Article2000

The Long-Run Return to Investors in Share Issue Privatization

William L. Megginson · Jeffry M. Netter · Adam L. Schwartz

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

We examine the long-run returns earned by domestic, international, and US investors who purchase shares at the first open-market price in 158 share issue privatizations (SIPs) from 33 countries during the period 1981-1997. We compute one-, three-, and five-year net returns for domestic, international, and US market indexes, and industry-matched comparison samples. We find statistically significant positive net returns for the 158 unseasoned SIPs for all holding periods and compared with all benchmarks. Our findings contrast with the patterns reported in previous research for equity offerings of private firms in the US and other countries.

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References

1995The New Issues Puzzle 1991The Long‐Run Performance of initial Public Offerings 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics 1999Improved Methods for Tests of Long‐Run Abnormal Stock Returns 1994The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis 2001State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity 1997Measuring long-horizon security price performance 1993The Long-Run Performance of Initial Public Offerings: The UK Experience 1980-1988

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