Abstract

http://ssrn.com/abstract=1170543
 


 



Ownership Changes and Access to External Financing


Anzhela Knyazeva


U.S. Securities and Exchange Commission

Diana Knyazeva


U.S. Securities and Exchange Commission (SEC)

Joseph E. Stiglitz


Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

December 29, 2008

Journal of Banking and Finance, Vol. 33, No. 10, pp. 1804-1816, 2009

Abstract:     
This paper examines access to external financing in the privatization context and provides new evidence on the effects of financing constraints on performance and investment. Ownership reforms increase firms’ reliance on external financing. Empirically, performance and investment changes around ownership reforms are increasing in country-level measures of access to credit. The presence of a severe prior public financing constraint contributes to stronger investment growth after privatization. Privatized enterprises do not outperform publicly owned industries, all else given. Our analyses rely on new international sector- and firm-level data and correct for potential endogeneity of ownership changes.

Keywords: Privatization, Ownership, Access to credit, Performance, Investment

JEL Classification: G38, G31, L33

Accepted Paper Series





Not Available For Download

Date posted: July 23, 2008 ; Last revised: August 30, 2011

Suggested Citation

Knyazeva, Anzhela and Knyazeva, Diana and Stiglitz, Joseph E., Ownership Changes and Access to External Financing (December 29, 2008). Journal of Banking and Finance, Vol. 33, No. 10, pp. 1804-1816, 2009. Available at SSRN: http://ssrn.com/abstract=1170543

Contact Information

Anzhela Knyazeva (Contact Author)
U.S. Securities and Exchange Commission ( email )
United States
Diana Knyazeva
U.S. Securities and Exchange Commission (SEC) ( email )
100 F Street NE
Washington, DC 20549-1105
United States
(202) 551-7989 (Phone)
Joseph E. Stiglitz
Columbia Business School - Finance and Economics ( email )
3022 Broadway
814 Uris Hall
New York, NY 10027
United States
(212) 854-0671 (Phone)
(212) 662-8474 (Fax)
HOME PAGE: http://www.josephstiglitz.com
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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