Can Restructuring Gains Be Sustained Without Ownership Changes? Evidence from Withdrawn Privatizations
通过对比撤回和完成的股票发行私有化样本，发现所有权从国有转为私有是私有化长期成功的必要条件，否则重组收益会随时间消失。
Abstract By employing a novel, hand-collected sample of withdrawn and completed share issue privatizations, we show that both groups undergo comparable restructuring processes over the 3 years preceding the event. We employ matching procedures to explicitly control for the restructuring effect, isolating the effect of the ownership transfer from state to private investors on corporate policies and performance. We document that, absent the ownership transfer, most of the gains realized during the restructuring process are reabsorbed over the posttreatment period. The transition from state to private ownership thus represents a necessary condition for the long-term success of privatization programs.