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T e F tu o B n in R fo h u re f a k g e rm

We w ta e th e id n e to e e w e d e it le v u h n e k is v e c g th r, h re o s a e s? Te a o v u p b m w h re re b io s ro le s ith hv ae th In ia b n in se to e d n a k g c r, ra g g fro u d r-le d g to u s c re le d g w ic w n in m n e n in n e u d n in , h h e d u e a s m le g . T e is n wa g a r a a n ss isc ss d t o e n th h re o re te w re e g v rn e t a d a w g e to o e mn n illin n ss o th se p b m in th In ia f e ro le s e d n d so e in a o t th m o m th g b u e . O e p lic o tio th t is b in d u e is p a a n T e n o y p n a e g isc ss d riv tiz tio . h e id n e fro C le d u se v ec m o , isc s d a o e s g e th t p a a n b v , u g sts a riv tiz tio se to c r: w u le d to a in sio o d n m in to th b n in o ld a n fu n f y a ism e ak g p a b n s h v b e g w g fa r th n c m a b p b riv te a k a e e n ro in ste a o p ra le u lic b n s in te s o c d ak rm f re it, d p sits a d n m e o b n h s, eo n u b r f ra c e or u in lu in ru l b n h s, th u h it sh u b n te th t in c d g ra ra c e og o ld e o d a e p a a a sis, th c m a n g u o p a b n s w re m iric l n ly e o p riso ro p f riv te a k e th re tiv ly smll ld p a b n s.4 It is n t c a th t w e la e a o riv te a k 8 o le r a e c ne tra o te fro th tow a w c u e p c w e th S te a x p la m is h t e o ld x e t h n e ta B n o In ia w ic is m re th n a o e o m g itu e g a r ak f d , h h o a n rd r f a n d re te in siz th n th la e ld p a se to b n s. T e e e a e rg st o riv te c r a k h n w p a b n s a b g r a d in so e w y w u h v b e a riv te a k re ig e n m a s o ld a e e n b tte g u to c m a w . H w v r w ile th g u is a e r ro p o p re ith o e e h is ro p lso g w g v ry fa th y h v b e fa o d b re u to in so e ro in e st, e a e e n v re y g la rs m sp c w y w ic , c m in d w th ir re tiv ly sh rt tra k e ific a s, h h o b e ith e la e o c re o , m k s th c m a nd u c rd a e e o p riso iffic lt. P a a n w a fre th lo n o e fro th fe r o th riv tiz tio ill lso e e a ffic rs m e a f e C Ca dm k th ms m w a m re w gtole da g ssiv ly V n a e e o e h t o illin n g re e w e th p sp c a g o , th u h a w b d u e la r, h re e ro e ts re o d o g , s ill e isc ss d te b tte re u tio o p b b n s m ya a h v sim r g a e r g la n f u lic a k a lso c ie e ila o ls. H ric lly a c c l d re c b tw e p b a d p a isto a , ru ia iffe n e e e n u lic n riv te se to b n s h s b e th ir w g e to le d to th p rity c r ak a en e illin n ss n e rio se to T e re e t b a e in o th d fin n o p rity se to c r. h c n ro d n g f e e itio f rio c r

h s m c a ic lly in re se th sh re o c d fro b th p b a ehn a c a d e a f re it m o u lic a d p a s c r b n s th t q a a p rity se to T e sh re n riv te e to a k a u lify s rio c r. h a o p rity se to le d g fro p b s c r b n s w s 4 .5 f rio c r n in m u lic e to a k a 2 p rc n in 2 0 , u fro 3 .6 p rc n in 1 9 . P a s c r e et 03 p m 6 e et 9 5 riv te e to le d g h s sh w a sim r in re se fro its 1 9 le e o 3 n in a o n ila c a m 95 vl f 0 p rc n In 2 0 it my h v s rp ss d fo th first tim e e e e t. 03 a ae u a e r e e vr p b s c r b