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- W2073158102 abstract "Can privatization authority be successfully delegated to a privatization agency? To address this question we examine the liquidation policy of the German privatization agency. The theoretical part develops a dynamic model of optimal liquidation under incomplete political insulation of the privatization agency. We explore how external political interference affects its liquidation policy and derive testable implications for the distribution of liquidation decisions and privatization prices. The empirical part uses micro data on 1804 privatization contracts and 1097 liquidation decisions to verify the model predictions. The data confirm the view that political liquidation constraints are an important determinant of privatization outcomes." @default.
- W2073158102 created "2016-06-24" @default.
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- W2073158102 date "1998-07-01" @default.
- W2073158102 modified "2023-09-26" @default.
- W2073158102 title "Privatization under political interference: Evidence from Eastern Germany" @default.
- W2073158102 cites W3121478039 @default.
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- W2073158102 doi "https://doi.org/10.1016/s0014-2921(97)00095-0" @default.
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