This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive re...This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.展开更多
The article discusses the important part of the tariff policy of transportation of passengers by public transport, which plays a significant role in the formation of a general transportation tariff. The recommendation...The article discusses the important part of the tariff policy of transportation of passengers by public transport, which plays a significant role in the formation of a general transportation tariff. The recommendations, given in the article, are mainly related to a Georgian example which may also be applicable to other countries, especially considering that in the process of preparation of the article, the current situation at the post-soviet states （Russia, the Ukraine, and Belarus） was also examined and taken into account, and the presented methodology is a combined version of that experience.展开更多
文摘This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.
文摘The article discusses the important part of the tariff policy of transportation of passengers by public transport, which plays a significant role in the formation of a general transportation tariff. The recommendations, given in the article, are mainly related to a Georgian example which may also be applicable to other countries, especially considering that in the process of preparation of the article, the current situation at the post-soviet states （Russia, the Ukraine, and Belarus） was also examined and taken into account, and the presented methodology is a combined version of that experience.
