Privatization in Eastern Germany: Management Selection and Economic Transition
通过模型和东德企业调查数据，说明管理层替换对私有化成功的重要性，并解释为何私有化能改善东德企业的西方管理者质量。
This paper suggests that management's role in enterprise restructuring and market failures in the managerial labor market help explain important features of the German privatization program. A model of adverse selection based on information advantages for private owners demonstrates how privatization can improve the quality and number of western managers in eastern enterprises. These benefits can increase with the size of the transition. Evidence of management replacement and significant differences between state-owned and privatized firms from a survey of eastern German firms supports model assumptions and predictions. These results suggest the importance of management replacement to successful privatization. Copyright 1997 by American Economic Association.