The scope of privatization -- Why do countries privatize? -- How do countries privatize? -- Empirical evidence on privatization's effectiveness in non-transition economies -- Empirical evidence on privatization in transition economies -- The structure and investment performance of privatization...

Using a newly available World Bank survey of over 28,000 firms from 46 countries, we examine how financial development affects firm innovation around the world. We find that while stock market development significantly enhances firm innovation, banking sector development has mixed effects. We...