世界银行：既不过早，也不过晚：作为结果反射的重组（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