controlling for various forms of selection bias. It argues that privatization has different effects depending on the types of … owners to whom it gives control. In particular, privatization to outsider, but not insider, owners has significant … performance effects. Where privatization is effective, the effect on revenue performance is very pronounced, but there is no …

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 …