To ascertain the prevalence of soft budgets and to find causes of softness, we surveyed Mongolian enterprises, asking whether state aid was expected when financial difficulties arose. One-quarter of enterprises expected soft-budgets, a large proportion of which have central government ownership....

Patterns in the cross-section of returns from stocks bought (for vouchers) in Mongolia's privatization program mirror those from developed countries: stocks in companies with high book-to-market ratios subsequently earned returns far bigger than those in companies with low ratios, a result very...

Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such...

Patterns in the cross-section of returns from stocks bought for vouchers in Mongolia's privatization program mirror those from developed countries. Stocks in companies with high book-to-market ratios subsequently earned returns far bigger than those in companies with low ratios, a result very...