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The Financial Economics of Privatization$
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William Leon Megginson

Print publication date: 2005

Print ISBN-13: 9780195150629

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0195150627.001.0001

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Privatization's Impact on Financial Market Development

Privatization's Impact on Financial Market Development

Chapter:
(p.234) 7 Privatization's Impact on Financial Market Development
Source:
The Financial Economics of Privatization
Author(s):

William Leon Megginson (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195150627.003.0007

This chapter examines the impact of share issue privatizations (SIPs) on the growth of world capital markets, especially stock markets. It also studies privatization’s impact on the pattern of share ownership by individuals and institutional investors. It begins by documenting the increasing importance of capital markets and the declining role of commercial banks in corporate financial systems around the world. It shows that privatization programs, particularly those involving public share offerings, have had a dramatic impact both on the development of non-US stock markets and the participation of individual and institutional investors in those markets. The components of a nation’s corporate governance system are described, and how privatization programs can promote the development of an effective corporate governance system is discussed.

Keywords:   share issue privatization, SIP, stock markets, capital markets, corporate governance

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