publication . Article . 2000

The Polish National Investment Fund Programme: Mass Privatisation With a Difference?

Iraj Hashi;
Open Access
  • Published: 01 Jan 2000 Journal: Comparative Economic Studies, volume 42, issue 1 April, pages 87-134
Abstract
The Polish mass privatisation programme (MPP), though debated at length in the early phase of transition, was implemented with a long delay which led to the deterioration of the financial position of many of the companies in the scheme and the loss of, at least, some of the potential benefits of such schemes. The most important lesson of the programme for other countries is that mass privatisation should be implemented quickly in order to avoid uncertainty and to prevent opportunistic behaviour by the managers.The Polish MPP involved the selection of 512 medium and large enterprises and the allocation of 60% of their shares to 15 National Investment Funds (NIFs)...
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free text keywords: Economics and Econometrics, Investment management, business.industry, business, Net asset value, Economics, Portfolio, State ownership, Market economy, Corporate governance, Finance, Restructuring, Investment fund, A share
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