Publication:
Finding Real Owners : Lessons from Estonia's Privatization Program

dc.contributor.author Nellis, John
dc.date.accessioned 2012-08-13T15:36:29Z
dc.date.available 2012-08-13T15:36:29Z
dc.date.issued 1996-01
dc.description.abstract 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. en
dc.identifier http://documents.worldbank.org/curated/en/1996/01/696805/finding-real-owners-lessons-estonias-privatization-program
dc.identifier.citation Viewpoint. -- Note no. 66 (January 1996)
dc.identifier.uri http://hdl.handle.net/10986/11640
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Viewpoint
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject AFFILIATED ORGANIZATIONS
dc.subject ASSETS
dc.subject AUCTION
dc.subject AUCTIONS
dc.subject BID
dc.subject BIDDERS
dc.subject BONDS
dc.subject CAPITAL MARKETS
dc.subject EMPLOYMENT
dc.subject FACE VALUE
dc.subject HOUSING
dc.subject INSIDER TRADING
dc.subject LIQUIDATION
dc.subject MARKET VALUE
dc.subject OFFERINGS
dc.subject PRIVATIZATION
dc.subject PURCHASE PRICE
dc.subject REORGANIZATION
dc.subject TELECOMMUNICATIONS
dc.subject TENDERING
dc.subject TRANSITION ECONOMIES
dc.subject VOUCHERS DENATIONALIZATION
dc.subject INDUSTRIAL ENTERPRISES
dc.subject PUBLIC ENTERPRISES
dc.subject INFRASTRUCTURE
dc.subject SMALL ENTERPRISES
dc.subject CAPITAL ASSETS
dc.subject COMPENSATION BONDS
dc.subject INSTALLMENT PAYMENT
dc.subject TRANSITION ECONOMIES
dc.subject VOUCHER EXCHANGE
dc.subject PUBLIC OFFERING
dc.title Finding Real Owners : Lessons from Estonia's Privatization Program en
dspace.entity.type Publication
okr.crosscuttingsolutionarea Fragility, Conflict, and Violence
okr.doctype Publications & Research :: Viewpoint
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/1996/01/696805/finding-real-owners-lessons-estonias-privatization-program
okr.globalpractice Social, Urban, Rural and Resilience
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Governance
okr.globalpractice Finance and Markets
okr.globalpractice Health, Nutrition, and Population
okr.identifier.externaldocumentum 090224b0854d956f_2_0
okr.identifier.internaldocumentum 696805
okr.identifier.report 16925
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/1996/01/01/000009265_3980420172834/Rendered/PDF/multi0page.pdf en
okr.region.administrative Europe and Central Asia
okr.region.country Estonia
okr.topic Urban Development :: Municipal Financial Management
okr.topic Health, Nutrition and Population :: Health Service Management and Delivery
okr.topic Banks and Banking Reform
okr.topic Economic Theory and Research
okr.topic International Terrorism and Counterterrorism
okr.topic Finance and Financial Sector Development
okr.topic Health, Nutrition and Population
okr.topic Macroeconomics and Economic Growth
okr.topic Conflict and Development
okr.unit Off of VP
okr.unit FPD&IFC Chief Econ-WB (FPDVP)
okr.volume 1 of 1
relation.isSeriesOfPublication 1067ecbf-b217-4376-a77e-64594be2b212
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