THE EFFECT OF PRIVATIZATION ON PERFORMANCE AND RETURN: THE CASE OF A JAPANESE RAILWAY COMPANY
Journal Title: Global Business & Economics Anthology - Year 2019, Vol 1, Issue 1
Abstract
We examine the recent privatization of a Japanese railway company, the Kyushu Railway Company. This case is unique in that all of the firm’s shares were sold at one time rather than in stages over the years. We show that the company’s performance improved with statistical significance against its benchmarks. We also test investors’ stock return post-privatization and show that the stock delivers at least a fair market return against the benchmarks. We conclude that the company’s privatization resulted in improved performance for the company and a fair market return for investors.
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- EP ID EP528549
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