n s, w a s a o n t b n c d toth p rity u lic e to a k ith h re f e a k re it e rio se to a 4 .4p rc n toth p rityse to c r t 4 e et e rio c r. S till, th re a su sta tia d re c s b tw e th p b a d e re b n l iffe n e e e n e u lic n p a se to b n s. Mst n ta le is th c n n fa re o riv te c r a k o o b e o siste t ilu f p a se to b n s to m e th a ric ltu l le d g su ta e riv te c r a k e t e g u ra n in b rg t, th u h th y a og e lso le d s b n lly le in ru l a a O r n u sta tia ss ra re s. u e id n e s g e th t p a a n w m k it h rd r fo th v e c u g sts a riv tiz tio ill a e a e r e g v rn e t tog t th p a b n s toc m lyw w a it w n o e mn e e riv te a k o p ith h t a ts th mto d . H w v r it is n t c a th t th re c th g a r e o o ee o le r a is fle ts e re te se sitiv o th p b b n s to th p rtic la so ia g a It n ity f e u lic a k is a u r c l o l. cu a o ld lso b th t c d to a ric ltu , b in p rtic la e a re it g u re e g a u rly p litic lly sa n is th o e p c w e th n tio a e b n s o a lie t, e n la e h re e a n liz d a k a su je t top litic l p s re tomk im ru e t lo n re b c o a re su s a e p d n a s. F a , o e p te tia d d a ta e o p a a n c m s fro in lly n o n l isa v n g f riv tiz tio o e m th risk o b n fa re In th p st th re h v b e c se w e e f a k ilu . e a e a e e n a s h re th o n r o th p a b n s p dits a ts, a dd c re e w e f e riv te a k trip e sse n e la d th t it c n o h n r its d p sit lia ilitie T e g v rn e t is, a ant oo eo b s. h o e m n u d rsta d b , re c n to le b n s fa sin e o e o th n e n a ly lu ta t t a k il, c n f e a h v m n o th la fo y a h s b e to p rsu d p o le c ie e e ts f e st rty e rs a e n e ae ep th t th ir m n y is sa in th b n s. T e fo , it h s te d d to a e oe fe e a k h re re a ne ta e o e th fa db n , w th re lta t p ss re o th fisc l k v r e ile a k ith e su n re u n e a d fic O c u , th is in p rt a re lt o p o re u tio e e it. f o rse is a su f o r g la n th re u to s o ldb a le tosp t a p a b n th t is strip in its g la r h u e b o riv te a k a p g a e B tte e fo e p d n l re u tio s w u c n e b ss ts. e r n rc d ru e tia g la n o ld o sid ra ly stre g e th c s fo p a a n n th n e a e r riv tiz tio .

O th o e h n , p b b n s h v a b e fa g th n e th r a d u lic a k a e lso e n ilin e p b mse m to b p rt c rru tio a d p rt in rtia z e o ro le e s e a o p n n a e /la in ss n th p rt o th le d rs. A w s wa o e th c st o b ilin o t e a f e ne s e a bv, e o f a g u th p b b n s my w ll b la e (a p p te sc le ) th n e u lic a k a e e rg r p ro ria ly a d a th to l lo s in u dfro e e b n fa resin e1 6 e ta sse c rre m v ry a k ilu c 99 O c a a th fa t th t th e p a b n s p se a p b m n e g in e c a e n w riv te a k o ro le : S fa n n o th mh v d fa lte , b t th ya a n w a da o r o e f e a e e u d u e re lso e , n s a re lt, h v n t y t h d to d a w th slo d c e o o c su a e o e a e l ith e w e lin f n e su c ssfu c m a ie w ic is o e o th m in so rc s o th c e l o p n s, h h n f e a u e f e a c m la no b dd b o th b o s o th p b b n s. c u u tio f a e t n e o k f e u lic a k O b la c , w fe l th e id n e a u s, a e q ite te ta e , n a n e e e e v