Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such...

Transparency -- sunshine -- is often touted as a core element of the governance agenda, and one that is most important in environments with low transparency to begin with. In a provocative paper published in the American Political Science Review, Edmund Malesky, Paul Schuler, and Anh Tran...

Patterns in the cross-section of returns from stocks bought (for vouchers) in Mongolia's privatization program mirror those from developed countries: stocks in companies with high book-to-market ratios subsequently earned returns far bigger than those in companies with low ratios, a result very...

The explosion of informal entrepreneurial activity during Mongolia's transition to a market economy represents one of the most visible signs of change in this expansive but sparsely populated Asian country. To deepen our understanding of Mongolia's informal sector during the transition, the...