. In contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on …, suggesting that personal ties can substitute for the benefits of government ownership. The "privatization discount" is higher for … relatively high welfare payments to employees, which presumably would fall with privatization, benefit disproportionately from …

transition economies to estimate the impacts of privatization on employment and wages. The results in all four countries … consistently reject job losses and they never imply large wage cuts from privatization to either foreign or domestic owners. The … domestic privatization estimates are close to zero for employment, while for wages they are negative but small in magnitude …