When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies
比较中欧转型经济中私有与国有企业的绩效，发现私有化效果取决于所有者类型：外部所有者显著提升收入，但对成本削减无类似效果，且忽视收入效应会高估就业损失。
This paper compares the performance of privatized and state firms in the transition economies of Central Europe, while controlling for various forms of selection bias. It argues that privatization has different effects depending on the types of owners to whom it gives control. In particular, privatization to outsider, but not insider, owners has significant performance effects. Where privatization is effective, the effect on revenue performance is very pronounced, but there is no comparable effect on cost reduction. Overlooking the strong revenue effect of privatization to outsider owners leads to a substantial overstatement of potential employment losses from postprivatization restructuring.