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Corruption in Chinese Privatizations / Raymond Fisman, Yongxiang Wang.
- Format:
- Book
- Author/Creator:
- Fisman, Raymond.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20090.
- NBER working paper series no. w20090
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark - the price of publicly traded shares - to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and corruption. Sales by "disguised" owners that misrepresent their state ownership to elude regulatory scrutiny are discounted 5-7 percentage points more than sales by other owners; related party transactions are similarly discounted. Analysis of subsequent operating performance provides suggestive evidence that aggregate ownership transfers improve profitability, though not in cases where the transfers themselves were corrupted.
- Notes:
- Print version record
- May 2014.
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