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Evaluation of Mass Privatization in Bulgaria

25 Pages Posted: 6 Jun 2006  

Jeffrey B. Miller

University of Delaware; Gallaudet University - Department of Business

Date Written: March 2006


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.

Keywords: Bulgaria, mass privatization, dilution

JEL Classification: P5, P3, G3

Suggested Citation

Miller, Jeffrey B., Evaluation of Mass Privatization in Bulgaria (March 2006). William Davidson Institute Working Paper No. 814. Available at SSRN: or

Jeffrey Bernard Miller (Contact Author)

University of Delaware ( email )

Newark, DE 19716
United States

Gallaudet University - Department of Business ( email )

Washington, DC
United States

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