In their privatization programs, transition governments have frequently given away shares (so-called 'mass … privatization'), while maintaining significant minority ownership. We explain the rationality of this behavior for an expected net … constraint raises to zero prices that would otherwise be negative, and has an indirect effect: mass privatization and partial …

quantitative analysis of mass privatization programs in the postcommunist world. We argue that rapid large-scale privatization … implementation of mass privatization programs negatively impacts measures of economic growth, state capacity and the security of …