Huang, Zhangkai; Liu, Jinyu; Ma, Guangrong; Xu, Lixin Colin - 2020
decisions highly contingent on firm characteristics and past performance, complicating the identification of the privatization … requirements in China. This paper finds that Chinese cities whose top officials were older than age 58 were 20 percent less likely … specification (including its random-growth variant). The paper further finds that the privatization effects are significantly larger …