Abstract

The article describes an attempt to use, through microeconomic models, factors and causes determining investor's behaviour of the participants in the mass privatisation. In particular the object of the research is the demand of stocks issued by the offered for privatisation enterprises. The survey includes all enterprises listed on the three auctions of the first round of mass privatisation, carried out in 1996.
The results of the estimated model of the logistic regression show that the investors have made their decisions for buying stocks from enterprises guided by the classical investment and finance theory. The data shows that enterprises with positive profitability, low immobilization of property, high turnover of the capital, lower debts and bigger share of stocks listed on the auction, have higher probability for buying out.
The investor's attention has been directed to enterprises in light industry and in services.