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This study surveys the academic literature examining the privatization of state-owned enterprises (SOEs), with a focus on 61 empirical studies. The paper is written from the perspective of a policy-maker weighing the adoption of a national privatization program, who seeks answers to the following questions: (1) How large an impact have privatization(More)
We examine tracking errors and performance of 31 European bond exchange traded funds (ETFs) during 2007-2010. On average, ETFs outperform their respective benchmarks. Our findings, contradicts recent results from international equity markets that suggest ETFs’ underperformance. The average overperformance during the sample period varies from 10 basis points(More)
This paper examines common risk factors in Euro-denominated corporate bond returns before and after recent financial crisis. Our results suggest that level and slope of interest rate and default spread term structures significantly improve the explanatory power of asset pricing models for the cross-section of corporate bonds. Further, we demonstrate that(More)
In the interim from 1970 to 1974, the authors had occasion to encounter several patients with symptoms of hydatid disease in the chest, particularly with pleural effusion not always easily differentiated from effusions other etiology. This pertains especially to hydatid disease of the liver with a perforation through the diaphragm and clinic and roentgen(More)
European asset swap spreads and the credit crisis Wolfgang Aussenegg, Lukas Götz & Ranko Jelic a Department of Finance and Corporate Control, Vienna University of Technology, Theresianumgasse 27, A-1040 Vienna, Austria b UNIQA Finanz-Service GmbH, Untere Donaustraße 21, A-1029 Vienna, Austria c Business School – Department of Accounting and Finance,(More)
Copyright © On the basis of an empirical analysis of 491 UK recent secondary management buyouts (SMBOs), we find strong evidence of a deterioration in long-run abnormal returns following SMBOdeals. SMBOs also performworse than primary buyouts in terms of profitability, labor productivity, and growth.We find no evidence for superior performance of private(More)