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**Appendix 1. Summary Statistics**

Variable Obs Mean Median Std. Dev. Min Max _**Privatization Characteristics**_ CEO change 77 0.468 0.000 0.502 0.000 1.000 Foreign Participation 77 0.870 1.000 0.338 0.000 1.000 Share Sold 77 34.612 30.000 19.676 1.000 95.000 Independent Agency 77 0.351 0.000 0.480 0.000 1.000 _**Firm Characteristics**_ Penetration 77 0.534 0.265 0.617 0.001 2.431 Operating efficiency 77 0.862 0.351 1.231 -0.350 6.418 Profitability 77 0.059 0.040 0.165 -0.476 0.792 Net total liabilities 77 0.468 0.000 0.502 0.000 1.000 Sales 77 3.545 1.430 5.079 0.003 21.991 Presence of unions 77 0.870 1.000 0.338 0.000 1.000 _**Country-Specific Variables**_ Economic growth 77 2.928 3.319 3.726 -11.144 12.822 Gross Domestic Product 77 25.382 25.571 2.176 19.448 28.856 Urban Population 77 66.198 70.500 19.778 12.853 100.000 Expropriation Risk 77 2.221 2.000 1.510 1.000 7.000 Latin America 77 0.247 0.000 0.434 0.000 1.000 Asia 77 0.104 0.000 0.307 0.000 1.000 Africa and Middle East 77 0.117 0.000 0.323 0.000 1.000 Transition Economies 77 0.156 0.000 0.365 0.000 1.000 14


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**Appendix 2. Firm and Country Sample**

C om pany C o untry Y ear of privatization A lbanian M ob ile C om m unications A lb ania 2000 B elgacom B elgium 1995 B elize T elecom m unication s L td. B elize 1988 B ezeq Israel 1998 B ritish T elecom U n ited K ingdo m 1984, 1991 B ulgarian T elecom m un ications C o. B u lgaria 2000 C A N T V V enezuela 1991 C T E E l S alvador 1998 C abo V erde T eleco m C ape V erde 1995 C hina T elecom - H on g K ong L td. C h in a 1997 C om pania de T elefon os C hile (C T C ) C h ile 1988 D eutsche T elekom G erm an y 1996, 1999 E N T E L B o livia 1995 E m b ratel S A B razil 1998 E ntel and C P T P eru 1994 E ntel- T eleco m S A A rgentina 1990 E ntel- T elep honica de A rgen tin a S A A rgentina 1990 E sto nia T elecom E ston ia 1993, 1999 F rance T elecom F ran ce 1 997, 19 98 G hana T elecom G h ana 1996 G uyan a T elephone and T elegrap h G u yana 1991 H rvatske T eleko m u nicacije C ro atia 1999 IN D O S A T Indonesia 1994 IN T E L E l S alvador 1998 IN T E L S A P an am a 1997 Jordan T elecom Jordan 2000 K orea T elecom K orea, R ep. 1999 L attelekom L atvia 1994 L ietu vos T elekom as L ithuania 1998 N T T Japan 1987, 1 988, 199 8, 1999 P .T .T elkom Indonesia 1995 P o rtugal T elecom P ortugal 199 5, 1996, 1997 P u erto R ico T eleph one C o . (P R T C ) P uerto R ico 1999 Q -tel Q atar 1998 R oyal K P N N eth erlands 1994, 1995 S K A N T E L S t. K itts and N evis 1992, 1994 S P T T elecom C zech R epublic 1994 S in gapore T elecom m u nications S ingapore 1993, 1996 S o natel S en egal 1997 S o nera F inlan d 1998, 1999 S ri L anka T elecom m unications S ri L anka 1997 S vyazinvest R u ssian F ederation 1997 S w isscom S w itzerland 1998 T ele C entro S ul B razil 1998 T eleD anm ark D enm ark 1998 T elecom E ireanne Ireland 1996 T elecom Italia Italy 1997 T elecom S erbia Y u goslavia, F R 1997 T elecom m unication s of Jam aica (T O J) Jam aica 1990 T elefon ica del P eru P eru 1996 T elekom A ustria A u stria 1998 T elekom unikacja P olska S A P olan d 1998, 2000 T elesp C elular P articipaco es S A B razil 1998 T elfonica S pain 1997 T elgua G u atem ala 1998 T elia S w eden 2000 T elkom S ou th A frica 1997 T elstra A u stralia 1997, 1999 T elus C anada 1990 T rinidad and T obago T elephon e C o. (T & T T ) T rinidad an d T obago 1989 U gand a T elecom m unications L td U ganda 2000 15