How Much Value Can Blockholders Tunnel? Evidence from the Bulgarian Mass Privatization Auctions

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The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans (2014, unknown): “…2006), mergers and acquisitions (Bae, Kang, and Kim, 2002; Cheung, Rau, and Stouraitis, 2006), dilutive equity offerings (Atanasov, Black, Ciccotello, and Gyoshev, 2010), privatizations (Atanasov, 2005), dividend payments (Faccio, Lang, and Young, 2001), and board compensation (Urzúa I., 2009).”
How Does Law Affect Finance? An Examination of Equity Tunneling in Bulgaria (2010, background): “Atanasov (2005) and Miller and Petranov (2000) provide details on the mass privatization process.”
Ownership concentration in privatized firms: The role of disclosure standards, auditor choice, and auditing infrastructure (2006, background): “…conjecture, they provide evidence that strong investor protection is associated with lower ownership concentration.3 In a contemporaneous study, Atanasov (2005) finds that in the absence of legal institutions that protect minority shareholders and constrain majority owners, privatization in…”
Tunneling through intercorporate loans: The China experience☆ (2010, background): “Atanasov (2005) uses mass privatization auction data from Bulgaria to show investors will pay substantially more for a controlling stake.”