Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such country, Mongolia. We document the size of ownership changes since privatization (through mergers, spin-offs, and stock sales) and examine which owners are changing in importance.
Ownership, Exit, and Voice after Mass Privatization: Evidence from MongoliaJames H. Anderson, Georges Korsun and Peter Murrell ,
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Economics of Transition