Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic
Investment funds play a key role in mass privatization in many transition economies. But have they lived up to expectations? The authors look at that question in the two earliest and best-known cases--Russia and the Czech Republic. The evidence i...
| Main Authors: | , |
|---|---|
| Format: | Viewpoint |
| Language: | English |
| Published: |
World Bank, Washington, DC
2012
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/1997/04/694880/investment-funds-mass-privatization-lessons-russia-czech-republic http://hdl.handle.net/10986/11591 |
| id |
okr-10986-11591 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-115912021-04-23T14:02:56Z Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic Pistor, Katharina Spicer, Andrew AFFILIATED ORGANIZATIONS ARBITRAGE ASYMMETRIC INFORMATION AUCTION BANK GROUP BANKING SECTOR CAPITAL GAINS CAPITAL MARKET CAPITAL MARKETS CASH FLOW DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS EMPLOYMENT EXPLOITATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN INVESTMENT IMPLEMENTATION PHASE INFLATION INFORMATION ASYMMETRIES INSIDER DEALING INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT DECISIONS INVESTMENT FUND MERGERS PORTFOLIO PRIVATE PROPERTY PRODUCTIVE ASSETS PROFITABILITY PROPERTY RIGHTS SECONDARY MARKET SECURITIES SWAPS TAXATION TRANSITION ECONOMIES TRANSPARENCY TRUSTS VALUATION DENATIONALIZATION CAPITAL MARKETS PROPERTY RIGHTS LIQUIDITY PROFITABILITY INVESTMENT OPERATIONS INVESTMENT RETURNS FINANCIAL INTERMEDIARIES INVESTMENT FUNDS TRANSITION ECONOMIES MASS PRIVATIZATION Investment funds play a key role in mass privatization in many transition economies. But have they lived up to expectations? The authors look at that question in the two earliest and best-known cases--Russia and the Czech Republic. The evidence is discouraging. It appears that the funds have either not been able to enhance the value of their holdings or have failed to share any gains with their investors. Dividends have been extremely low. Property rights created in a hasty attempt to depoliticize property relations are weak. And capital markets remain illiquid. Many funds have simply become holding companies rather than active portfolio investors. The initial design problems in mass privatization--asymmetric information and imperfect property rights--remain. 2012-08-13T15:28:48Z 2012-08-13T15:28:48Z 1997-04 http://documents.worldbank.org/curated/en/1997/04/694880/investment-funds-mass-privatization-lessons-russia-czech-republic http://hdl.handle.net/10986/11591 English Viewpoint: Public Policy for the Private Sector; Note No. 110 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research Europe and Central Asia Russian Federation Czech Republic |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
AFFILIATED ORGANIZATIONS ARBITRAGE ASYMMETRIC INFORMATION AUCTION BANK GROUP BANKING SECTOR CAPITAL GAINS CAPITAL MARKET CAPITAL MARKETS CASH FLOW DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS EMPLOYMENT EXPLOITATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN INVESTMENT IMPLEMENTATION PHASE INFLATION INFORMATION ASYMMETRIES INSIDER DEALING INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT DECISIONS INVESTMENT FUND MERGERS PORTFOLIO PRIVATE PROPERTY PRODUCTIVE ASSETS PROFITABILITY PROPERTY RIGHTS SECONDARY MARKET SECURITIES SWAPS TAXATION TRANSITION ECONOMIES TRANSPARENCY TRUSTS VALUATION DENATIONALIZATION CAPITAL MARKETS PROPERTY RIGHTS LIQUIDITY PROFITABILITY INVESTMENT OPERATIONS INVESTMENT RETURNS FINANCIAL INTERMEDIARIES INVESTMENT FUNDS TRANSITION ECONOMIES MASS PRIVATIZATION |
| spellingShingle |
AFFILIATED ORGANIZATIONS ARBITRAGE ASYMMETRIC INFORMATION AUCTION BANK GROUP BANKING SECTOR CAPITAL GAINS CAPITAL MARKET CAPITAL MARKETS CASH FLOW DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS EMPLOYMENT EXPLOITATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN INVESTMENT IMPLEMENTATION PHASE INFLATION INFORMATION ASYMMETRIES INSIDER DEALING INVESTMENT CAPITAL INVESTMENT COMPANIES INVESTMENT DECISIONS INVESTMENT FUND MERGERS PORTFOLIO PRIVATE PROPERTY PRODUCTIVE ASSETS PROFITABILITY PROPERTY RIGHTS SECONDARY MARKET SECURITIES SWAPS TAXATION TRANSITION ECONOMIES TRANSPARENCY TRUSTS VALUATION DENATIONALIZATION CAPITAL MARKETS PROPERTY RIGHTS LIQUIDITY PROFITABILITY INVESTMENT OPERATIONS INVESTMENT RETURNS FINANCIAL INTERMEDIARIES INVESTMENT FUNDS TRANSITION ECONOMIES MASS PRIVATIZATION Pistor, Katharina Spicer, Andrew Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| geographic_facet |
Europe and Central Asia Russian Federation Czech Republic |
| relation |
Viewpoint: Public Policy for the Private Sector; Note No. 110 |
| description |
Investment funds play a key role in mass
privatization in many transition economies. But have they
lived up to expectations? The authors look at that question
in the two earliest and best-known cases--Russia and the
Czech Republic. The evidence is discouraging. It appears
that the funds have either not been able to enhance the
value of their holdings or have failed to share any gains
with their investors. Dividends have been extremely low.
Property rights created in a hasty attempt to depoliticize
property relations are weak. And capital markets remain
illiquid. Many funds have simply become holding companies
rather than active portfolio investors. The initial design
problems in mass privatization--asymmetric information and
imperfect property rights--remain. |
| format |
Publications & Research :: Viewpoint |
| author |
Pistor, Katharina Spicer, Andrew |
| author_facet |
Pistor, Katharina Spicer, Andrew |
| author_sort |
Pistor, Katharina |
| title |
Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| title_short |
Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| title_full |
Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| title_fullStr |
Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| title_full_unstemmed |
Investment Funds in Mass Privatization : Lessons from Russia and the Czech Republic |
| title_sort |
investment funds in mass privatization : lessons from russia and the czech republic |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/1997/04/694880/investment-funds-mass-privatization-lessons-russia-czech-republic http://hdl.handle.net/10986/11591 |
| _version_ |
1764417287218003968 |