Bernardo bortolotti

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Next page. There's a problem loading this menu right now. Learn more about Amazon Prime. Get free delivery with Amazon Prime. Books By Bernardo Bortolotti. Crescere insieme: Per un'economia giusta Saggi tascabili Laterza Vol. Governi e istituzioni hanno preso misure straordinarie per risolvere la crisi, ma il rischio di una grande depressione resta elevato. See purchase options. From tomore than 4, privatization operations have been carried out in more than countries, bringing in government revenues of over 1, billion dollars.

The phenomenon, which grew exponentially at the end of the s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level. Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all?

Is privatization a trend or a cycle?

bernardo bortolotti

Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization. Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints.

Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership of state-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets, appropriate regulation, and suitable institutions.

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Bernardo Bortolotti

From tomore than 4, privatization operations have been carried out in more than countries, bringing in government revenues of over 1, billion dollars. The phenomenon, which grew exponentially at the end of the s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies.

Yet there have been surprisingly fewattempts to provide a systematic empirical account of the privatization process at the worldwide level.

Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization.

Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints.

Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership ofstate-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets,appropriate regulation, and suitable institutions.

His research interests are in privatization, regulation, corporate governance, and auction theory. His work has been published in several international journals, such as the Journal of Public Economics, the International Review of Finance, and Telecommunication Policy. He has published extensively in refereed journals in the fields of applied microeconomics, game theory, industrial organization, environmental economics, privatization, and corporate governance.

He has sat on the Boards of several privatized companies.Born in Bologna Italy on July 16, The World Bank, Washington D. Consultant on Financial Development in China, Comuni SpA: il capitalismo municipale in Italia con C. Scarpa, P. Bianchi, L. Reviewed by il Corriere della Sera, March 8, The challenges of privatization: an international analysis with D.

Organized interests and self-regulation: an economic approach co-edited with G. Privatizzazioni difficili with D. Siniscalco, M. Fantini, S. Reviewed by Rivista di Politica Economica. Regulation and privatization: the case of electricity with D. Siniscalco and M. Importare la corporate governance?

Forme private di regolazione, con Domenico Siniscalco in de Caprariis, G. Vesperini, G. Capital structure and regulation: does ownership matter? Cambini, L. The rise of accelerated seasoned equity underwritings with W. Megginson and S. Government control of privatized firms with M. Delayed privatization with P. Was a feature story in Il Sole 24 Ore July 12, Does Banking Competition Affect Innovation? We exploit the deregulation of interstate bank branching laws to test whether banking competition affects innovation.

We find robust evidence that banking competition reduces state-level innovation by public corporations headquartered within deregulating states. Innovation increases among private firms that are dependent on external finance and that have limited access to credit from local banks. We argue that banking competition enables small, innovative firms to secure financing instead of being acquired by public corporations.

Therefore, banking competition reduces the supply of innovative targets, which reduces the portion of state-level innovation attributable to public corporations.

Overall, these results shed light on the real effects of banking competition and the determinants of innovation. Working Papers. Through superior technology, financial technology FinTech firms may expand credit markets.

Alternatively, consumers may substitute one credit provider for another, generating adverse selection problems for incumbent lenders.

We analyze the unsecured consumer loan market and identify the influence of FinTech lending on commercial banks using a novel approach that takes advantage of regulatory restrictions for FinTech borrowers and investors.

We show that high-risk FinTech loans substitute for bank loans while low-risk loans may be credit expansionary.

However, the influence on banks is heterogeneous. Our results highlight the changing landscape of financial intermediation and the regulatory challenges faced by FinTech firms. Financial Intermediation and Innovative Firms. Innovation is important, resource-intensive, and is particularly difficult for outsiders to evaluate.

Some financial intermediaries may have the expertise to overcome the information asymmetry associated with innovative firms and may be better equipped to manage the adverse selection risk. Banks may play an important role in innovative firm financing yet recent work suggests that the multiple waves of regulatory changes to the banking system appear to provide conflicting implications.

bernardo bortolotti

However, these effects are muted by mergers within the banking industry that cause lenders to decrease their flow of loans to innovative firms. Navigation Home.

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We investigate the impact of state ownership on the innovativeness of firms, as measured by the number, quality, and value of the patents produced. Yet, government control leads to the opposite effect, by imposing myopic goals and complicating access to private equity markets.

When comparing SOE patents to private-sector patents, we find no difference in patent quality as measured by the number of citations received per patent or by the market reaction at patent publication. Furthermore, we find no increase in the number of patents focused on sustainable technologies, suggesting that SOEs do not emphasize innovation that produces public goods.Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly.

Publications Citations 2, Highly Influential Citations Follow Author Claim Author Page. Author pages are created from data sourced from our academic publisher partnerships and public sources. Recommended Authors. Publications Influence. Has PDF. More Filters. Government Control of Privatized Firms. At the end ofafter the largest privatization wave in … Expand. View PDF. Research Feed. This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the period.

The empirical analysis shows that privatisation takes place … Expand. View via Publisher. We document that announcement-period abnormal returns of sovereign wealth fund SWF equity investments in publicly traded firms are positive but lower than those of comparable private investments.

B. Bortolotti

Privatization and the sources of performance improvement in the global telecommunications industry. Abstract This paper examines the financial and operating performance of 31 national telecommunication companies in 25 countries that were fully or partially privatized through public share offering. The Political Economy of Privatization. This paper provides an empirical analysis of the role of political institutions in privatization. The empirical testing relies on a new political database with continuous and time-varying measures of … Expand.

View on SSRN. Privatisation: politics, institutions, and financial markets.The research and debate on sovereign funds, a crucial theme at the moment in international finance, has now found a new point of reference in Bocconi: the Paolo Baffi Research Center on Central Banking and Financial Regulation, directed by Donato Masciandarohas in fact created a specific observatory on sovereign funds, the Sovereign Investment Labplaced under the direction of Bernardo Bortolottiprofessor at Turin University and fellow at the Paolo Baffi Center.

Poon Lingnan University, Hong Kong. The American development agency granted funding to a simple, low cost idea to reduce the rates of female genital mutilation in Africa. We would like that the new observatory becomes the most accredited source on a global scale for research on sovereign funds or other subjects which have the state as the reference shareholder. Starting from data is thus crucial to understand the phenomenon but also to draw up strategies and policies.

The first document is expected in the spring of The seminar will investigate in particular the role of rating agencies as operators of auto-regulation and of global sovereign funds, analyzing the risks and opportunities of involving these vehicles for state property in the capital of listed companies, with particular reference to the European and Italian context.

Donato Masciandaro. If you continue navigating on the site, please expressly accept the uses of these cookies. How Does History Matter? Seminar presentation by Prof.

Where Has All the Data Gone? Trade and Trees.Se ha producido un problema al guardar tus preferencias de cookies. Aceptar cookies Personalizar cookies. Bernardo Bortolotti.

bernardo bortolotti

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bernardo bortolotti

Next page. Libros de Bernardo Bortolotti. Crescere insieme: Per un'economia giusta Saggi tascabili Laterza Vol. Governi e istituzioni hanno preso misure straordinarie per risolvere la crisi, ma il rischio di una grande depressione resta elevato.

Otros formatos: Tapa blanda. IVA incluido si corresponde. From tomore than 4, privatization operations have been carried out in more than countries, bringing in government revenues of over 1, billion dollars.

The phenomenon, which grew exponentially at the end of the s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level.

Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all?

CURRICULUM VITAE

Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control?


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