TY  - JOUR
AU  - Barberis,Nicholas
AU  - Boycko,Maxim
AU  - Shleifer,Andrei
AU  - Tsukanova,Natalia
TI  - How Does Privatization Work? Evidence from the Russian Shops
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5136
PY  - 1995
Y2  - May 1995
UR  - http://www.nber.org/papers/w5136
L1  - http://www.nber.org/papers/w5136.pdf
N1  - Author contact info:
Nicholas C. Barberis
Yale School of Management
135 Prospect Street
P O Box 208200
New Haven, CT 06520-8200
Tel: 203/436-0777
Fax: 203/432-6970
E-Mail: nick.barberis@yale.edu

Andrei Shleifer
Department of Economics
Harvard University
Littauer Center M-9
Cambridge, MA 02138
Tel: 617/495-5046
Fax: 617/496-1708
E-Mail: ashleifer@harvard.edu
AB  - We use a survey of 452 Russian shops, most of which were privatized between 1992 and 1993, to measure the importance of alternative channels through which privatization promotes restructuring.  Restructuring is measured as capital renovation, change in suppliers, increase in hours that stores stay open, and layoffs.  There is strong evidence that the presence of new owners and new managers raises the likelihood of restructuring.  In contrast, there is no evidence that equity incentives of old managers promote restructuring.  The evidence points to the critical role that new human capital plays in economic transformation.
ER  -