Supplementary Table: priv_conc |
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Asset Concentration and Privitization |
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A. Regression of Concentration on lagged, current and future privatization variable |
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Private Lagged |
Private |
Private Forward |
Constant |
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OLS Regressions |
coeff |
t-stat |
coeff |
t-stat |
coeff |
t-stat |
coeff |
t-stat |
R2 |
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argentina |
8.11E+05 |
0.52 |
3.19E+05 |
0.19 |
2.14E+04 |
0.01 |
2.92E-01 |
3.69 |
0.13 |
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brazil |
3.79E+06 |
0.36 |
-1.63E+06 |
-0.12 |
7.05E+06 |
0.63 |
1.53E-01 |
4.69 |
0.47 |
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chile |
-3.06E+05 |
-0.45 |
-1.00E+06 |
-1.57 |
-1.07E+06 |
-1.15 |
2.31E-01 |
38.99 |
0.73 |
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colombia |
1.35E+06 |
1.83 |
7.77E+06 |
9.76 |
3.99E+06 |
5.03 |
1.67E-01 |
39.05 |
0.98 |
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greece |
-1.87E+06 |
-0.79 |
2.01E+06 |
0.90 |
2.11E+06 |
0.88 |
1.95E-01 |
14.92 |
0.61 |
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india |
-1.16E+07 |
-1.17 |
5.25E+06 |
0.63 |
5.18E+06 |
0.93 |
1.33E-01 |
5.65 |
0.49 |
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indonesia |
-5.17E+06 |
-3.86 |
3.16E+06 |
13.49 |
-1.37E+06 |
-6.90 |
1.74E-01 |
127.11 |
1.00 |
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jordan |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
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korea |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
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malaysia |
-6.69E+05 |
-0.22 |
7.82E+06 |
2.41 |
4.78E+06 |
1.43 |
1.37E-01 |
6.08 |
0.03 |
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mexico |
-5.93E+05 |
-1.81 |
1.95E+06 |
6.64 |
-9.41E+05 |
-3.19 |
2.28E-01 |
5.95 |
0.97 |
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nigeria |
-9.41E+05 |
-0.69 |
3.67E+05 |
0.28 |
-1.01E+06 |
-0.74 |
1.84E-01 |
13.45 |
0.32 |
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pakistan |
-6.79E+06 |
-0.62 |
-7.35E+05 |
-0.44 |
1.89E+06 |
0.47 |
1.60E-01 |
8.56 |
0.28 |
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philippines |
-4.32E+06 |
-1.75 |
-5.65E+05 |
-0.21 |
-1.77E+06 |
-0.68 |
3.76E-01 |
9.08 |
0.72 |
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portugal |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
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taiwan |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
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thailand |
-3.61E+07 |
-3.09 |
1.54E+07 |
1.33 |
-3.61E+07 |
-3.23 |
2.78E-01 |
10.84 |
0.87 |
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turkey |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
NE |
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venezuela |
3.45E+04 |
0.02 |
-3.48E+05 |
-0.19 |
-7.51E+05 |
-0.41 |
2.77E-01 |
6.32 |
0.09 |
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zimbabwe |
(dropped) |
NE |
9.01E+05 |
1.08 |
6.55E+05 |
0.78 |
2.49E-01 |
15.94 |
0.40 |
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Pooled OLS |
-2.91E+04 |
-0.10 |
1.25E+06 |
3.25 |
-2.73E+05 |
-0.90 |
2.07E-01 |
29.51 |
0.22 |
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R2 |
R2 |
R2 |
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within |
between |
overall |
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Fixed Effect OLS |
-6.83E+04 |
-0.24 |
1.24E+06 |
5.02 |
-3.62E+05 |
-1.45 |
2.09E-01 |
35.82 |
0.31 |
0.16 |
0.22 |
B. Regression of Asset Concentration on Privatization Indicators Variables from Perotti and van Oijen (1997) |
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Perotti Dummy |
Constant |
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OLS Regressions |
coeff |
t-stat |
coeff |
t-stat |
R2 |
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argentina |
4.39E-02 |
1.37 |
2.76E-01 |
12.15 |
0.24 |
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brazil |
1.27E-02 |
0.78 |
1.81E-01 |
18.25 |
0.09 |
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chile |
(dropped) |
0.00 |
2.14E-01 |
43.23 |
0.00 |
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colombia |
2.70E-02 |
1.93 |
1.87E-01 |
21.80 |
0.38 |
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greece |
-9.20E-03 |
-0.65 |
2.05E-01 |
16.73 |
0.07 |
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india |
-4.29E-02 |
-1.35 |
1.62E-01 |
10.17 |
0.23 |
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indonesia |
6.03E-02 |
4.31 |
1.73E-01 |
30.34 |
0.82 |
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jordan |
NE |
NE |
NE |
NE |
NE |
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korea |
NE |
NE |
NE |
NE |
NE |
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malaysia |
1.88E-02 |
0.78 |
1.74E-01 |
10.19 |
0.09 |
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mexico |
1.36E-01 |
2.15 |
1.57E-01 |
3.15 |
0.44 |
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nigeria |
8.07E-04 |
0.08 |
1.79E-01 |
27.86 |
0.00 |
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pakistan |
-4.19E-03 |
-0.24 |
1.61E-01 |
18.25 |
0.01 |
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philippines |
-1.09E-01 |
-3.43 |
3.41E-01 |
17.63 |
0.66 |
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portugal |
-4.21E-03 |
-0.20 |
2.30E-01 |
15.71 |
0.01 |
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taiwan |
NE |
NE |
NE |
NE |
NE |
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thailand |
-6.93E-02 |
-1.75 |
2.36E-01 |
9.76 |
0.34 |
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turkey |
-9.72E-02 |
-1.58 |
3.23E-01 |
6.08 |
0.29 |
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venezuela |
9.57E-02 |
3.48 |
2.12E-01 |
9.71 |
0.67 |
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zimbabwe |
NE |
NE |
NE |
NE |
NE |
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Pooled OLS |
1.71E-02 |
1.49 |
2.08E-01 |
25.87 |
0.02 |
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R2 |
R2 |
R2 |
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within |
between |
overall |
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Fixed Effect OLS |
4.40E-03 |
0.45 |
2.14E-01 |
32.65 |
0.00 |
0.14 |
0.02 |
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In panel A, the privatization variable is the sum of the value of privatizations divided by market capitalization. In panel B, an indicator variable, |
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following Perotti and van Oijen (1997) comes on at the peak of the privatization program and remains on until the end of the sample. We report |
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individual OLS regressions as well as both pooled and pooled regressions with fixed effects. The NE countries do not have privatizations. |