世界银行：不偏不倚：重组作为结果的反射（英文版）

This paper examines whether project restructuring improves World Bank project performance. Using panel data on Implementation Status and Results ratings, it combines two-way fixed effects with the PanelMatch estimator to address concerns that restructurings are endogenously timed. Restructurings consistently raise Implementation Status and Results ratings, and these gains persist across successive reporting cycles. Timing and scope both matter: early restructurings generate durable improvemen