CERGE-EI

Detail results of regression models in:
Efficiency of Price Setting Based on a Simple Excess Demand Rule:
The Natural Experiment of Czech Voucher Privatization
Randall K. Filer and Jan Hanousek
European Economic Review, 2002

Definition of variables and results of the factor analysis

First wave results Second wave results

F-tests Eq (2) vs. Eq. (1), TOTAL

1^st wave rounds: 1 2 3 4 5

2^nd wave rounds: 1 2 3 4 5 6

F-tests Eq (2) vs. Eq. (1), Firms grouped by size

1^st wave group 1 (shares > 600,000)          rounds: 1 2 3 4 5

group 2(200,000 < shares < 600,000) rounds: 1 2 3 4 5

group 3 (shares < 200,000)          rounds: 1 2 3 4 5

2^nd wave group 1(shares > 800,000)           rounds: 1 2 3 4 5 6

group 2(300,000 < shares < 800,000) rounds: 1 2 3 4 5 6

group 3(shares < 300,000)           rounds: 1 2 3 4 5 6

Computing Partial Correlation Coefficients
The First Wave Results:

1^st wave Regressions of PSE price on public information by rounds: 1 2 3 4 5

Regressions of investors bids on public information by rounds: 1 2 3 4 5

Just for completenes (we do not need it)

Regressions of PSE price on public information and investors bids by rounds: 1 2 3 4 5

Computing Partial Correlation Coefficients
The Second Wave Results:

2^nd wave Regressions of PSE price on public information by rounds: 1 2 3 4 5 6

Regressions of investors bids on public information by rounds: 1 2 3 4 5 6

Just for completenes (we do not need it)

Regressions of PSE price on public information and investors bids by rounds: 1 2 3 4 5 6

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Updated March 28, 2000.