Political Risk and Purchases of Privatized State-Owned Enterprises
We assess the valuation effects and risk for acquirers of privatized state‐owned enterprises (SOEs). The valuation effects of purchasers are positive and significant; they increase for purchasers that have recent high performance, better access to capital, and have engaged in larger acquisitions. Th...
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| Veröffentlicht in: | The Financial review (Buffalo, N.Y.) N.Y.), 2010-08, Vol.45 (3), p.873-889 |
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| container_end_page | 889 |
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| container_title | The Financial review (Buffalo, N.Y.) |
| container_volume | 45 |
| creator | Glambosky, Mina C. Gleason, Kimberly C. Madura, Jeff |
| description | We assess the valuation effects and risk for acquirers of privatized state‐owned enterprises (SOEs). The valuation effects of purchasers are positive and significant; they increase for purchasers that have recent high performance, better access to capital, and have engaged in larger acquisitions. The acquirer valuation effects are lower when the selling government is more corrupt, more bureaucratic, and a weaker financial performer. Acquirer's total and unsystematic risk increases, indicating that purchasers of SOEs realize diversification benefits. Systematic risk increases for purchasers when the government is characterized by high political risk. |
| doi_str_mv | 10.1111/j.1540-6288.2010.00275.x |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0732-8516 |
| ispartof | The Financial review (Buffalo, N.Y.), 2010-08, Vol.45 (3), p.873-889 |
| issn | 0732-8516 1540-6288 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_754877749 |
| source | Wiley Online Library Journals Frontfile Complete; EBSCOhost Business Source Complete |
| subjects | acquisitions Acquisitions & mergers Diversification G14 G15 G18 Political risk privatization Public enterprise Studies Valuation |
| title | Political Risk and Purchases of Privatized State-Owned Enterprises |
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