-oriented issue of why a large number of efficient firms disappeared during mass privatization in a booming economy of Montenegro …. Econometrically, we present the first study to look at firms that disappeared during a mass privatization transition, improving upon … remaining in samples when estimating the effects of privatization or other ownership changes. We also show that one needs to …

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 …