Financial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in Hungary by Emilio ColomboFinancial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in Hungary by Emilio Colombo

Financial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in…

byEmilio Colombo, Luca Stanca

Paperback | September 16, 2005

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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.
Title:Financial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in…Format:PaperbackDimensions:174 pages, 23.5 × 15.5 × 0.02 inPublished:September 16, 2005Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3790815810

ISBN - 13:9783790815818

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Table of Contents

Introduction.- 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.- Data appendix.