fromstatetomarket.doc

FROM STATE TO MARKET: A SURVEY OF EMPIRICAL STUDIES ON PRIVATIZATION Prepared by: William L. Megginson Professor Rainbolt Chair in Finance Michael F. Price College of Business The University of Oklahoma and Jeffry M. Netter Associate Professor of Finance and Adjunct Professor of Law Terry College of Business University of Georgia For presentation at: GLOBAL EQUITY MARKETS A joint conference of the SBF Bourse de Paris and the New York Stock Exchange Le Grand Hotel Inter-Continental Paris, France December 10-11, 1998 Current Draft: June 8, 1999 Comments encouraged This paper was developed with financial support from the SBF Bourse de Paris and the New York Stock Exchange, and the assistance and comments of George Sofianos, Bill Tschirhart, Jean-Claude Cosset, Kathy Dewenter, Ranko Jelic, John Nellis, Rob Nash, Marc Lipson, Harold Mulherin, and Annette Poulsen is gratefully acknowledged. We appreciate comments received on this paper from seminar participants at the Global Equity Markets conference, the World Bank, the 1999 Conference on Privatization and the Kuwaiti Economy in the Next Century, the 1999 European Financial Management Association meeting, the Fondazione ENI Enrico Mattei (FFEM), the Swiss Banking Institute and Credit Suisse, and the University of Oklahoma. Earlier drafts of the authors’ privatization works cited herein have benefited from comments received from participants at the 1993 National Bureau of Economic Research corporate finance conference, the 1994-1999 American Finance Association annual meetings, the 1994 American Economic Association meeting, the 1994 Political Economy Research Center Privatization Forum, the 1995-1998 Financial Management Association annual meetings, the 1995 European Finance Association meeting, the 1997 NYSE Cancun Conference on Global Equity Issuance, and seminars at the University of Chile, the City University Business School, the Copenhagen Business School, Emory University, the Federal Reserve Bank