We provide the first test of the Hoff and Stiglitz (2004) model predicting whether and under what conditions mass privatizations are accompanied by asset stripping. In addition to directly testing the theory, we also tackle an important policy-oriented issue of why a large number of efficient...

The move from a command to a market led economy in Poland has resulted in extensive political, economic and social change. Western multinational companies drive change in Eastern Europe and when Polish state owned enterprises are acquired by western multinationals this change process is...