Financial Market Imperfections and Corporate Decisions

Lessons from the Transition Process in Hungary

Emilio Colombo, Luca Stanca (Autoren)

Buch | Softcover

X, 174 Seiten

2005 | 2006
Physica (Verlag)
978-3-7908-1581-8 (ISBN)

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We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.

Financial market imperfections and corporate decisions: theory and evidence.- The transformation of the Hungarian financial system.- Patterns of corporate financial positions.- The determinants of corporate capital structure.- Financial constraints and investment decisions.- Conclusions.

Erscheint lt. Verlag	16.9.2005
Reihe/Serie	Contributions to Economics
Zusatzinfo	X, 174 p. 50 illus.
Verlagsort	Heidelberg
Sprache	englisch
Maße	155 x 235 mm
Gewicht	290 g
Themenwelt	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
Schlagworte	Banking • Financial Market Imperfections • Financial Markets • Hardcover, Softcover / Wirtschaft/Volkswirtschaft • HC/Wirtschaft/Volkswirtschaft • Hungary • Investment • Transformation (wirtsch.) • Transformation (Wirtschaft) • Transition Economics • Transition process • Ungarn; Wirtschaft
ISBN-10	3-7908-1581-0 / 3790815810
ISBN-13	978-3-7908-1581-8 / 9783790815818
Zustand	Neuware