The study looked at passenger railways in 19 OECD countries to see how public subsidies and managerial autonomy affect efficiency. They found that railways relying heavily on subsidies are less efficient, while those with more managerial freedom are more efficient. This suggests that giving managers more decision-making power can improve efficiency. It also shows that subsidies should be used to improve services and encourage cost recovery. Operating and market differences need to be considered when comparing railway efficiency.