e c rg e lb it u n tiv ly fo p a in th n tio a e b n s c m in d w tig te r riv tiz g e a n liz d a k o b e ith h r p d n l re u tio s. O th o e h n w se n o v u c se ru e tia g la n n e th r a d e e o b io s a fo a a d n g th c l a e t o b n in . In e d th re is a r b n o in e so ia sp c f a k g d e e n tu l c m le e ta a ra o p m n rity b tw e re fo in th p rity se to e e n in rc g e rio c r re u tio s (fo e a p , b in g la n r x m le y sistin th t p a b n s le d g a riv te a k n m re to a ric ltu ) a d p a a n sin e w a p a e o g u re n riv tiz tio , c ith riv tiz d b n in se to it is le s lik ly th t th d c d lo n w g t ak g c r s e a e ire te a s ill e re ire te b s do p litic l e p d n y d c d a e n o a x e ie c . H w v r th re is n re so toe p c m c s fro th p a e o ee e o a n x e t ira le m e riv tiz d b n s. F r a v rie o re so s in lu in fin n ia sta ility th ak o a ty f a n c d g a c l b , e n tu l te d n y o b n s, p b o p a , th w rld o e is a ra n e c f a k u lic r riv te e o v r, to a s c n lid tio a d th fo a n o fe e b g r b n s. w rd o so a n n e rm tio f w r, ig e a k A b n s b c m la e th y a o in v b b c m m re s a k e o e rg r, e lm st e ita ly e o e o b re u ra , b c u m st le d g d c n in b b n s, b th u a c tic e a se o n in e isio s ig a k y e v ry fa t o th b n b in b , m st b ta e b p o le w o e c f e a k e g ig u e k n y e p h h v n d c fin n ia sta e in th lo n B in b re u ra a e o ire t a c l k e a . e g u a c tic m a s lim g th a o n o d re n th lo n o e c n en itin e m u t f isc tio e a ffic rs a e e ise a d u g ru s, ra e h m n ju g e t w e v r x rc n sin le th r u a d m n h re e p ssib , m c a is c rre tly d n in In ia n tio a e b n s. o le u h s u n oe d n a n liz d a k B rg r e a h v a u d in th c n x o th U th t th le d e e t l. a e rg e e o te t f e S a is a s .

b g r b n s to sh a a fro le d g to th smlle firm 0 ig e a k y w y m n in e a r s.5 O r p su p n is th t th p c ss o c n lid tio a d a u re m tio a is ro e f o so a n n n in re se fo u o le d g to c rp ra a d o e la e firm is c a d c s n n in o o te n th r rg r s w a w h p e inIn ia w o w o t p a a n th u hin h t ill a p n d , ith r ith u riv tiz tio , o g th sh rt ru , th e try o a n m e o n w p a e b n s e o n e n f u b r f e ly riv tiz d a k sh u in re se c m e n fo c n w ic o g t to h lp th o ld c a o p titio r lie ts, h h u h e e smlle firm a r s. In th e d th k y to b n in re rm m y lie in th in rn l e n e e a k g fo a e te a b re u ra re rmo b n s, b thp a a dp b . In p rt th u a c tic fo f a k o riv te n u lic a is is a a y h p e in a mn o th n w r p a b n s (lik lre d a p n g s a y f e e e riv te a k e H F , IC I) try to re c b y n th ir tra itio a c n in th D C IC ah eod e d n l lie ts e h u g c n u e fin n ea db e h se to o sin , o s m r a c n lu -c ip c rs. T is w re u a se o s a r s p re rm d sig e to a c h ill q ire t f m lle te fo s, e n d ffe t th in e tiv s o b n e in p a a d p b b n s. Afirst ste e c n e f a k rs riv te n u lic a k p w u b tomk le d gru s m re re o siv toc rre t p fits o ld e a e n in le o sp n e u n ro a dp je tio s o fu re p fits. T is myb aw ytob thta e n ro c n f