as the developing-country-specific provisions made by U.S. banks, impact loan prices negatively. (Reprinted by permission of the publisher.)

Management, Finance, Prices and rates, Developing countries, Syndicates (Finance), Secondary mortgage market, Financial research

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Lifting the veil: an analysis of pre-trade transparency at the NYSE

Article Abstract:

A study is conducted on New York Stock Exchange's OpenBook service to analyze pre-trade transparency and its impact on investors' trading strategies.

Services introduction, New Products/Services, Security brokers and dealers, New York, Securities & Commodities Services, Securities, Commodity Contracts, and Other Financial Investments and Related Activities, Securities industry, Company service introduction, Service introduction, New York Stock Exchange Inc., Securities trading

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