1. Net privatisation prices in Brazil.
- Author
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Santos, José Eusébio and Andini, Corrado
- Subjects
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PRICES , *PRIVATIZATION , *EMERGING markets , *INTERNET auctions , *BIDDING strategies - Abstract
Looking at Brazilian privatisations between 1991 and 2018, we investigate how net privatisation prices react to restructuring policies that are implemented before the sale as well as to private ownership structures that emerge at the sale. We innovate by accounting for restructuring and ownership at the same time and also by exploring a unique dataset that covers 139 transactions, mainly built through fieldwork. The paper provides policymakers with a "do's and don'ts" checklist to extract higher value from the sale. The checklist can be used as a policy guideline for new privatisations in Brazil and potentially in other emerging economies. • An empirical study on net privatisation prices arising from auctions is conducted. • A unique dataset of Brazilian privatisations between 1991 and 2018 is explored. • Bidding strategies are sensitive to restructuring policies implemented before the sale. • Revenues react to private ownership structures that emerge at the sale. • Policy prescriptions for privatisations in emerging markets are proposed. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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