Table 11: Regression analysis – prices

||(l|n) average|prices in do|llars|(ln) a|verage pric|es in real c|urrency|
|---|---|---|---|---|---|---|---|---|
||(33)|(34)|(35)|(36)|(37)|(38)|(39)|(40)|
|dumprivtr|0213***|0140***|0389**|0565***|0165***|0111***|0300***|0250***|
|__<br>dum_priv_post|.<br>(0.035)<br>-0.189***<br>(0.032)|.<br>(0.021)<br>0.104***<br>(0.019)|.<br>(0.152)<br>-0.235***<br>(0.056)|.<br>(0.098)<br>-0.111*<br>(0.059)|.<br>(0.029)<br>0.198***<br>(0.025)|.<br>(0.019)<br>0.130***<br>(0.017)|.<br>(0.083)<br>0.259***<br>(0.036)|.<br>(0.048)<br>0.169***<br>(0.033)|
|tr_bid|1.086***|0.191***|||0.511***|0.144***|||
||(0.046)|(0.065)|||(0.086)|(0.055)|||
|pt_bid|-0.340***|-0.060**|||-0.210***|-0.120***|||
||(0.038)|(0.029)|||(0.038)|(0.026)|||
|tr_auton_part|-0.601***|-0.738***|-0.224|-0.723***||-0.456***|2.009***|-0.338***|
||(0.066)|(0.079)|(0.195)|(0.081)||(0.069)|(0.129)|(0.063)|
|pt_auton_part|0.316***|-0.108***|0.239***|-0.023|0.266***|-0.108***|0.183**|-0.223***|
||(0.072)|(0.039)|(0.070)|(0.046)|(0.083)|(0.037)|(0.079)|(0.043)|
|tr_auton_yes|-1.142***|-0.301***|-0.137|-0.153**|-0.382***|-0.079|0.193***|-0.010|
||(0.049)|(0.072)|(0.090)|(0.063)|(0.081)|(0.056)|(0.053)|(0.038)|
|pt_auton_yes|0.243***<br>(0.036)|-0.161***<br>(0.030)|-0.090**<br>(0.041)|-0.253***<br>(0.037)|0.133***<br>(0.043)|0.098***<br>(0.025)|0.019<br>(0.031)|0.063**<br>(0.029)|
|tr_rb_dur|-0.083**||0.019||-0.096***||-0.182***||
||(0.034)||(0.105)||(0.028)||(0.066)||
|pt_rb_dur|0.306***||0.126***||-0.112***||-0.175***||
||(0.029)||(0.027)||(0.022)||(0.023)||
|trnationf|-0.007|0.073**|-0.112|-0.182*|-0.108***|-0.059**|-0.020|-0.189***|
|__|(0.035)|(0.036)|(0.117)|(0.093)|(0.026)|(0.025)|(0.052)|(0.038)|
|pt_nation_f|0.227***|0.024|0.156**|0.085|0.070***|0.046**|0.070**|0.021|
||(0.030)|(0.027)|(0.064)|(0.061)|(0.025)|(0.021)|(0.031)|(0.030)|
|tr_nation_b|||-0.255**<br>(0.109)|-0.403***<br>(0.096)|||||
|pt_nation_b|||0.176***<br>(0.058)|0.197***<br>(0.057)|||||
|tr_award_prc|||-0.060|-0.184**|||-0.052|-0.157***|
||||(0.198)|(0.078)|||(0.043)|(0.043)|
|pt_award_prc|||0.034|0.094**|||-0.010|-0.076***|
||||(0.047)|(0.038)|||(0.027)|(0.029)|
|tr_tar_rret|||||||-0.188*<br>|0.061<br>|
||||||||(0.113)|(0.052)|
|pt_tar_rret|||||||-0.126***<br>(0.040)|-0.060*<br>(0.033)|
|Constant|3.839***|-1.227***|4.435***|-1.183***|4.193***|6.614***|4.593***|6.715***|
||(0.027)|(0.093)|(0.095)|(0.088)|(0.033)|(0.085)|(0.056)|(0.082)|
|Firm FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|Firm Specif trend|No|No|No|No|No|No|No|No|
|Observations|372|550|350|528|370|548|348|526|
|Log-likelihood|316.7|281.2|288.7|280.6|381.3|400.5|373.5|388.7|
|Number of firms|44|65|42|63|44|65|42|63|
|Standard errors i|n parenthes|es|||||||
|* significant at 10|%; ** signifi|cant at 5%;|*** signific|ant at 1%|||||

# **4.4.1 Sale Method**

Privatizations and concessions that were sold via an auction process experienced a reduction of 5.8 - 6.8 percent in connection numbers (depending on the regression specification) below the firm specific time trend during the transition. In contrast, no significant changes were encountered during the post-transition period. Whether or not privatizations or concessions were auctioned did not have a significant effect on output. When privatizations/concessions were 34