years after privatization. Contrary to the increasing empirical evidence for non-transition economies, our privatized firms … privatization were country effects, timing of the privatization sales, industry classification, and state ownership after … privatization. Our findings are consistent with the empirical evidence that the transition process proved to be more difficult than …

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

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

privatization, competition and foreign investment. We also test hypotheses positing that only firms near the efficiency frontier … find that privatization to domestic owners did not markedly improve the efficiency of firms; domestic firms are not …