quantitative analysis of mass privatization programs in the postcommunist world. We argue that rapid large-scale privatization … back on the enterprise sector, as the state can no longer support the institutions necessary for the effective functioning … implementation of mass privatization programs negatively impacts measures of economic growth, state capacity and the security of …

does not receive support in the ownership but the indicator of voucher privatization supports it. The initial conditions … from early 90's were not the driving the financial distress. The voucher-scheme privatization results in poorer corporate …

What is the interrelationship among formal institutions, social networks, and new venture growth? Drawing on the theory … four different countries. We find the confluence of weak and inefficient formal institutions to be associated with a larger … institutional order (i.e., weaker and more inefficient institutions). The contributions and implications of these findings are …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

public office, institutions to encourage elected officials to keep their campaign promises are weak, and competition for …

uncertainty. While the number of financial institutions has increased dramatically, the state sector still dominates financial …