|
|
|
|
|
| Li, Hongbin; Rozelle, Scott. |
| This paper studies insider privatization in transition economies. We show theoretically that the underperformance of insider-privatized firms could be due to the manager-cum-owner's lack of incentives after privatization. A screening theory predicts that a firm's postprivatization incentives increase with the firm's buyout price. The empirical results show that the buyout price decreases with the degree of information asymmetry and that a firm's postprivatization performance increases with the buyout price. We also find that the performance of premium-paying firms converges with that of private firms after privatization; in contrast, heavily discounted firms perform indistinguishably from government-owned firms. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Political Economy. |
| Ano: 2001 |
URL: http://purl.umn.edu/11968 |
| |
|
|
| Li, Hongbin; Rosenzweig, Mark R.; Zhang, Junsen. |
| In this paper, we use new survey data on twins born in urban China, among whom many experienced the consequences of the forced mass rustication movement of the Chinese “cultural revolution,” to identify the distinct roles of altruism and guilt in affecting behavior within families. Based on a model depicting the choices of the allocation of parental time and transfers to multiple children incorporating favoritism, altruism and guilt, we show the conditions under which guilt and altruism can be separately identified by experimental variation in parental time with children. Based on within-twins estimates of affected cohorts, we find that parents selected children with lower endowments to be sent down; that parents behaved altruistically, providing more... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Guilt; Altruism; China; Health Economics and Policy; International Development; J12; J13; O12. |
| Ano: 2008 |
URL: http://purl.umn.edu/43524 |
| |
|
|
|
