Political determinants of privatizations in China: A natural experiment based on politician career concerns
利用中国地方官员年龄超过58岁后晋升概率骤降这一自然实验，发现年龄较大的官员更少推动国企私有化，且私有化显著提升了企业效率。
We study the political determinants of the world's largest privatization program by exploiting an age-related discontinuity of politician promotion in China. As a local politician's age exceeds 58, his promotion likelihood quickly diminishes. Consistent with changes in the politician's incentives, we find that Chinese cities whose top officials were older than age 58 were less likely to privatize local state-owned enterprises. Using the promotion discontinuity as an instrument, we report that privatization has significant effects on the firm's efficiency.