@article{094944cff2614a69a0aa70a97e8d5435,
title = "Privatization and the sources of performance improvement in the global telecommunications industry",
abstract = "This paper examines the financial and operating performance of 31 national telecommunication companies in 25 countries that were fully or partially privatized through public share offering. Using conventional pre- versus post-privatization comparisons and panel data estimation techniques, we find that the financial and operating performance of telecommunications companies improves significantly after privatization, but that a sizable fraction of the observed improvement results from regulatory changes - alone or in combination with major ownership changes - rather than from privatization alone.",
keywords = "Privatization, Regulation, Telecommunications",
author = "Bernardo Bortolotti and Juliet D'Souza and Marcella Fantini and Megginson, {William L.}",
note = "Funding Information: We gratefully acknowledge the financial support of the University of Oklahoma's Michael F. Price College of Business and of the University of Georgia Research Foundation in acquiring the data used in this study. We are also grateful for comments received from participants at the 1998 NYSE/Paris Bourse conference on Global Equity Markets, the 1999 Conference on Privatization and the Kuwaiti Economy in the Next Century, the 2000 Financial Management Association and European Financial Management Association meetings, the 2000 Harvard Institute for International Development's (HHID) Privatization Workshop, the 2001 Princeton University/World Bank Privatization Workshop, and seminars at the World Bank, the International Federation of Stock Exchanges (FIBV), the OECD, the City University Business School (London), London Guildhall University, the Swiss Banking Institute and the University of Oklahoma. Finally, we thank Narjess Boubakri, Maria Boutchkova, Jean-Claude Cosset, Michael DeWally, Ranko Jelic, Roger Noll, Han Kim, Kojo Menyah, Rob Nash, Jeff Netter, Enrico Perotti, Augustin Ros, Alessandro Sembenelli, Francesc Trillas, Scott Wallsten, Leonard Waverman and two anonymous referees for their specific comments and recommendations. ",
year = "2002",
doi = "10.1016/S0308-5961(02)00013-7",
language = "English (US)",
volume = "26",
pages = "243--268",
journal = "Telecommunications Policy",
issn = "0308-5961",
publisher = "Elsevier Ltd",
number = "5-6",
}