Privatization in Eastern Germany: Management Selection and Economic Transition

American Economic Review

Volumn 87, Issue 4, 1997, Pages 565-597

  Alexander Dyck, I J ^a  

^a HARVARD UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC REFORM; INDUSTRIAL RESTRUCTURING; MANAGEMENT REPLACEMENT; PRIVATISATION;

GERMANY, (EAST);

EID: 0031401425     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (58)

1. Aghion, Philppe; Blanchard, Olivier and Carlin, Wendy. "The Economics of Enterprise Restructuring in Central and Eastern Europe." Mimeo, University College, London, 1994.
2. Akerlof, George A. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism." Quarterly Journal of Economics, August 1970, 84(3), pp. 488-500.
3. Akerlof, George A.; Rose, Andrew K.; Yellen, Janet L. and Hessenius, Helga. "East Germany in from the Cold: The Economic Aftermath of Currency Union." Brookings Papers on Economic Activity, 1991, (1), pp. 1-87.
4. Albach, Horst. "The 1992 Uppsala Lectures in Business." Mimeo, Koblenz School of Corporate Management, 1992.
5. Baden, Kay and Gatermann, Michael. "Soll und Haben." Manager Magazin, July 1991, pp. 146-55.
6. Barberis, Nicholas; Boycko, Maxim; Shleifer, Andrei and Tsukanova, Natalia. "How Does Privatization Work? Evidence from the Russian Shops." Journal of Political Economy, August 1996, 104(4), pp. 764-90.
7. Baums, Theodore. "Corporate Governance in Germany: The Role of Banks." Paper presented at CEPR Conference on Corporate Governance, Stanford University, May 1-2, 1992.
8. Boycko, Maxim; Shleifer, Andrei and Vishny, Robert W. "Privatizing Russia." Brookings Papers on Economic Activity, 1993, (2), pp. 139-81.
9. _. "A Theory of Privatization." Economic Journal, March 1996, 106(435), pp. 309-19.
10. Brahms, Hero. "Gründung von Menagement -Kommanditgesellschaften," Press release, Treuhand Press Office, Berlin, May 7, 1992.
11. Bundesrechnungshof. Bemerkungen des Bundesrechnungshof 1993 zur Haushalts-und Wirtschafsführung. Stuttgart: W. Kohlhammer, 1993, pp. 188-96.
12. _. Bemerkungen des Bundesrechnungshof 1995 zur Haushalts-und Wirtschafsführung. Stuttgart: W. Kohlhammer, 1995, pp. 133-39.
13. Bundesverband deutscher Banken. "Die Aktivitäten der Privaten Banken in den neuen Bundesländern-eine Bestandsaufnahme." Press release, Cologne, November 1992.
14. _. "Die Privaten Banken in den neuen Ländern: Entwicklung und Perspektiven." Press release, Cologne, March 1993.
15. Carlin, Wendy and Mayer, Colin. "The Treuhandanstalt: Privatization by State and Market," in Olivier Blanchard, Ken Froot, and Jeffrey Sachs, eds., The transition in eastern Europe, Vol. 2. Chicago: University of Chicago Press, 1994, pp. 189-207.
16. Carlin, Wendy; Van Reenen, J. and Wolfe, T. "Enterprise Restructuring in the Transition: An Analytical Survey of the Case Study Evidence from Central and Eastern Europe." European Bank for Reconstruction and Development (EBRD) Working Paper No. 14, 1994.
17. Coase, Ronald. "The Nature of the Firm." Economica, November 1937, 4(16), pp. 386-405.
18. Demougin, D. and Sinn, Hans Werner. "Privatization, Risk-Taking and Communist Firm." National Bureau of Economic Research (Cambridge, MA) Working Paper No. 4205, 1992.
19. Dorenberg, Kristian and Thom, Hans-Dieter. "Umfang Management Transfer Treuhandanstalt." Letter, Berlin, December 1, 1992.
20. Dornbusch, Rudiger and Wolf, Holger C. "East German Economic Reconstruction," in Olivier Blanchard, Ken Froot, and Jeffrey Sachs, eds., The transition in eastern Europe, Vol. 1. Chicago: University of Chicago Press, 1994, pp. 155-182.
21. Dyck, Alexander and Wruck, Karen. "Germany's Evolving Privatization Policies: The Plaschna Management KG." Harvard Business School Case 9-795-120, 1995.
22. Esser, Josef. "'Symbolic Privatisation': The Politics of Privatisation in West Germany," in J. Vickers and V. Wright, eds., The politics of privatisation in western Europe. London: Cass, 1989, pp. 61-73.
23. Fischer, Stanley and Gelb, Alan. "The Process of Socialist Economic Transformation." Journal of Economic Perspectives, Fall 1991, 5(4), pp. 91-105.
24. Fischer, Wolfram; Hax, Herbert and Schneider, Hans Karl, eds. Treuhandanstalt: Das unmögliche Wagen. Berlin: Akademie Verlag, 1993.
25. Frydman, Roman; Rapaczynski, Andrzej and Earle, John. The Privatization Process in Central Europe. New York: Central European University Press, 1993.
26. German Institute for Economic Research (DIW). Wochenbericht. Berlin: Duncker and Humblot, 1991-1992, various issues.
