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Divide and Privatize: Firms Break-Up and PerformanceEvzen KocendaCharles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute); CESifo; University of Michigan at Ann Arbor - The William Davidson Institute; Osteuropa Institut; Centre for Economic Policy Research (CEPR) Jan HanousekCERGE-EI (Center for Economic Research and Graduate Education - Economics Institute) October 1, 2010 Osteuropa-Institut Regensburg Working Paper No. 291 Abstract: We analyze the long-term effects of divesture and ownership change on corporate performance. We employ a unique data set for a large number of Czech firms spanning the period 1996-2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our results, which are generally in line with the positive effects of divestiture found in the developed-market literature, show that the initial effects of divestiture are positive but after a certain point they quickly diminish over time.
Number of Pages in PDF File: 31 Keywords: Firm Divestiture, Corporate Performance, Ownership Changes, Privatization, Emerging Markets, Endogeneity, Propensity Score Matching Procedure JEL Classification: D23, G32, G34, L20, M21, P47 working papers seriesDate posted: November 22, 2010Suggested CitationContact Information
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