主 题：State Ownership, Liquidity, and Valuation: Evidence from Privatization
主讲人：Omrane Guedhami（University of South Carolina）
Using a unique sample of 478 newly privatized firms (NPFs) from 54 countries over the period 1994 to 2014, we find that, on average, NPFs are more liquid than other listed firms, but that partially privatized firms are more liquid than their fully privatized counterparts. We show that this is because the relation between state ownership and stock liquidity is non-monotonic. This relation is stronger in countries with softer country-level budget constraints. Finally, we find that stock liquidity is a channel through which residual state ownership in NPFs affects firm value and cost of equity capital.
Dr. Omrane Guedhami is a Professor of International Finance at the University of South Carolina. Dr. Guedhami earned his M.Sc. in finance from HEC Montreal in 1998 and received his Ph.D. in finance from Laval University in 2003. Dr. Guedhami’s research interests are international, covering corporate governance, privatization, national culture, and corporate social responsibility. His research has been published in leading academic journals such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, the Journal of Accounting and Economics, Management Science, Contemporary Accounting Research, Journal of International Business Studies, among others. He is a member of the editorial boards of major journals and is currently serving as a Section Editor (Section: Finance and Business Ethics) at the Journal of Business Ethics.