27. Gibbons, Robert and Katz, Lawrence F. "Lay-offs and Lemons." Journal of Labor Economics, October 1991, 9(4), pp. 351-80.
28. Greenwald, Bruce C. "Adverse Selection in the Labour Market." Review of Economic Studies, July 1986, 53(3), pp. 325-47.
29. Greenwald, Bruce C. and Glasspiegel, Robert R. "Adverse Selection in the Market for Slaves: New Orleans, 1830-1860." Quarterly Journal of Economics, August 1983, 98(3), pp. 479-99.
30. Holmstrom, Bengt and Milgrom, Paul. "Multi-Task Principal Agent Analysis: Incentive Contracts, Asset Ownership and Job Design." Journal of Law, Economics, and Organization, Special Issue 1991, 7, pp. 24-52.
31. _. "The Firm as an Incentive System." American Economic Review, September 1994, 84(4), pp. 972-91.
32. Jovanovic, Boyan. "Job Matching and the Theory of Turnover." Journal of Political Economy, October 1979, 87(5), pp. 972-90.
33. Kaplan, Steven N. "Top Executives, Turnover and Firm Performance in Germany." Journal of Law, Economics, and Organization, April 1994, 10(1), pp. 142-59.
34. Klöttschen, K. "Capital Investment Funds and Companies," in: Privatization: Together into the social market economy. Cologne: Deutsche Instituts Verlag, 1992, pp. 270-72.
35. Laban, Raul and Wolf, Holger C. "Large-Scale Privatization in Transition Economies." American Economic Review, December 1993, 83(5), pp. 1199-1210.
36. Laffont, Jean-Jacques and Tirole, Jean. "Privatization and Incentives." Journal of Law, Economics, and Organization, Special Issue 1991, 7, pp. 84-105.
37. Lenske, W. Strukurwandel Ost. Personalentwicklung-Qualifizierung-Rahmenbedingungen wirtschaftler Entwicklung. Cologne: Institut der deutschen Wirtschaft, 1992.
38. Lipton, David and Sachs, Jeffrey. "Privatization in Eastern Europe: The Case of Poland." Brookings Papers on Economic Activity, 1990, (2), pp. 293-333.
39. Lundberg, Kristen and Donahue, John. "The Treuhandanstalt: Taking a Nation Private." Harvard University, Case Study C16-92-1120.0, 1992.
40. Mayhew, Ken and Seabright, Paul. "Incentives and the Management of Enterprises in Economic Transition: Capital Markets Are Not Enough." Oxford Review of Economic Policy, Spring 1992, 8(1), pp. 105-29.
41. Megginson, William L.; Nash, Robert C. and Van Randenborough, Matthias. "The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis." Journal of Finance, June 1994, 49(2), pp. 403-52.
42. Pritchett, J. and Chamberlain, R. M. "Selection in the Market for Slaves: New Orleans, 1830-1860." Quarterly Journal of Economics, May 1993, 108(2), pp. 461-73.
43. Roland, Gérard and Verdier, Thierry. "Privatization in Eastern Europe: Irreversibility and Critical Mass Effects." Paper presented at IPMG-CEPR Conference on Privatization, Milan, May 1991.
44. Sappington, David E. M. and Stiglitz, Joseph. "Privatization, Information and Incentives." Journal of Policy Analysis and Management, Summer 1987, 6(4), pp. 567-82.
45. Shapiro, Carl and Willig, Robert D. "Economic Rationales for the Scope of Privatization." Discussion Paper No. 41, Princeton University, 1990.
46. Siebert, Horst. "German Unification: The Economics of Transition." Kiel Working Paper No. 468, Kiel Institute of World Economics, 1991.
47. Spence, A. Michael. "Job Market Signaling." Quarterly Journal of Economics, August 1973, 87(3), pp. 355-74.
48. Stiglitz, Joseph. "The Theory of Screening, Education and the Distribution of Income." American Economic Review, June 1975, 65(3), pp. 283-300.
49. Tirole, Jean. "Privatization in Eastern Europe: Incentives and the Economics of Transition." NBER macroeconomics annual. Cambridge, MA: MIT Press, 1991.
50. Tofaute, Hartmut. Der grosse Ausverkauf: Die Privatisierung von Bundesunternehmen durch die Regierung Kohl. Cologne: Bund Verlag, 1994.
51. Treuhandanstalt (Treuhand). "Entschlossen Sanieren." Press release, Treuhand Press Office, Berlin, 1992a.
52. _. "Sale of the Century: Buying Companies in Eastern Germany." Press release, Treuhand Press Office, Berlin, 1992b.
53. _. "Informationen." Press release, Treuhand Press Office, Berlin, Ausgabe 10-18, 1992c.
54. _. "Monatsinformationen." Press release, Treuhand Press Office, Berlin, 1992d.
55. _. "Daten und Fakten zur Aufgabenerfüllung der Treuhandanstalt." Press release, Treuhand Press Office, Berlin, 1994.
56. Wagner, Hermann. "Statusbericht: Management-Transfer West-Ost." Internal document, Treuhandanstalt, 1991.
57. Waldman, Michael. "Job Assignments, Signaling and Efficiency." Rand Journal of Economics, Summer 1984, 15(2), pp. 255-67.
58. Wirtschaft, Die. Kombinate: Was aus ihnen geworden ist. Berlin: Verlag Die Wirtschaft, 1993, pp. 389-95.