Managerial behaviour and supply of shares in the Czech voucher privatisation programme

The Portuguese constitution, passed in April 1976, considered the nationalisations undertaken after the Carnation Revolution to be ‘irreversible’, prescribing a development model based on state planning. Changes made to the constitutional text, in 1989, allowed for a privatisation programme that curtailed government intervention and reinforced market provision. This mirrored a previous shift in the public sphere. Whereas political debate in 1976 was mostly centred on state-led development models, the next decade witnessed the rise of a pro-market approach. Two crises of the balance of payments encouraged a growing number of economists, businessmen, journalists and politicians to argue for the need to revise the constitution, enhancing the role and scope of markets. This article focuses on the rise of a neoliberal intellectual field in Portugal between 1976 and 1989, analysing its efforts to overcome the legacy of the Carnation Revolution and build a competitive market order in a semiperipheral context.

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Inertia in The Implementation of a Privatisation Programme

The GeoJournal Library - The Theory and Practice of Institutional Transplantation ◽

10.1007/978-94-011-0001-4_10 ◽

2002 ◽

pp. 153-168 ◽

Cited By ~ 1

Author(s):

David Parker

Keyword(s):

Privatisation Programme

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Die Fehlbewertung junger Aktiengesellschaften beim Gang an die Börse – Ursachen und wirtschaftspolitische Konsequenzen

Zeitschrift für Wirtschaftspolitik ◽

10.1515/zfwp-2003-0108 ◽

2003 ◽

Vol 52 (1) ◽

Author(s):

Christine Ploog ◽

Michael Stolpe

Keyword(s):

Market Power ◽

Initial Public Offerings ◽

Investment Banks ◽

Policy Options ◽

Public Offerings ◽

Speculative Bubbles ◽

Privatisation Programme ◽

Welfare Implications

AbstractThis paper discusses policy options to reduce underpricing in initial public offerings (IPOs). It surveys recent theoretical insights into the causes and welfare implications of underpricing and reviews evidence on the signalling hypothesis, the winner’s curse model, the role of underwriters in assessing issuing firms’ future profitability and the genesis of speculative bubbles in IPO markets. The paper concludes that governments should curtail the abuse of market power in underwriting by prohibiting the allocation of shares to insiders and by reducing the incentives for investment banks to exploit underpriced share issues in order to cross-subsidise unrelated lines of business. Moreover, governments should seek to stabilize the IPO market by committing themselves to regular equal-sized issues of shares in government assets as part of a long-term privatisation programme.

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New Kazakhstan privatisations will interest investors

Emerald Expert Briefings ◽

10.1108/oxan-db206948 ◽

2015 ◽

Keyword(s):

Private Sector ◽

Large Scale ◽

Public Spending ◽

Foreign Minister ◽

Economic Recovery ◽

Successful Implementation ◽

Foreign Investors ◽

Content Type ◽

Privatisation Programme ◽

The Government

Subject Potentially interesting IPOs in Kazakhstan. Significance On November 24, Kazakhstani Deputy Foreign Minister Alexey Volkov said that a new round of large-scale privatisations would help stimulate the development of the private sector. Given that the price of oil is likely to stay low for some time, optimisation of public spending is a key priority for Astana. The government's planned exit from state-owned enterprises should also bolster the latter's management and profitability. Impacts The privatisation programme may enable the government to refocus efforts on economic recovery. Corruption will remain a principal obstacle to the successful implementation of privatisation plans. Proximity to political influencers will be a valuable asset for foreign investors keen to partake in the privatisation drive.

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Greece’s political and economic prospects are fragile

Emerald Expert Briefings ◽

10.1108/oxan-db237925 ◽

2018 ◽

Keyword(s):

Economic Policy ◽

Sovereign Debt ◽

Direct Investment ◽

Private Investment ◽

The Political ◽

Content Type ◽

Political Situation ◽

Privatisation Programme ◽

European Stability Mechanism ◽

The Government

Significance Thus ends eight years of economic policy oversight by the ECB, European Stability Mechanism and IMF, in exchange for some 275 billion euros (315 billion dollars) in soft loans. To obtain authorisation for the final disbursement, the government had to agree to what amounted to an unofficial fourth package of reforms without further financial assistance. Impacts Markets will demand a premium to purchase Greek sovereign debt until economic policy crystallises and the political situation clarifies. An increase in the minimum wage and the restoration of collective bargaining could revive private consumption. Private investment will depend on the availability of foreign direct investment for the privatisation programme.

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Angolan privatisation will test Lourenco reform agenda

Emerald Expert Briefings ◽

10.1108/oxan-db246842 ◽

2019 ◽

Keyword(s):

Legal Framework ◽

Institutional Changes ◽

Content Type ◽

Reform Agenda ◽

Political Interference ◽

The Us ◽

Privatisation Programme ◽

The Government ◽

Oil Revenues

Significance Lourenco’s government launched in August its flagship Privatisation Programme (PROPRIV), with 195 companies and assets set to be either fully or partially sold. With a legal framework in place promising ostensible transparency, the process is officially set to take four years. Impacts UNITEL's proposed privatisation will likely create new conflict between the Dos Santos family and Lourenco after a period of accommodation. Ruling MPLA bureaucrats will strongly resist the (part-)privatisation of former cash cows, such as national carrier TAAG. Corruption in Sonangol’s external operations may have lessened under Lourenco, but political interference remains rife in its subsidiaries. The US authorities may pressure Luanda to use revenues from PROPRIV to settle outstanding debts to US firms. The government will look to the diamond sector to boost non-oil revenues, after recent institutional changes and a new tender process.

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Implementing IFRSs in the UK devolved administrations

Accounting Auditing & Accountability Journal ◽

10.1108/aaaj-07-2014-1780 ◽

2016 ◽

Vol 29 (2) ◽

pp. 198-225 ◽

Cited By ~ 7

Author(s):

Anthony Wall ◽

Ciaran Connolly

Keyword(s):

Public Sector ◽

Financial Reporting ◽

Structured Interviews ◽

Online Questionnaire ◽

Content Type ◽

Minimal Impact ◽

Financial Reporting Standards ◽

New Information ◽

Privatisation Programme ◽

The Uk

Purpose – Utilising concepts drawn from the governmentality literature, the purpose of this paper is to examine the adoption of International Financial Reporting Standards (IFRSs) in the UK’s devolved administrations of Northern Ireland, Scotland and Wales in order to assess why they were adopted and how their introduction has been governed. Design/methodology/approach – This research applies a combination of three different approaches, namely: a content analysis; an anonymous online questionnaire; and semi-structured interviews. Findings – These include: the transition has had minimal impact upon policy setting and the information produced to aid budgeting and decision making; IFRSs are not entirely appropriate for the public sector; the time, cost and effort involved outweighed the benefits; public sector accounting has become overly-complicated; and the transition is not perceived as part of a wider privatisation programme. Research limitations/implications – As this study focuses upon the three UK devolved administrations, the findings may not be applicable in a wider setting. Practical/implications – Public sector change must be adequately resourced, carefully planned, with appropriate systems, trained staff and interdisciplinary project teams; accounting change should be based on value for money; and a single, coherent financial regime for the way in which government uses budgets, presents estimates to Parliament and publishes its resource accounts should be implemented. Originality/value – This study highlights that accounting change is not just a technical issue and, while it can facilitate a more business-like environment and enhance accountability, all those affected by the changes may not have the requisite skills to fully utilise the (new) information available.

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