owners to whom it gives control. In particular, privatization to outsider, but not insider, owners has significant … comparable effect on cost reduction. Overlooking the strong revenue effect of privatization to outsider owners leads to a … controlling for various forms of selection bias. It argues that privatization has different effects depending on the types of …

I compare the wealth of private firm owners that exit their firms through reverse mergers (RMs) to the wealth that … could have been obtained in initial public offerings (IPOs), sellouts, or by remaining private. Private firm owners that use … wealth that could have been obtained in an IPO disappears for owners of RM firms whose pre-exit characteristics are …