Financial Market Imperfections and Corporate Decisions: Lessons from the Transit
Financial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in Hungary (Contributions to Economics)
Physica-Verlag Heidelberg | ISBN 3790815810 | 2005-10-26 | PDF | 174 pages | 2.34 MB
The book presents the results of an empirical investigation of the behaviour of Hungarian firms during the transition process focusing in particular on the role of financial market imperfections for corporate capital structure and investment decisions. The results suggest that financial market reforms have succeeded, albeit partially, in hardening firms's budget constraints and improving the efficiency of the credit allocation process. In particular, following the introduction of the banking sector reform and of the new bankruptcy law, budget constraints became more binding for small private firms, while informational costs became less relevant for foreign-owned firms.
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Corporate Capital Structure Market Imperfections Physica Verlag New Bankruptcy Law Budget Constraints Hungarian Firms Corporate Decisions Credit Allocation Easy Share Empirical Investigation Investment Decisions Market Reforms Sector Reform Private Firms
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