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| Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; Spiegel, Yossi. |
| We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage after becoming regulated by an independent regulatory agency, but only if they are privately controlled. Moreover, we find that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also has a positive and significant effect on their investment levels. Our results are consistent with the theory that privately-controlled firms use leverage... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Regulated utilities; Regulatory agencies; Capital structure; Leverage; Investment; Private and state ownership; Public Economics; L51; G31; G32; L33. |
| Ano: 2007 |
URL: http://purl.umn.edu/7449 |
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| Bortolotti, Bernardo. |
| This report provides an overview of the causes and consequences of the Italian State-owned Enterprises (SOE) reform process. Particularly, it analyzes the symbiotic link between share issue privatization (SIP), i.e. privatization in public equity markets, and financial market development, and shows how the sustained policy of sales has jumpstarted the Italian domestic stock market. Based on the Italian and international experience, the report provides some possible guidelines and policy recommendations in order to achieve the same goal in the Peoples Republic of China (PRC). |
| Tipo: Working or Discussion Paper |
Palavras-chave: Political Economy. |
| Ano: 2005 |
URL: http://purl.umn.edu/12189 |
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| Bortolotti, Bernardo; Megginson, William; Smart, Scott B.. |
| Seasoned equity offerings (SEOs) executed through accelerated underwritings have increased global market share recently, raising over $850 billion since 1998, and now account for over half (two-thirds) of the value of U.S. (European) SEOs. We examine 31,242 global SEOs, executed during 1991-2004, which raise over $2.9 trillion for firms and selling shareholders. Compared to fully marketed deals, accelerated offerings occur more rapidly, raise more money, and require fewer underwriters. Importantly, accelerated deals reduce total issuance cost by about 250 basis points. Accelerated deals sell equal fractions of primary and secondary shares, whereas in traditional SEOs primary shares dominate. Announcement period returns are comparable for traditional and... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/12190 |
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| Beltratti, Andrea; Bortolotti, Bernardo. |
| Nontradable shares (NTS) are an unparalleled feature of the ownership structure of Chinese listed companies and represented a major hurdle to domestic financial market development. After some failed attempts, in 2005 the Chinese authorities have launched a structural reform program aiming at eliminating NTS. In this paper, we evaluate the stock price effects of the actual implementation of this reform in 368 firms. The NTS reform generated a statistically significant 8 percent positive abnormal return over the event window, adjusting prices for the compensation requested by tradable shareholders. Results are consistent with the expectation of improved economic fundamentals such as better corporate governance and enhanced liquidity. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Industrial Organization. |
| Ano: 2006 |
URL: http://purl.umn.edu/12203 |
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| Bortolotti, Bernardo; Fotak, Veljko; Megginson, William; Miracky, William. |
| This study describes the newly created Monitor-FEEM Sovereign Wealth Fund Database and discusses the investment patterns and performance of 1,216 individual investments, worth over $357 billion, made by 35 sovereign wealth funds (SWFs) between January 1986 and September 2008. Approximately half of the investments we document occur after June 2005, reflecting a recent surge of SWF activity. We document large SWF investments in listed and unlisted equity, real estate, and private equity funds, with the bulk of investments being targeted in cross-border acquisitions of sizeable but non-controlling stakes in operating companies and commercial properties. The average (median) SWF investment is a $441 million ($55 million) acquisition of a 42.3% (26.2%) stake in... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Sovereign Wealth Funds; International Financial Markets; Government Policy and Regulation; Financial Economics; G32; G15; G38. |
| Ano: 2009 |
URL: http://purl.umn.edu/50407 |
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| Perotti, Enrico; Bortolotti, Bernardo. |
| This paper reviews the state of thinking on the governance role of public ownership and control. We argue that the transfer of operational control over productive assets to the private sector represents the most desirable governance, due to the inherent difficulty for citizens to constrain political abuse relative to the ability of governments to regulate private activity. However in weak institutional environments the process needs to be structured so as to avoid capture of the regulatory process. The speed of transfer should be timed on the progress in developing a strong regulatory governance system, to which certain residual rights of intervention must be vested. After all, what are institutions if not governance mechanisms with some degree of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Political Economy. |
| Ano: 2005 |
URL: http://purl.umn.edu/12198 |
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