tu ro h a e a o rg t b tte a d g a a a st p te tia N A la e b c u p o e r n u rd g in o n l P s, rg ly e a se o r p fita ility se m to b a g o p d to o fu re d fa lt. It is ro b e s e o d re ic r f tu e u c a h w v r th t c o sin th rig t w ytoin lu e p fits inth le r o e e a h o g e h a c d ro e le d g d c n w n t b e sy O o e sid th re is th d n e n in e isio ill o e a . n n e e e a gr th t u p fita lec m a ie d fa lt. O th o e sid , th reis th a n ro b o p n s e u n e th r e e e d n e o p sh g a c m a y in d fa lt b c ttin its a c s to a g r f u in o p n to e u y u g c es c d e a tlyw e it n e s it th m st, i.e rig t a r a sh c to re it x c hn e d e o . h fte ok d m n o c sts h s p sh d it in th re . P rh p o e w y to e ad r o a u e to e d e a s n a b la c th se o je tiv s w u b to c a th e c te o s o a n e e b c e o ld e re te re a g rie f firm (1 P fita le to h h p fita le firm W in th s: ) ro b ig ly ro b s. ith is c te o le d g s o ld re o d to p fita ility w m re a g ry n in h u sp n ro b , ith o p fita lefirm g ttin ah h r lim e e if th ylo ksim r o ro b s e g ig e it, v n e o ila n th o e m a re . (2 Mrg a p fita letolo e th r e su s ) a in lly ro b ss-mk gfirm a in s th t u e to b h h p fita le in th re e t p st b t h v b e a sd e ig ly ro b e cn a u ae en h b a te p ra sh c (e . a in re s in th p e o c tto it y m o ry o k .g n c a e e ric f o n

b c u o c p fa re e .). F r th se firm th e istin ru s e a se f ro ilu s, tc o e s e x g le fo le d g m h w rk w ll. (3 Mrg a p fita le to lo r n in ig t o e ) a in lly ro b ssm k gfirm th t h v b e th t w yfo a lo gtim o h v ju t a in s a ae en a a r n e r ae s b e h b a p rm n n sh c (e ., th re o a o ta e n it y e a e t o k .g e m v l f riffs p te tin firm p d c g in a in u ro c g s ro u in n d stry in w ic th C in se h h e h e h v a h g c st a v n g ). F r th s firm th re sh u b a a e u e o d a ta e o e e s, e o ld e n a m t tod o tin e le d g b se o so e c a w rk do t tte p isc n u n in , a d n m le rly o e u e it s te y (it is im o n th t th b rro e b o re e o g x tra g p rta t a e o w rs e ffe d n u h o th p th t th y fe l th t th y w b b tte o b e itin f e ie a e e a e ill e e r ff y x g w o t d fa ltin o th lo n ith u e u g n e a s). O c u it is n t a a s g in to b e sy to d g ish f o rse o lw y o g e a istin u p rm n n sh c s fro th te p ra . In p rtic la w a sh u e a e t ok m e m o ry a u r, h t o ld w m k o th firmth t c im th t it h s p t in p c stra g s e ae f e a la s a a u la e te ie th t h lp it su iv th s o k o C in se c m e n b t th t a e rv e e h c f h e o p titio , u a th yw o lyw rkina c u le o y a T e b st ru m yb to e ill n o o p f e rs? h e le a e u th in rm tio inp fits a dc sts o e se e l y a a dth se e fo a n ro n o v r v ra e rs, n e e p rie c o th in u a aw o . x e n e f e d stry s h le O e c n in o m v gtoaru o th ty eis th t it p ts m re n o stra t n o in le f is p a u o w ig t o th ju g e t o th lo n o e T e lo n o e e h n e d m n f e a ffic r. h a ffic r w u n w h v to a ju g w e e th p fita ility o a o ld o a e lso d e h th r e ro b f c m a y (o th la k o it) is p rmn n o te p ra . T is o pn r e c f e a e t r m