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Privatization in Eastern Germany

其他書名	Management Selection and Economic Transition
出版	Division of Research, Harvard Business School, 1994
URL	http://books.google.com.hk/books?id=Y9RMPAAACAAJ&hl=&source=gbs_api

註釋The German government rapidly privatized state owned enterprises through an auction mechanism with openness to all purchasers. Western German firms purchased most enterprises raising suggestions of inefficiency or corruption. This paper rationalizes the government approach, suggesting the key to understanding these elements of the economic transition is recognition of the need to select western managers and transfer them to eastern enterprises. I demonstrate the importance of management selection through a model of adverse selection based on information advantages for private owners. Privatization can improve the quality and level of management in eastern enterprises, and these benefits can increase with the size of the transition. Evidence from East Germany supports the theoretical assumptions and is consistent with model predictions.