Chapter

The Structure and Investment Performance of Privatization Share Offerings

William Leon Megginson

in The Financial Economics of Privatization

Published in print February 2005 | ISBN: 9780195150629
Published online October 2005 | e-ISBN: 9780199835768 | DOI: http://dx.doi.org/10.1093/0195150627.003.0006
 The Structure and Investment Performance of Privatization Share Offerings

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This chapter examines the structure and investment performance of share issue privatizations (SIPs). SIPs differ from private-sector share issues in almost all respects, except that both use the same financial instrument. SIPs were the first truly large share offerings of any type in most countries, so privatizations effectively inaugurated those nations’ investment banking industries. Even in the handful of countries (Britain, Japan, Canada, the United States, and a few continental European countries) where significant share offerings were already established, SIPs transformed the size and efficiency of both that country’s investment banking industry and its stock market.

Keywords: share issue privatization; SIP; share offering; investment performance; investment banking industry

Chapter.  14216 words. 

Subjects: Financial Markets

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