The William Davidson Institute
AT THE UNIVERSITY OF MICHIGAN BUSINESS SCHOOL
Ownership and Managerial Competition: Employee,
Customer, or Outside Ownership
By Patrick Bolton and Chenggang Xu
Working Paper Number 174
June 1998
Comments Welcome
Presented at the International Workshop in Transition Economics
A CEPR∕WDI Workshop Hosted by CERGE-EI
Prague, 9/12 July 1998
Copyright Patrick Bolton and Chenggang Xu, 1998. Disseminated by the Davidson
Institute with permission of the authors.