Overview

This book examines the financial performance of Turkish firms that were privatized by way of IPOs (Initial Public Offerings). The author uses event study methodology to empirically evaluate the financial efficiency of privatized firms. She also compares the equity returns of state firms to the returns of private sector firms that were listed in the same period or in the same sector. The pre-and-post privatization performance is tested using the Wilcoxon signed-rank test involving accounting data and financial ratios of the privatized firms. Empirical findings of post privatization analysis indicate improvements in firm performance in regard to real sales, leverage and capital expenditures.

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9783631675519

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Esra Kabaklarlı studied Economics at the University of Hacettepe. She works at the Department of Economics (Selçukl University of Turkey). Her research interests include money policy, youth unemployment, economic development and time series econometrics.

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