Hostname: page-component-8448b6f56d-sxzjt Total loading time: 0 Render date: 2024-04-23T11:38:34.470Z Has data issue: false hasContentIssue false
  • English
  • Français

From market to state: wealth transfers in the Portuguese nationalisations of the 1970s1

Published online by Cambridge University Press:  18 October 2011

Rui Alpalhão
Rui Alpalhão
Affiliation:
Instituto Universitário de Lisboa (ISCTE-IUL)rui.alpalhao@iscte.pt
Get access Rights & Permissions [Opens in a new window]

Abstract

In the second half of the 1970s, following the so-called ‘Carnation Revolution’ and when a global wave of privatisations started, the Portuguese government nationalised most of the companies listed on the Lisbon Exchange. A few years later the shareholders of nationalised companies were paid indemnities. The nationalisations radically changed the Portuguese corporate scene and led to very important wealth transfers. Contrary to what is usually assumed, we conclude that this transfer was detrimental to holders of large shareholdings, but favourable to small shareholders and, on average, akin to fair compensation based on market exchange.

Keywords

nationalisationsindemnitieswealth transfersG14G18
Type
Articles
Information
Financial History Review , Volume 19 , Issue 1 , April 2012 , pp. 49 - 74
Copyright
Copyright © European Association for Banking and Financial History e.V. 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Aguiar, A. and Martins, M. F. (2005). A indústria. In Lains, P. and da Silva, A. F. (eds.), História económica de Portugal, 1700–200, volume III: O século XX . Lisbon: ICS.Google Scholar
Allais, M. (1947). Le problème de la planification économique dans une économie collectiviste. Kyklos, 2, pp. 48–71.CrossRefGoogle Scholar
Alves, J. (2004). Jorge de Mello ‘um homem’ – percursos de um empresário. Lisbon: Inapa.Google Scholar
Antunes, J. F. (1992). Nixon e Caetano. Lisbon: Difusão Cultural.Google Scholar
Antunes, J. F. (1997). Champalimaud. Lisbon: Círculo de Leitores.Google Scholar
Attali, J. (1978). Towards socialist planning. In Holland, S. (ed.), Beyond Capitalist Planning. Oxford: Basil Blackwell.Google Scholar
Azevedo, J. P. (1979). 25 de Novembro sem máscara. Lisbon: Intervenção.Google Scholar
Black, F. and Scholes, M. (1973). The behavior of security returns around ex-dividend days. Working paper, University of Chicago.Google Scholar
Bronze, F. (1976). Indemnizações em matéria de nacionalizações. Direito e Economia, 2.Google Scholar
Caetano, M. (1975). Depoimento. Rio de Janeiro: Distribuidora Record.Google Scholar
Cann, J. P. (1997). Counterinsurgency in Africa: The Portuguese Way of War. Westport, CT: Atena.Google Scholar
Escalda, A. (1994). The stability of Portuguese risk measures. Working paper, Bank of Portugal.Google Scholar
Delors, J. (1978). The decline of French planning. In Holland, S. (ed.), Beyond Capitalist Planning. Oxford: Basil Blackwell.Google Scholar
Fernandes, F. S. and Santos, H. (2005). Excomungados de Abril. Lisbon: Dom Quixote.Google Scholar
Ferreira, M. E. (2005). O império e as relações económicas com África. In Lains, P. and da Silva, A. F. (eds.), História económica de Portugal, 1700–2000, vol. III: O século XX. Lisbon: ICS.Google Scholar
GIDE LOYRETTE NOUEL (1981). Le problème des nationalisations. Paris: Gide Loyrette Nouel.Google Scholar
Griffiths, A. and Wall, S. (2007). Applied Economics, 11th edition. London: Financial Times/ Prentice Hall.Google Scholar
Holland, S. (1975). The Socialist Challenge. London: Quartet Books.Google Scholar
Holland, S. (1978). Planning disagreements. In Holland, S. (ed.), Beyond Capitalist Planning. Oxford: Basil Blackwell.Google Scholar
Jorion, P. and Goetzmann, W. N. (1999). Global stock markets in the twentieth century. Journal of Finance, 54, pp. 953–80.CrossRefGoogle Scholar
Krugman, P. and Macedo, J. B. (1981). The economic consequences of the April 25 Revolution. In de Macedo, J. B. and Serfaty, S. (eds.), Portugal Since the Revolution: Economic and Political Perspectives. Boulder, CO: Praeger.Google Scholar
Lains, P. (1994). O estado e a industrialização em Portugal, 1945–1990. Análise Social, 29, pp. 923–58.Google Scholar
Langhör, H. and Viallet, C. J. (1986). Compensation and wealth transfers in the French nationalisations 1981–82. Journal of Financial Economics, 17, pp. 273–312.Google Scholar
Lewis, A. (1949). The Principles of Economic Planning. London: George Allen & Unwin.Google Scholar
Lopes, J. S. (1996). A economia Portuguesa desde 1960. Lisbon: Gradiva.Google Scholar
Lopes, J. S. (2004). A economia portuguesa no século XX. Lisbon: ICS.Google Scholar
Martins, R. (1970). Caminho de país novo. Lisbon: Gris Impressores.Google Scholar
Mateus, A. (1998). Economia portuguesa desde 1910. Lisbon: Verbo.Google Scholar
Mateus, A. (2005). A tecnologia. In Lains, P. and da Silva, A. F. (eds.), História económica de Portugal, 1700–2000, vol. III: O século XX. Lisbon: ICS.Google Scholar
Meade, J. (1948). Planning and the Price Mechanism: The Liberal Socialist Solution. London: George Allen & Unwin.Google Scholar
Moreira, V. (1981). A ordem jurídica do capitalismo. Coimbra: Centelha.Google Scholar
Oliveira, P. A. (2007). Os despojos da aliança. Lisbon: Tinta da China.Google Scholar
Pintado, V. X. (2002). Structure and Growth of the Portuguese Economy. Lisbon: ICS.Google Scholar
Salazar, A. O. (1937). Comment on relève un état. Paris: Flammarion.Google Scholar
Shonfield, A. (1965). Modern Capitalism: The Changing Balance of Public and Private Power. London: Oxford University Press.Google Scholar
Sousa, A. (1989). Política orçamental e monetária: a viragem, 1973–74. In Sousa, A. et al. (eds.), Nova economia em Portugal: estudos em homenagem a António Manuel Pinto Barbosa. Lisbon: Lisbon New University.Google Scholar
Tinbergen, J. (1967). Economic Policy: Principles and Design. Amsterdam: North Holland.Google Scholar
Valério, N. (2001). The Escudo: The Portuguese Currency Unit 1911–2001. Lisbon: Bank of Portugal.Google Scholar
Warner, J. B. (1977). Bankruptcy, absolute priority, and the pricing of risky debt claims. Journal of Financial Economics, 4, pp. 239–76.CrossRefGoogle Scholar
Watts, R. L. (1978). Systematic ‘abnormal’ returns after quarterly earnings announcements. Journal of Financial Economics, 6, pp. 127–50.CrossRefGoogle Scholar
Zanetti, G. and Fraquelli, G. (1979). Una nazionalizzazione al buio. Bologna: Il Mulino.Google Scholar