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Working paper
The Privatization Origins of Political Corporations: Evidence from the Pinochet Regime
In: The journal of economic history, Band 80, Heft 2, S. 417-456
ISSN: 1471-6372
We show that the sale of state-owned firms in dictatorships can help political corporations to emerge and persist over time. Using new data, we characterize Pinochet's privatizations in Chile and find that some firms were sold underpriced to politically connected buyers. These newly private firms benefited financially from the Pinochet regime. Once democracy arrived, they formed connections with the new government, financed political campaigns, and were more likely to appear in the Panama Papers. These findings reveal how dictatorships can influence young democracies using privatization reforms.
SSRN
Working paper
The Privatization Origins of Political Corporations
In: http://repository.urosario.edu.co/handle/10336/18094
We show how the sale of state owned firms in dictatorships may lead to the creation of political corporations operating in democracies. Using several novel datasets, we characterize the privatizations of the Pinochet regime in Chile using a data driven algorithm, confirming that some state owned firms were sold underpriced to politically connected individuals. We then show how firms with crooked privatization processes grew and benefited from Pinochet and in democracy formed political connections, financed political campaigns, and were more likely to appear in the Panama Papers. These results reveal how authoritarian regimes can influence a subsequent democracy and document a way in which political corporations are created.
BASE
Owner Exposure Through Firm Disclosure
In: Forthcoming The Accounting Review
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Working paper
Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs
In: Forthcoming, Management Science
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Working paper
Privatization and business groups: Evidence from the Chicago Boys in Chile
In: Explorations in economic history: EEH, Band 78, S. 101355
ISSN: 0014-4983
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Working paper
The Effects of Going Public on Firm Profitability and Strategy
In: Tuck School of Business Working Paper No. 3830690
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Mandatory Financial Disclosure and M&A Activity
In: Forthcoming Review of Financial Studies
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