Evaluation of Mass Privatization in Bulgaria
Jeffrey B. Miller
University of Delaware; Gallaudet University - Department of Business
William Davidson Institute Working Paper No. 814
The mass privatization program in Bulgaria was implemented in 1996-97. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme problems that manifested themselves in these other countries, but there were still serious problems of dilution. Dilution is similar in both mass privatization firms and nonmass privatization firms. Dilution is associated with positive performance, suggesting that more concentrated ownership has had some benefits. Even after a number of years have passed, mass privatization firms have performed less well than firms privatized by other means.
Number of Pages in PDF File: 25
Keywords: Bulgaria, mass privatization, dilution
JEL Classification: P5, P3, G3
Date posted: June 6, 2006
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