The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | German |
| Veröffentlicht: |
1996
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 193 S. |
Internformat
MARC
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| 245 | 1 | 0 | |a The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe |c vorgelegt von Roland Egerer |
| 246 | 1 | 3 | |a Privatization, corporate governance and capital markets in Eastern Europe |
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Datensatz im Suchindex
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| adam_text | V
TABLE OF CONTENTS
INTRODUCTION 1
1. FINANCIAL SECTOR REFORM IN CENTRAL AND EASTERN
EUROPE 7
1.1. THE FINANCIAL SYSTEM IN THE CENTRALLY PLANNED ECONOMY 7
1.2. BANKING, FINANCE, RISK, AND INFORMATION: THE GENERAL THEORY 10
1.3. REFORM OF THE BANKING SECTOR 17
1.3.1. Centralized approaches to resolving bad loan problems 20
1.3.1.1. Banking reform improving existing banks 20
1.3.1.2. Banking reform by creating new banks 23
1.3.2. Decentralized approach to resolving bad loan problems 24
l .4. Banking systems in Central and Eastern Europe: a comparison of
the Czech, hungarmn, Polish, and Russian cases 25
1.5. Summary of the chapter 34
2. PRIVATIZATION IN TRANSITION ECONOMIES 37
2.1. THE NEED FOR PRIVATIZATION: CHALLENGES AND CONSTRAINTS 38
2.2. PRIVATIZATION AND ITS INTERDEPENDENCE WITH OTHER THEORIES 41
2.2.1. Towards a Private Property Regime: The Theory of Property Rights 41
2.2.2. The principal agent theory 43
2.2.3. The theory of bureaucracy 45
2.3. DIFFERENT PRIVATIZATION STRATEGIES 51
2.3.1. Sale oriented privatization models 52
2.3.2. Mass privatization 56
2.3.2.1. Mass privatization voucher concept ( bottom up approach ) 58
2.3.2.2. Mass privatization via holding companies ( top down approach ) 64
vi
2.3.3, The distinctive variables 66
2.4. an assessment of the privatization process in central and
Eastern Europe 70
2.4.1. Constraints for privatization in selected countries 71
2.4.1.1. Influence of macroeconomic factors 71
2.4.1.2. The socialist enterprise system, early reforms, and constraints for
privatization 72
2.4.2. The Hungarian privatization 73
2.4.3. The Czech privatization 77
2.4.4. Comparison of the two approaches 78
2.5. Summary of the chapter 82
3. CAPITAL MARKETS, FINANCIAL INTERMEDIARIES, AND
CORPORATE GOVERNANCE: AN EMPIRICAL ASSESSMENT OF
THE TOP TEN VOUCHER FUNDS IN THE CZECH REPUBLIC 84
3.1. an overview of the process of voucher privatization in the czech
Republic 87
3.2. Survey of Czech voucher funds 89
3.3. Fund classification 90
3.4. investment strategy of voucher funds 93
3.5. fund performance 101
3.6. discount to net asset value 103
3.7. funds and corporate governance 105
3.8. the relationship between banks and investment funds 112
3.9. a comparison of privatization and investment funds in russia
and the czech republic 117
3.10. legal framework for voucher funds in the czech republic 121
3.11. Policy implications 125
3.12. Summary of the chapter 128
vii
4. CAPITAL MARKETS AND CORPORATE CONTROL
MECHANISMS IN TRANSITION 134
4.1. EQUITY MARKETS (MARKETS FOR OWNERSHIP RIGHTS) 135
4.2. DEBT AS A CONTROL DEVICE 138
4.3. THE FINANCIAL SYSTEM: LESSONS FROM THE WEST 141
4.3.1. Outsider enforcement: The U.S. model 144
4.3.2. The Japanese keiretsu 152
4.3.3. The German mechanism of corporate control 153
4.3.4. Conclusions for capital market regulation in transition economies 158
4.4. Capital markets: empirical evidence from Hungary, Poland,
Czech and Slovak Republics and Russia 159
4.5. Corporate governance and asymmetric information
a general framework 163
4.6. Summary of the chapter 173
5. CONCLUSIONS 178
6. LITERATURE 183
viii
LIST OF TABLES
TABLE 1: BANKING REFORM STRATEGIES IN TRANSITION
ECONOMIES 18
TABLE 2: GOVERNMENT DEFICIT AND USE OF DOMESTIC CREDIT 28
TABLE 3: MARKET SHARE OF BANKS BY SECTOR IN HUNGARY 31
TABLE 4: TYPOLOGY OF DIFFERENT PRIVATIZATION STRATEGIES 51
TABLE 5: OUTSIDER ORIENTED MASS PRIVATIZATION SCHEMES 58
TABLE 6: REAL ECONOMIC INDICATORS IN HUNGARY AND THE
CZECH REPUBLIC 71
TABLE 7: STATUS OF SPA/AVRT PORTFOLIO AS OF MAY 1994 76
TABLE 8: KEY FIGURES FROM THE TWO WAVES OF VOUCHER
PRIVATIZATION IN THE CZECH REPUBLIC 87
TABLE 9: THE TOP TEN INVESTMENT FUNDS IN THE CZECH
REPUBLIC 89
TABLE 10: CLASSIFICATION OF TOP TEN VOUCHER INVESTMENT
FUNDS IN THE CZECH REPUBLIC 91
TABLE 11: SUPPLY (SHARES) AND DEMAND (VOUCHER POINTS)
IN THE FIRST WAVE OF PRIVATIZATION 94
TABLE 12: INVESTMENT MODE 94
TABLE 13: INVESTMENT CHARACTERISTICS OF ENTERPRISES 96
