▁is ▁an ▁established ▁capital ▁market ▁capable ▁of ▁absor bing ▁the ▁shares . ▁A ▁market ▁with ▁high ▁liquid ity ▁can ▁facil itate ▁the ▁priv at ization . ▁If ▁the ▁capital ▁mark ets ▁are ▁ins u fficient ly ▁developed , ▁however , ▁it ▁would ▁be ▁difficult ▁to ▁find ▁enough ▁buy ers . ▁The ▁shares ▁may ▁have ▁to ▁be ▁under pr iced , ▁and ▁the ▁sales ▁may ▁not ▁raise ▁as ▁much ▁capital ▁as ▁would ▁be ▁just ified ▁by ▁the ▁fair ▁value ▁of ▁the ▁company ▁being ▁priv at ized . ▁Many ▁govern ments , ▁therefore , ▁elect ▁for ▁list ings ▁in ▁more ▁s oph istic ated ▁mark ets , ▁for ▁example , ▁Eur one xt , ▁and ▁the ▁London , ▁New ▁York ▁and ▁Hong ▁Kong ▁stock ▁ex changes . ▁ ▁Govern ments ▁in ▁developing ▁countries ▁and ▁transition ▁countries ▁more ▁often ▁resort ▁to ▁direct ▁asset ▁sales ▁to ▁a ▁few ▁invest ors , ▁partly ▁because ▁those ▁countries ▁do ▁not ▁yet ▁have ▁a ▁stock ▁market ▁with ▁high ▁capital . ▁ ▁V ouch er ▁priv at ization ▁occurred ▁mainly ▁in ▁the ▁transition ▁econom ies ▁in ▁Central ▁and ▁Eastern ▁Europe , ▁such ▁as ▁Russia , ▁Poland , ▁the ▁Czech ▁Republic , ▁and ▁Slov ak ia . ▁Additionally , ▁priv at ization ▁from ▁below ▁had ▁made ▁important ▁contribution ▁to ▁economic ▁growth ▁in ▁transition ▁econom ies . ▁ ▁In ▁one ▁study ▁assim il ating ▁some ▁of ▁the ▁literature ▁on ▁" priv at ization " ▁that ▁occurred ▁in ▁Russian ▁and ▁Czech ▁Republic ▁transition ▁econom ies , ▁the ▁authors ▁identified ▁three ▁methods ▁of ▁priv at ization