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The Challenges of PrivatizationAn International Analysis$
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Bernardo Bortolotti and Domenico Siniscalco

Print publication date: 2004

Print ISBN-13: 9780199249343

Published to Oxford Scholarship Online: April 2004

DOI: 10.1093/0199249342.001.0001

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How do Governments Privatize?

How do Governments Privatize?

Chapter:
(p.59) 4 How do Governments Privatize?
Source:
The Challenges of Privatization
Author(s):

BERNARDO BORTOLOTTI DOMENICO SINISCALCO

Publisher:
Oxford University Press
DOI:10.1093/0199249342.003.0005

When designing a divestiture program, governments typically pursue different – and sometimes conflicting – objectives. The main goals are the following: revenue maximization, share ownership diffusion, the promotion of popular capitalism, investors’ confidence building and financial market development. This chapter tries to explain how a given method can be functional to achieve specific goals, pointing out the possible trade-offs that any choice involves. Suitable privatization design is the key to solving these difficult trade-offs.

Keywords:   credibility, cross-listings, market liquidity, popular capitalism, public offers of shares, stock market development, underpricing

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