Managers and Reforms *

The preceding section presented enough evidence on differences between managers in STEs and owner-entrepreneurs or professional managers in market-type economies from the property rights perspective. There are similarities, of course. Informational assymmetry is present in both systems (in fact, it is much greater in the world of doctored reports characteristic for STEs). But the consequences of this assymmetry are strikingly different, given the differences in property rights structure.