quickly diminish over time. -- firm divestiture ; corporate performance ; ownership changes ; privatization ; emerging markets …

changes ; privatization ; emerging markets ; endogeneity ; propensity score matching procedure …

We use new firm-level data to examine the effects of spinoffs and privatization on corporate performance in a rapidly … spinoffs increase the firm’s profitability but do not alter its scale of operations, while the effect of privatization … consistent with tunneling (looting) by managers or (partial) owners. The effects of privatization are hence much less clear …

-scale privatization economy. Using specifications based on first-differences and unique instrumental variables, we find that few types of … private ownership improve dynamic post-privatization performance. Concentrated foreign (but not domestic) ownership improves …

a model transition economy after mass privatization. Specifications based on first-differences and unusual instrumental … variables show that contrary to conventional wisdom, the effects of privatization and different types of ownership are limited … findings of positive effects of privatization on performance were premature, with the effects of many types of ownership being …