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The Governance of Privatization Funds

Experiences of the Czech Republic, Poland and Slovenia

Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 1st Jan 1999
Dimensions: w 234mm h 156mm d 1270mm
Weight: 494g
ISBN-10: 1840640138
ISBN-13: 9781840640137
Barcode No: 9781840640137
Privatization investment funds are the key feature of mass privatization programmes in transitional economies. This book offers a thorough survey of mass privatization programmes in the Czech Republic, Poland and Slovenia, supported with extensive empirical analysis. The study of `top-down' privatization funds in Poland and `bottom-up' funds in the Czech Republic and Slovenia offers different solutions to the problem of how to improve the governance of privatization funds. The authors argue that the institutional structure of closed-end investment companies and open-end mutual funds has not provided the right incentives to maximize the value for the shareholders. In addition too many regulations are in place in underdeveloped markets to protect new shareholders unaccustomed to exercising their ownership rights. Instead, the authors argue that they need to promote adjustment in fund portfolios and ownership structures in order to spur the development of capital markets and effective mechanisms of corporate governance.

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