This study surveys the literature examining the privatization of state-owned enterprises
(SOEs) We review the history of privatization, the theoretical and empirical evidence on the …

This paper surveys the empirical literature examining bank privatization. We begin by
documenting the extent of, theoretical rationale for, and measured performance of state …

We propose a clarification of the notion of a soft budget constraint, a concept widely used in
the analysis of socialist, transitional, and market economies. Our interpretation is broad …

Abstract Current Economic Policy Uncertainty (EPU) indicators are highly correlated with
macroeconomic growth. To better reveal the EPU perceived by each firm, a firm-level EPU …

The paper investigates the effect of legal change on the lending behavior of banks in twelve
transition economies. First, we find that banks increase the supply of credit subsequent to …

We study the relation between state ownership and cash holdings in China's share-issue
privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state …

This study examines the impact of ownership structure on Chinese banks' risk-taking
behaviours. We classify the Chinese commercial banks into three categories based on the …

Abstract The Great Divide in economic and financial development and the convergence in
financial architecture among the successful countries raise fundamental questions about …

Although a large and growing literature shows that privatization can improve the
performance of non-financial enterprises, there is less evidence on how it affects the …