25 Pages Posted: 6 Jun 2006
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: Suggested Citation
Miller, Jeffrey B., Evaluation of Mass Privatization in Bulgaria (March 2006). William Davidson Institute Working Paper No. 814. Available at SSRN: https://ssrn.com/abstract=906596 or http://dx.doi.org/10.2139/ssrn.906596