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...

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...

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...