markets do not account for cross-country differences in economic performance. …

We analyze the effect of ownership on post-privatization performance in a virtually complete population of medium and …, private ownership tends to be associated with superior performance in terms of some indicators but not others, and dispersed … ownership results in better or equal performance than more concentrated forms of ownership. …

We analyze the effects of ownership type and concentration on performance of a population of firms in a model large … that few types of private ownership improve dynamic post-privatization performance. Concentrated foreign (but not domestic …) ownership improves some measures of performance relative to state ownership. Foreign investors engage in strategic restructuring …

We analyze the effect of ownership on post-privatization performance in a virtually complete population of medium and … ownership improves economic performance, but domestic private ownership does not, relative to state ownership. Foreign firms … increasing profit. Ownership concentration is associated with superior performance, thus providing support to the agency theory …