o ry h in re se d re n w o v u ly in re se b th th sc p fo c a d isc tio ill b io s c a o e oe r c rru tio a d th risko b in fa lya c s do c rru tio . A o p n n e f e g lse c u e f o p n s w sa a o e th d ta is c n n w th v wth t th lo n e w bv, e a o siste t ith e ie a e a o e w rry a o t th p ssib ffic rs o b u e o ility o b in fa ly a c s d o f e g lse c u e f c rru tio a d th t th p sh s th min th d c n o a o in o p n n a is u e e e ire tio f v id g ta in a yd c n if th yc nh lpit. It is c a th t it w u b k g n e isio s e a e le r a o ld e d u toa h v b tte ta e go lo n w o t re rm gth iffic lt c ie e e r rg tin f a s ith u fo in e in e tiv s o th lo no e c n e f e a ffic rs. T e a p b b a n m e o ste s th t c n g so e d n e h re re ro a ly u b r f p a a o m ista c to a s th g a e e w in p b b n s. F w rd is o l, v n ith u lic a k irst, to a o a v id

c a o fe r, th re sh u b a c a s p ra n b tw e lim te f a e o ld e le r e a tio e e n in e a no lo n a din e a n o lo no e T elo n v stig tio f a s n v stig tio s f a ffic rs. h a sh u b in e a d first (c u th o in l s n tio a o n o ld e v stig te o ld e rig a a c n m u t h v md se se a th tim it w s g e , w re th re o v u ae ae n t e e a iv n e e b io s w rn g sig s, e .) a d a p a fa ie c se th t th fa re o th a in n tc n rim c a a e ilu f e lo n c u h v b e p d te , m st b md b fo th a o ld a e e n re ic d u e a e e re e a th riz tio to sta in e a g th o e is g e . Id a , u o a n rt v stig tin e ffic r iv n e lly u til th t p in th lo n o e sh u n t k o th t th re is a n a o t e a ffic r o ld o n w a e n in e a n T e a th riz tio to in e a a lo n o e v stig tio . h u o a n v stig te a ffic r sh u a b b s d o th m st o je tiv a a b m a re o o ld lso e a e n e o b c e v ila le e su s f th life e p rfo a c o th lo n o e a ro a th lo n e -tim e rm n e f e a ffic r c ss ll e a s w e h m d d c n a d w ig t sh u b g e b th to h re e a e e isio s n e h o ld e iv n o su c sse a d fa re Alo n o e w a g o tra k re o c e s n ilu s. a ffic r ith o d c c rd sh u b a w d a n m e o m k s (a d e e s sp io s o ld e llo e u b r f ista e n v n u ic u lo k gm k s) b fo h is o e toin e a n o in ista e e re e p n v stig tio . B n s sh u a c a a d isio , s ffe b b n e w h h a k o ld lso re te iv n ta d y a k rs ith ig re u tio s, w ic is a w d to m k a c rta a o n o h h p ta n h h llo e a e e in m u t f ig risk lo n O e p ste to th d isio s o ld b e p itly a s. ffic rs o d is iv n h u e x lic p te te fro in e a nfo lo n md w ileinth d isio . ro c d m v stig tio r a s a e h is iv n T is my n t b e o g , a d s m e tra e rt to re c o t m re h a o e nuh n o e x ffo ah u o e c e to th smlle a d le w ll e ta lish d firm w ffe tiv ly e a r n ss e s b e s ill p b b b n e e , n t ju o e u g u d b t a b c u ro a ly e e d d o st n q ity ro n s, u lso e a se th se firm m y h v th h h st re rn o c p l. Ap ssib e s a a e e ig e tu s n a ita o le ste in th d c n w u b toe c u g e b e re u b p is ire tio o ld e n o ra e sta lish d p ta le firm in th c rp ra s c r a w ll a m ltin tio a to se u s e o o te e to s e s u a n ls t p smll sp c liz d c m a ie w o e o ly jo is to le d to smlle