The Estonian government has quickly privatized more than 90 percent of its industrial and manufacturing enterprises. The Estonian privatization agency batches 30-40 firms and advertises them for sale. The prime goal is to find "real owners" capable of running a durable, productive firm. Purchase offers are judged not only on price, but also on the quality of business plans submitted. In 17 sales, the Estonians have combined strategic investment with voucher exchanges. An unresolved problem is that the face value of the vouchers outstanding far exceeds the likely value of assets being sold. This Note concludes that Estonian privatization has been a success in scope and pace. No private firm has yet failed, and the privatization agency reports that most divested firms are expanding their employment. However, these promising results are tempered by the fact that the 70 privatized firms experiencing problems with installment purchase payments are only being admonished. But this problem, though significant, is not overwhelming.
Detalhes
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Autor
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Data do documento
1996/01/31
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TIpo de documento
Ponto de vista
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No. do relatório
16925
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2018/01/01
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Disclosure Status
Disclosed
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Nome do documento
Finding real owners - lessons from Estonia's privatization program
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Palavras-chave
Finance & Private Sector Development;Privatization;allegations of corruption;method of sale;Housing and Land;joint stock company;proceeds from privatization;privatization agency;short time horizon;price for shares;investment fund;public offering;minority of shares;compensation bond;transition economy;Transition economies;voucher exchange;purchase price;foreign buyer;local company;crown land;private hand;telephone company;political problem;court process;efficient regulation;private consortium;insider trading;outstanding stock;policy statement;industrial enterprise;privatization program;private payment;public support;share price;agency official;price criterion;local elite;political support;investment capital;telecommunications company;infrastructure service;trading value;voucher program;diffuse ownership;ownership stake;strategic investment;oil shale;payment schedule;employment creation;installment payment;pricing mechanism;strategic investor;installment plan;income stream;market structure;
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