TABLE 14: RANK OF IPFS BY BOOK VALUE PER VOUCHER BOOK 97
TABLE 15: FUND S INVESTMENT IN DIFFERENT INDUSTRIES 100
TABLE 16: DIVERSIFICATION OF FUND S PORTFOLIO 101
TABLE 17: RANK OF FUNDS BY NET ASSET VALUE PER VOUCHER
BOOK 102
TABLE 18: RANK OF FUNDS BY DISCOUNTS OF FUND SHARES 103
ix
TABLE 19: RANK OF IPFs BY NUMBER OF COMPANIES WITH 10%
IN CAPITAL 107
TABLE 20: RANK OF IPFs BY NUMBER OF COMPANIES WITH 18%
IN CAPITAL 107
TABLE 21: RANK OF IPFs BY CHANGE IN NUMBER OF COMPANIES IN
PORTFOLIO 108
TABLE 22: RANK OF IPFs BY NUMBER OF REPRESENTATIONS 109
TABLE 23: RANK OF IPFs BY NUMBER OF REPRESENTATIONS ON
MANAGEMENT BOARDS 109
TABLE 24: RANK OF IPFs BY PERCENTAGE OF COMPANIES IN PORT¬
FOLIO IN WHICH THE MANAGEMENT HAS BEEN CHANGED 110
TABLE 25: AFFILIATION OF STAFF TO SERVE AS DIRECTOR FOR
BOARD REPRESENTATION Ill
TABLE 26: CROSS OWNERSHIP IN THE BANKING SECTOR IN FORMER
CZECHOSLOVAKIA 114
TABLE 27: NUMBER OF COMPANIES IN WHICH THE FUND IS
REPRESENTED ON THE BOARD 116
TABLE 28: LEGAL FORM OF INVESTMENT FUNDS IN THE SECOND
WAVE IN THE CZECH REPUBLIC 122
TABLE 29: TYPES OF FUNDS USED FOR VOUCHER PRIVATIZATION IN
THE CZECH AND SLOVAK REPUBLICS 124
TABLE 30: NET SOURCES OF CORPORATE FINANCING, 1970 1989 142
TABLE 31 : SECURITIES AT THE BUDAPEST STOCK EXCHANGE 160
TABLE 32: EQUITY MARKETS IN THE CZECH REPUBLIC 161
TABLE 33: TRADING VOLUMES OF SHARES PER MARKET
CAPITALIZATION 162
TABLE 34: EXAMPLES OF TYPICAL PRINCIPALS DEPENDING ON
DIFFERENT CONTROL FEATURES 166
X
LIST OF FIGURES
FIGURE 1: DOMESTIC AND EXTERNAL DEBT (IN % OF GDP) 29
FIGURE 2: RESTRUCTURING APPROACH 53
FIGURE 3: SOCIO ECONOMIC TRANSFORMATION 56
FIGURE 4: THE INVESTMENT MECHANISM IN VOUCHER
PRIVATIZATION 59
FIGURE 5: PRIVATIZATION PROCESS AND THE PUBLIC CHOICE
PROBLEM 66
FIGURE 6: THE GOVERNMENT PRIVATIZATION AGENCY
RELATIONSHIP 69
FIGURE 7: PRIVATIZATION STRATEGIES ACROSS COUNTRIES UNDER
DIFFERENT POLITICAL CONSTRAINTS 80
FIGURE 8: KEY RESULTS OF THE INVESTMENT PROCESS IN THE FIRST
WAVE OF PRIVATIZATION 88
FIGURE 9: RATIO OF MARKET CAPITALIZATION TO GROSS DOMESTIC
PRODUCT 159
FIGURE 10: A FRAMEWORK OF FINANCIAL CONTROL MECHANISMS. 171
FIGURE 11: THE PROCESS OF TRANSFERRING OWNERSHIP TO
STRATEGIC INVESTORS AFTER MASS PRIVATIZATION 181
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| indexdate | 2024-07-09T17:58:34Z |
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| language | German |
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| spelling | Egerer, Roland Verfasser aut The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe vorgelegt von Roland Egerer Privatization, corporate governance and capital markets in Eastern Europe 1996 XI, 193 S. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 1996 Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Privatisierung (DE-588)4047297-8 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Osteuropa (DE-588)4075739-0 g Privatisierung (DE-588)4047297-8 s Kapitalmarkt (DE-588)4029578-3 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007192114&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Egerer, Roland The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe Kapitalmarkt (DE-588)4029578-3 gnd Privatisierung (DE-588)4047297-8 gnd |
| subject_GND | (DE-588)4029578-3 (DE-588)4047297-8 (DE-588)4075739-0 (DE-588)4113937-9 |
| title | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe |
| title_alt | Privatization, corporate governance and capital markets in Eastern Europe |
| title_auth | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe |
| title_exact_search | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe |
| title_full | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe vorgelegt von Roland Egerer |
| title_fullStr | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe vorgelegt von Roland Egerer |
| title_full_unstemmed | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe vorgelegt von Roland Egerer |
| title_short | The influence of privatization strategies and corporate governance options on the development of capital markets in Central and Eastern Europe |
| title_sort | the influence of privatization strategies and corporate governance options on the development of capital markets in central and eastern europe |
| topic | Kapitalmarkt (DE-588)4029578-3 gnd Privatisierung (DE-588)4047297-8 gnd |
| topic_facet | Kapitalmarkt Privatisierung Osteuropa Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007192114&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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