We estimate the effects of reforms on railroad efficiency in Europe by using a new panel data set that covers most EU countries over a period of more than 20 years. A production frontier model finds that efficiency increases when reforms such as third‐party network access, introduction of an independent regulator, and vertical separation are implemented. However, the reform effects depend on sequencing: introduction of multiple reforms in a package has negative effects, while sequential reforms improve efficiency. We also show that our results are robust against potential problems of endogeneity.
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