Privatization and the Rise of Global Capital Markets
研究过去二十年全球资本市场市值、交易量和证券发行的增长，发现私有化显著提高了市场流动性并增加了股东数量，但由此产生的大量股东并非稳定的所有权结构。
We examine the growth in global capital market valuation, trading volume and security issuance over the past two decades. After estimating the impact of share issue privatizations on the growth of stock markets, we find that privatizations have significantly increased market liquidity, as measured by the turnover ratio. We examine the effect privatizations have had on the pattern of share ownership by individuals and institutional investors and find that privatizations have dramatically increased the number of shareholders in many countries. However, the extremely large numbers of shareholders created by many share issue privatizations are not a stable ownership structure.