The Long-Run Return to Investors in Share Issue Privatization
研究了1981-1997年间33个国家158次股份发行私有化中，国内、国际和美国投资者在首次公开市场价买入股票后的长期回报，发现所有持有期和基准下均有显著正回报，与私营企业股票发行模式不同。
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.