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Since an enterprise, which is to be privatized, has to be restructured in uncertainty, and the restructuring investments are sunk when the final decision on the sale price is taken, there is an imminent danger that restructuring is not efficient, and there is underinvestment. We consider, restructuring by the private buyer of the firm, by a government privatization agency, and by both. In the first two cases—one-sided restructuring—a first best can be achieved. In the case of both-sided restructuring, however, the first best cannot be reached if both parties engage in restructuring after signing the contract.
Since an enterprise, which is to be privatized, has to be restructured in uncertainty, and the restructuring investments are sunk when the final decision on the
Why do women in most developing countries lag behind men in literacy? Why do women get less schooling than men? This anthology examines the educational decision
One of the most important policy questions in the transition economies is what governments can do to speed the restructuring of firms and thus hasten the transi
This volume presents cases from a World Bank study of state-owned industrial firms in Poland, Hungary and the Czech and Slovak republics. Topics that are covere
Under pressure from both the Federal government and private citizens, local and state governments are restructuring their services, including the areas of educa
