Chong, Alberto; Lopez-de-Silanes, Florencio - In: Annals of Economics and Finance 15 (2014) 2, pp. 535-591
Critics of privatization argue that poor labor force restructuring is a key concern and that governments should … owners after privatization. Our results show that adverse selection plagues retrenchment programs carried out by governments … before privatization. Controlling for endogeneity, several labor retrenchment policies yield a negative impact on net …