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Optimal Privatization of Vertically Integrated Industry

Student: Nadezhda Moskovskikh

Supervisor: Andrei Dementiev

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2016

In a model of open access with mixed oligopolies we allow for cross-ownership in both upstream and downstream markets and show how the optimal ownership structure is determined by budget cap of the initially state-owned vertically integrated company Our basic idea is to incorporate in the theoretical analysis of endogenous share structure formation an option to exit from the cross-owned company at later stages of organizational transformation. Being inspired by controversial trends of structural transformation in the railway transport in Russia we propose a quasi-dynamic framework for the analysis of the ownership change. We aim at contributing to the literature on strategic sale of public assets to private sector.

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