Intro -- Contents -- Preface -- Introduction -- Political Control of Economic Activity -- Paths to Efficient Ownership -- The Russian Privatization Program -- Results of Russian rivatization -- From Privatization to Restructuring -- Conclusion -- Index.

We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock exchange. We assume that a professional is a better...