Cel
Privatisation implies either distribution of vouchers-that we plan to consider only marginally-or the sale of firms. To tackle the issue of financial markets development, it is necessary to define objective measures of financial development and establish a methodology to evaluate empirically the impact of sales of privatised firms in this respect. Privatisation obviously increases market capitalisation, but this is not what we argue. The point is whether or not it increases market liquidity-a notion that lends itself to several meanings - and its efficiency, with significant effects on other listed companies. The definition of a common methodology will itself be a crucial step of the proposed research, and should be developed receiving the more recent achievements of the theoretical literature.