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By Harry G. Broadman

Because the creation of reform in 1992, the Russian professionals have made significant strides towards making a marketplace financial system via privatization. lately, Russian experts have demonstrated an institutional framework for a 'case-by-case' method that guarantees transparency and festival by using self sustaining monetary and different advisers. This paper comprises the valuable shows made at a global financial institution workshop at the classes of overseas event in case-by-case privatization.

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Nellis' answer is: use mass or MEBO methods, as has already been done, to get the bulk of assets in private hands and cut the links between the enterprise and the state. Then apply case-by-case in a select number of special cases to get the investors, management skills, market access and especially capital that core investors bring to bear. Building on Nellis' presentation. Harry Broadman describes the phases of privatization that Russia has experienced since 1992. He traces the mass voucher scheme of 199394, to the "loans for shares" program involving the banking sector in 199596, to the emergence of an initial case-by-case program in 1997.

On average, the period of closing a case-by-case privatization deal within the sample was 15 months. In half the cases, negotiations were held with a single potential investor. The average sales price was about $55 million. While it is difficult to generalize across all the cases, several lessons emerge. First, there is a need for a firm's employees to feel they have adequate representation during the privatization process; perhaps even being given a financial incentive to become shareholders. Second, for firms that have deteriorating financial conditions, time is of the essence since if such enterprises are unable to adjust quickly, spontaneous privatization and asset stripping can result.

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