Public Offerings of State‐Owned And Privately‐Owned Enterprises: An International Comparison
比较了国有企业和私有企业首次公开发行（IPO）的初始定价，发现英国政府官员的IPO折价显著高于私有企业，而加拿大和马来西亚则相反，且初始回报在较原始的资本市场和受监管行业更高。
ABSTRACT We compare initial offer prices in privatizations to initial prices in public offerings of private companies. The evidence indicates that government officials in the United Kingdom underprice IPOs significantly more than their private company counterparts. In Canada and Malaysia, however, the opposite is true. There does not appear to be a general tendency for privatizations to be underpriced to a greater degree than private company IPOs. We provide additional evidence on the determinants of privatization initial returns. Our findings indicate that initial returns are significantly higher in relatively primitive capital markets and for privatized companies in regulated industries.