Supplementary Table: priv_conc

Asset Concentration and Privitization

A. Regression of Concentration on lagged, current and future privatization variable

Private Lagged

Private

Private Forward

Constant

OLS Regressions

coeff

t-stat

coeff

t-stat

coeff

t-stat

coeff

t-stat

R2

argentina

8.11E+05

0.52

3.19E+05

0.19

2.14E+04

0.01

2.92E-01

3.69

0.13

brazil

3.79E+06

0.36

-1.63E+06

-0.12

7.05E+06

0.63

1.53E-01

4.69

0.47

chile

-3.06E+05

-0.45

-1.00E+06

-1.57

-1.07E+06

-1.15

2.31E-01

38.99

0.73

colombia

1.35E+06

1.83

7.77E+06

9.76

3.99E+06

5.03

1.67E-01

39.05

0.98

greece

-1.87E+06

-0.79

2.01E+06

0.90

2.11E+06

0.88

1.95E-01

14.92

0.61

india

-1.16E+07

-1.17

5.25E+06

0.63

5.18E+06

0.93

1.33E-01

5.65

0.49

indonesia

-5.17E+06

-3.86

3.16E+06

13.49

-1.37E+06

-6.90

1.74E-01

127.11

1.00

jordan

NE

NE

NE

NE

NE

NE

NE

NE

NE

korea

NE

NE

NE

NE

NE

NE

NE

NE

NE

malaysia

-6.69E+05

-0.22

7.82E+06

2.41

4.78E+06

1.43

1.37E-01

6.08

0.03

mexico

-5.93E+05

-1.81

1.95E+06

6.64

-9.41E+05

-3.19

2.28E-01

5.95

0.97

nigeria

-9.41E+05

-0.69

3.67E+05

0.28

-1.01E+06

-0.74

1.84E-01

13.45

0.32

pakistan

-6.79E+06

-0.62

-7.35E+05

-0.44

1.89E+06

0.47

1.60E-01

8.56

0.28

philippines

-4.32E+06

-1.75

-5.65E+05

-0.21

-1.77E+06

-0.68

3.76E-01

9.08

0.72

portugal

NE

NE

NE

NE

NE

NE

NE

NE

NE

taiwan

NE

NE

NE

NE

NE

NE

NE

NE

NE

thailand

-3.61E+07

-3.09

1.54E+07

1.33

-3.61E+07

-3.23

2.78E-01

10.84

0.87

turkey

NE

NE

NE

NE

NE

NE

NE

NE

NE

venezuela

3.45E+04

0.02

-3.48E+05

-0.19

-7.51E+05

-0.41

2.77E-01

6.32

0.09

zimbabwe

(dropped)

NE

9.01E+05

1.08

6.55E+05

0.78

2.49E-01

15.94

0.40

Pooled OLS

-2.91E+04

-0.10

1.25E+06

3.25

-2.73E+05

-0.90

2.07E-01

29.51

0.22

R2

R2

R2

within

between

overall

Fixed Effect OLS

-6.83E+04

-0.24

1.24E+06

5.02

-3.62E+05

-1.45

2.09E-01

35.82

0.31

0.16

0.22

B. Regression of Asset Concentration on Privatization Indicators Variables from Perotti and van Oijen (1997)

Perotti Dummy

Constant

OLS Regressions

coeff

t-stat

coeff

t-stat

R2

argentina

4.39E-02

1.37

2.76E-01

12.15

0.24

brazil

1.27E-02

0.78

1.81E-01

18.25

0.09

chile

(dropped)

0.00

2.14E-01

43.23

0.00

colombia

2.70E-02

1.93

1.87E-01

21.80

0.38

greece

-9.20E-03

-0.65

2.05E-01

16.73

0.07

india

-4.29E-02

-1.35

1.62E-01

10.17

0.23

indonesia

6.03E-02

4.31

1.73E-01

30.34

0.82

jordan

NE

NE

NE

NE

NE

korea

NE

NE

NE

NE

NE

malaysia

1.88E-02

0.78

1.74E-01

10.19

0.09

mexico

1.36E-01

2.15

1.57E-01

3.15

0.44

nigeria

8.07E-04

0.08

1.79E-01

27.86

0.00

pakistan

-4.19E-03

-0.24

1.61E-01

18.25

0.01

philippines

-1.09E-01

-3.43

3.41E-01

17.63

0.66

portugal

-4.21E-03

-0.20

2.30E-01

15.71

0.01

taiwan

NE

NE

NE

NE

NE

thailand

-6.93E-02

-1.75

2.36E-01

9.76

0.34

turkey

-9.72E-02

-1.58

3.23E-01

6.08

0.29

venezuela

9.57E-02

3.48

2.12E-01

9.71

0.67

zimbabwe

NE

NE

NE

NE

NE

Pooled OLS

1.71E-02

1.49

2.08E-01

25.87

0.02

R2

R2

R2

within

between

overall

Fixed Effect OLS

4.40E-03

0.45

2.14E-01

32.65

0.00

0.14

0.02

In panel A, the privatization variable is the sum of the value of privatizations divided by market capitalization. In panel B, an indicator variable,

following Perotti and van Oijen (1997) comes on at the peak of the privatization program and remains on until the end of the sample. We report

individual OLS regressions as well as both pooled and pooled regressions with fixed effects. The NE countries do not have privatizations.