We discuss the relative merits of public and private ownership. Our starting point is the analysis of Hart, Schleifer and Vishney (HSV), who apply an incomplete contract framework to study the difference between private and public ownership. Our analysis departs from HSV’s model in two aspects. First, we allow for cost-sharing contracts between the government and the firm. Second, we assume tha...

using energy as a weapon, the new russia seeks to reconstruct its empire. the russian government has declared an economic model since 2001 entitled rationalization which has been implemented by the putin's government. state ownership especially concerns the oil industry which was expanded by confiscating the yukas company's properties and gazprom's procurement of the apple oil co...

Government-linked companies (GLCs) play an important role in the development of the Malaysian economy. However, overall public perception of GLCs in Malaysia has been tainted by the poor performance of key players, namely Malaysia Airline System (MAS) and Proton Holdings Berhad. Results of prior studies on the extent to which government intervention affects a company’s performance are mixed. Th...

In a sample of California hospitals, we find that the composition of the board of directors varies systematically across ownership types. For all ownership types, except government-owned, we find that poor financial performance is related to board and CEO turnover. However, different ownership types place different weights on levels of charity care and administrative expenses. Our overall findi...

IHDP Update 2.2008 Fundamental, policy-driven changes are transforming China's rangelands in response to a perceived threat of environmental degradation. Having transferred livestock property from state to private ownership over the past two decades, government policy is now encouraging pastoralists to privatise parts of the natural resource, in the form of fenced enclosures. In other areas, th...

The paper examines the impact of ownership structure on company economic performance in the largest companies from 12 European nations. Ownership structure is measured by the identity and share of the largest owner. Performance is measured by return on assets, market to book values and sales growth controlling for industry, capital structure and nation effects. We find evidence of a bell-shaped...