a e ia e o p n s h s n b n a r firm inap rtic la se to (a dp ssib inp rtic la lo a n In s a u r c r n o ly a u r c tio ). o e w rd th se w u b th e u a n o th m n fin n e th r o s e o ld e e q iv le ts f e a y a c c m a ie th t d e te siv le d ga o e In ia b t w lin s o p n s a o x n e n in ll v r d , u ith k to a m c b g r c rp ra e tity a d th re re c d o in ss. u h ig e o o te n n e fo re itw rth e T e b n s w u th n le d to th se e titie a so e ra th t h a k o ld e n e n s t m te a

w u b so e h t b lo th c st o c p l (in a o d in o ld e m w a e w e o f a ita ste d f o g p rity se to le d g a d th s fin n e c m a ie w u th n rio c r n in ) n e e a c o p n s o ld e m k lo n toth firm inth ir d m in a a ra th t is a m st x ae as e s e o a , t te a t o p r c n h h r th n th ir b rro in ra s. B b in sm ll a d e e t ig e a e o w g te y e g a n c n e te toap rtic la in u , th s fin n e c m a ie w u onc d a u r d stry e e a c o p n s o ld h v th a ility to a q ire d ta d k o le g o th firm in th ae e b cu e ile n w d e f e s e in u d stry a d th in e tiv to m k lo n th t w u a p a n e cn e a e a s a o ld p e r a v n ro s too tsid rs. d e tu u u e F a w fe l th t g in b n s a s n e in e tiv to le d b in lly e e a iv g a k tro g r c n e n y c ttin th in re t ra o g v rn e t b rro in w a h lp u g e te s te n o e m n o w g ill lso e . T e e id n e re o d a o e is o ly su g stiv b t it d e h v ec p rte b v n ge e u os su g st th t w e le d g is d u m k g le d g to th ge a h re n in iffic lt, a in n in e g v rn e t le lu ra e c n h v a stro g e c o th o e m n ss c tiv a a e n ffe t n e w g e o b n e tomk lo n toth p a se to T u it illin n ss f a k rs ae as e riv te c r. h s is th le o v u ly c d o y firm th t su r m st fro th e ss b io s re itw rth s a ffe o m e h hra s o g v rn e t b rro in . ig te f o e m n o w g

7R fe n e e re c s B n rje , A h ae e b ijit, 2 0 . o tra tin C n in 0 3 C n c g o stra ts, C d re it Mrk ts, a d E o o ic D v lo m n in M D w trip in L a e n c n m e e p e t. . e a o t, . H n e a dS T rn v y e s. a s n n . u o sk , d A v n e in E o o ic a d E o o e s: T e ry a d dacs cnm s n c n m tric ho n A p a n E h Wrld C n re o th E o o e S c ty p lic tio s, ig t o o g ss f e c n m tric o ie , V lu eIII. C m rid eU iv rsityP s p . 1 6 o m a b g n e re s, p -4 . B n rje , A h S a n C le a d E e D flo 2 0 . a k a e e b ijit, h w o , n sth r u , 0 3 B n F a c inIn ia M E , M . in n e d . IM O IT B n rje , A h a dE e D flo 2 0 . ffic n yo L n in a e e b ijit n sth r u , 0 0 E ie c f e d g O e tio s a d th Im a t o P rity S c r R g la n p ra n n e p c f rio e to e u tio s. M E ,M . IM O IT B n rje , A h a d E e D flo 2 0 . h N tu o C d a e e b ijit n sth r u , 0 1 T e a re f re it C n in E id n efro a In ia B n . M E , M . o stra ts. v e c mn d n ak IM O IT B n rje , A h a d E e D flo o F s Wn to B rro a e e b ijit n sth r u , D irm a t o w m re T stin C d C n in U g a D c d L n in o ? e g re it o stra ts sin ire te e d g

