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Business and Economics > Investments: Stocks

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out x
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Cover IMF Working Papers
From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms
Mr. Rabah Arezki
,
Mr. Patrick Bolton
,
Sanjay Peters
,
Frederic Samama
, and
Joseph Stiglitz
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
Keywords:
WP; development bank; infrastructure investment; EBRD investment process; cost of capital; fund investor; Junker investment plan; private sector; H49; H54; G30; G38; long-term investor; investors in PPPs; deal flow; EBRD equity investment; equity investment; capital base; investment risk; investment boom; Infrastructure; Public investment and public-private partnerships (PPP); Sovereign wealth funds; Stocks; Privatization; Global
Cover IMF Working Papers
Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?
Ms. Ling H Tan
and
Carlos D. Ramírez
Government-linked companies (GLCs) have a significant presence in Singapore's corporate sector. Unlike parastatals in many other countries, these companies are run on a competitive, commercial basis, ostensibly without government privileges. Based on data from publicly listed GLCs and non-GLCs, we indeed find no evidence that GLCs have easier access to credit. However, we do find that being a GLC is rewarded in financial markets with a positive premium, over and above what can be explained by the usual determinants of Tobin's q.
Keywords:
WP; company; Singaporean GLCs; market value; private sector; public enterprises; corporate finance; government company; GLC cash flow coefficient; company credibility; paper Co; a number of enterprise; Manufacturing; Currencies; Stocks; Liquidity; Capital markets; Asia and Pacific
Cover IMF Working Papers
How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine
Mr. Alexander Pivovarsky
This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that concentration of ownership by foreign companies and banks is associated with better performance than ownership concentrated by the domestic owners. Ownership by Ukrainian investment funds and holding companies does not have a positive effect on performance. In contrast to predictions by many observers of early transition, privatization methods had a lasting effect on ownership structure in Ukraine.
Keywords:
WP; ownership concentration; enterprise performance; ownership structure; joint stock; Corporate Governance; Ownership; Privatization; Transition; privatization method; bank rank; Stocks; Total factor productivity; Labor productivity; Stock markets; Central and Eastern Europe; Europe; Global
Cover IMF Working Papers
The Role of Financial Institutions in the Transition to a Market Economy
Mr. Michael G. Spencer
and
Mr. H. J. Blommestein
Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the necessary financing and corporate management. Therefore the first priority for financial sector reforms must be to establish a healthy commercial banking sector. Banks are the most promising source of financing, provide payment services which are crucial to both the real and financial sectors and, by monitoring the use of loaned funds, will be the primary source of corporate governance during the transformation to a market economy.
Keywords:
WP; investment funds; secondary market; commercial bank; central bank; banking system; capital base; savings bank; state enterprise; public offering; risk capital; capital structure; Stock markets; Commercial banks; Securities markets; Securities; Stocks; Eastern Europe; Central and Eastern Europe
Cover IMF Working Papers
Proposals for Privatization in Eastern Europe
Mr. Eduardo Borensztein
This paper discusses several proposals for a wholesale privatization of public enterprises in Eastern Europe. These proposals include the distribution of ”vouchers” to private citizens as well as the use of mutual funds, privatization companies and other forms of financial intermediaries. The paper analyzes the implications for economic efficiency of the different forms of ownership and control that would emerge from the proposals as well as their main macroeconomic consequences.
Keywords:
WP; privatized enterprise; enterprise management; supervision system; privatization company; control problem; joint stock; Privatization; Nonbank financial institutions; Public enterprises; Mutual funds; Stocks; Eastern Europe