Glamour and Value in the Land of Chingis Khan
55 Pages Posted: 9 Mar 1999
There are 2 versions of this paper
Glamour and Value in the Land of Chingis Khan
Date Written: January 12, 1999
Abstract
Patterns in the cross-section of returns from stocks bought (for vouchers) in Mongolia's privatization program mirror those from developed countries: stocks in companies with high book-to-market ratios subsequently earned returns far bigger than those in companies with low ratios, a result very robust to changes in specification and sample. Features of privatization and of sample generation lead to quick dismissal of certain explanations appearing in previous studies (survivorship, data snooping, and agency). Moreover, risk cannot fully explain the high returns to value. We argue for the unsettling proposition that people bought shares without full regard to price.
JEL Classification: G12, G14, P20
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
From State to Market: A Survey of Empirical Studies on Privatization
-
Enterprise Restructuring in Transition: A Quantitative Survey
By Simeon Djankov and Peter Murrell
-
Enterprise Restructuring in Transition: A Quantitative Survey
By Simeon Djankov and Peter Murrell
-
Russian Privatization and Corporate Governance: What Went Wrong?
By Bernard S. Black, Reinier Kraakman, ...
-
How Does Privatization Work? Evidence from the Russian Shops
By Nicholas Barberis, Maxim Boycko, ...
-
By Joseph P. H. Fan and T.j. Wong
-
By Enrico C. Perotti and Bruno Biais