within less than five years. We examine whether the privatization authority followed its mandate to privatize competitive … investors, and are more likely to remain in business even 20 years after leaving public ownership. The privatization agency …

foreign direct investment (FDI). In this paper, we therefore adopt the idea of Kremer (1993) and Costinot et al. (2011) of a … sequential production process which is subject to mistakes to the theory of FDI. Using firm-level panel data on German outward … FDI, we show that the affiliate sector's position in the value chain affects the firm's FDI location choice. Affiliates in …