Privatization—defined here as the transfer of ownership state-owned organizations to private parties—has attracted attention scholars across multiple fields. Privatization programs have been based on assumption, grounded in microeconomic theory, that a shift from public will incentivize more efficient management available resources. However, failure deliver expected outcomes some cases and nuan...

This paper adds to the overconfidence literature by specifically considering the differential nature of information and its use by different classes of investors. The literature suggests that overconfidence is a major determinant of stock trading volume. We postulate that private investors are more prone to overconfidence bias as compared to institutional investors. This implies that turnover i...

We construct and analyze 1992-2001 panel data to study the effects of alternative postprivatization ownership structures on firm performance and the time profile of firm performance before and after privatization for the surviving population of initially stateowned enterprises in Romania. Applying OLS and fixed-effects methods to a variety of specifications, we find consistently positive, highl...