Tom Tietenberg
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780195189650
- eISBN:
- 9780199783694
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195189650.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay reviews data on tradable permit systems in various contexts, including air pollution regulation, water supply, fisheries management, grazing rights allocation, water quality, and wetlands ...
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This essay reviews data on tradable permit systems in various contexts, including air pollution regulation, water supply, fisheries management, grazing rights allocation, water quality, and wetlands preservation. These programs are evaluated against three criteria: implementation feasibility, environmental effectiveness, and economic effectiveness. The analysis makes clear that the particular characteristics of these different regimes affect the evaluation of their performance. Beyond reporting substantive results for each program, the essay offers insight into the methodological difficulties of ex post evaluations generally. For example, not all studies define economic efficiency or environmental effectiveness in the same way, and studies vary in their choice of comparative benchmark or counterfactual, which can significantly affect results. Ex post evaluations differ as well in terms of both scope (i.e., which outcomes are considered exogenous and which endogenous) and timing (i.e., the point in the life of the program when the evaluation is done). All of these choices can influence the resulting interpretations.Less
This essay reviews data on tradable permit systems in various contexts, including air pollution regulation, water supply, fisheries management, grazing rights allocation, water quality, and wetlands preservation. These programs are evaluated against three criteria: implementation feasibility, environmental effectiveness, and economic effectiveness. The analysis makes clear that the particular characteristics of these different regimes affect the evaluation of their performance. Beyond reporting substantive results for each program, the essay offers insight into the methodological difficulties of ex post evaluations generally. For example, not all studies define economic efficiency or environmental effectiveness in the same way, and studies vary in their choice of comparative benchmark or counterfactual, which can significantly affect results. Ex post evaluations differ as well in terms of both scope (i.e., which outcomes are considered exogenous and which endogenous) and timing (i.e., the point in the life of the program when the evaluation is done). All of these choices can influence the resulting interpretations.
William Leon Megginson
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780195150629
- eISBN:
- 9780199835768
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195150627.003.0004
- Subject:
- Economics and Finance, Financial Economics
This chapter examines the impact of privatization on nontransition economies by surveying existing studies on privatization’s economic effectiveness. These studies employ many different empirical ...
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This chapter examines the impact of privatization on nontransition economies by surveying existing studies on privatization’s economic effectiveness. These studies employ many different empirical methodologies, cover many different regions and time periods, and vary greatly with respect to the type and quality of data employed. The chapter considers studies that examine how privatization impacts the financial and operating performance of divested firms by comparing the pre- versus post-privatization values of several accounting and real output measures. The 87 studies from nontransition economies offer at least limited support for the proposition that privatization is associated with improvements in the operating and financial performance of divested firms. Most offer strong support for this proposition, and only a handful document outright performance declines after privatization. Nearly all studies that examine post-privatization changes in output, efficiency, profitability, capital investment spending, and leverage report significant increases in the first four measures and significant declines in leverage.Less
This chapter examines the impact of privatization on nontransition economies by surveying existing studies on privatization’s economic effectiveness. These studies employ many different empirical methodologies, cover many different regions and time periods, and vary greatly with respect to the type and quality of data employed. The chapter considers studies that examine how privatization impacts the financial and operating performance of divested firms by comparing the pre- versus post-privatization values of several accounting and real output measures. The 87 studies from nontransition economies offer at least limited support for the proposition that privatization is associated with improvements in the operating and financial performance of divested firms. Most offer strong support for this proposition, and only a handful document outright performance declines after privatization. Nearly all studies that examine post-privatization changes in output, efficiency, profitability, capital investment spending, and leverage report significant increases in the first four measures and significant declines in leverage.
