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 …

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 …

problems that arose during Germany's privatization process. We find that German officials structured organizations and … contracts in a way that made credible the government's commitment to rapid privatization. This credibility served to protect the … its privatization effort. This began with the establishment of an independent privatization agency, the Treuhand. It …