P g m Wrk g P p r 2 0 -0 5 (C m rid e Mss.: B re u ro ra . o in a e 0 3 0 a b g, a u a fo R se rc inth E o o icA a sis o D v lo m n 2 0 ). r e a h e c n m n ly f e e p e t, 0 3 B n rje , A h ae e b ijit a d K iv n Mn i, 2 0 . e o s, n a a u sh 0 4 N tw rk M ra n a d In e e t: In e a d O tsid rs in T p rs ig tio n v stm n sid rs n u e iru u P d c nC ste R v wo E o o icS d s, 7 : 1 -4 . ro u tio lu r. e ie f c n m tu ie 1 9 2 B rg r, A n N th nM r, M h ll P te n R g u mR ja e e lle , a a ille itc e e rso , a h ra a n a d Je m S in 2 0 . o s F n tio F llo s O a iz tio a n re y te , 0 1 D e u c n o w rg n a n l F rm E id n e fro th L n in P c e o L rg a d S a o : v ec m e e d g ra tic s f a e n m ll B n s.M E , H rv rdU iv rsity ak IM O a a n e . B rn n e B n m a dMrkG rtle 1 8 . g n yC sts, N t e a k , e ja in n a e r, 9 9 A e c o e Wrth a d B sin ss F c a n A e a E o o ic R v w o , n u e lu tu tio s. m ric n c n m e ie , 7 (1 4 1 9 ):1 -3 . B rtra d Mria n , A to e S h a a dD v T e a 2 0 . e n , a n e n in tte c o r n a id h sm r, 0 3 a k gD re u tio a dIn u S c re E id n e fro th B n in e g la n n d stry tru tu : v e c m e F n hB n in R fo s o 1 8 .M E , M . re c a k g e rm f 9 5 IM O IT B n h w r, D v a d A d w O a , 1 9 . h t Mk s la c flo e a id n n re sw ld 9 8 Wa a e a E tre re e r.Jo rn l o L b r E o o ic 1 (1 1 -6 . n n p nu u a f a o c n m s 6 ): 6 0 B rg ss, R b a d R h i P n e 2 0 . o R ra B n s u e o in n o in a d , 0 3 D u l a k Mtte E id n e fro th In ia S c l B n in E p rim n a r? v e c m e d n o ia a k g x e e t. M E Y leU iv rsity Ju e IM O a n e , n. C le S a n 2 0 . o p n V ila c , a d th S p ly o o , h w , 0 2 C rru tio , ig n e n e u p f C d M E ,M . re it. IM O IT C le S a n 2 0 . h E c o O n rsh o B n in . o , h w , 0 4 T e ffe t f w e ip n a k g M E ,M IM O IT . D sg p , A 1 8 . R p rts o In rml C d Mrk ts in In ia a u ta . 9 9 e o n fo a re it a e d : S m a . N wD lh N tio a In te o P b F a c a d u m ry e e i: a n l stitu f u lic in n e n P lic . o y D it, A in sh 1 9 . T e Mk g o E o o ic P lic : A ix v a , 96 h a in f c n m o y T n c nC st P litic P rsp c e ra sa tio o o s e e tiv . Munich Lectures in Economics Cambridge: MIT Press. Fazzari, S, R.G. Hubbard and Bruce Petersen, 1998. Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1:141-195. Government of India, 2000. Cases Referred to the Central Vigilance Commission by Public Sector Banks: A Critical Analysis. Delhi: Central Vigilance Commission. Government of India, 2001. Special Chapter on Vigilance Management in Public Sector Banks. Delhi: Central Vigilance Commission. Kaplan, Stephen and Luigi Zingales, 2000. Investment-cash Flow Sensitivity are not Valid Measures of Financial Constraints. Quarterly Journal of Economics 115: 707-712. La Porta Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2002. Government Ownership of Banks. Journal of Finance 57:265-301. Lamont, Owen, 1997. Cash Flows and Investment: Evidence from Internal Capital Markets. Journal of Finance, 51(2):83-109. Mian, Atif, 2000. Creditor Incentives and Privatization. MIMEO, MIT. Reserve Bank of India, 2000. Directory of Commercial Bank Offices in India (Volume 1). Mumbai. Reserve Bank of India, Various Issues. Statistical Tables Relating to Banks in India. Mumbai.

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