Financial Market Imperfections and Corporate Decisions - Lessons from the Transition Process in Hungary

by: Emilio Colombo, Luca Stanca

Physica-Verlag, 2006

ISBN: 9783790816716 , 174 Pages

Format: PDF, Read online

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Financial Market Imperfections and Corporate Decisions - Lessons from the Transition Process in Hungary


 

Preface

7

Contents

9

1 Introduction

11

2 Financial market imperfections and corporate decisions: theory and evidence

17

2.1 Introduction

17

2.2 Financial market imperfections, investment and cycles

19

2.3 Financial market imperfections and corporate capital structure

34

3 The transformation of the Hungarian financial system

45

3.1 Introduction

45

3.2 Macroeconomic background

46

3.3 Liberalisation, privatisation and financial development

54

3.4 Financial sector reform

60

3.5 Looking ahead: Hungary and the Euro

64

3.6 Conclusions

66

4 Patterns of corporate financial positions

77

4.1 Introduction

77

4.2 Related literature

79

4.3 Methodology

81

4.4 Sectional distributions in the overall sample

82

4.5 Sectional distributions by sub- sample

84

4.6 Distribution dynamics

86

5 The determinants of corporate capital structure

115

5.1 Introduction

115

5.2 The theory

115

5.3 Data and descriptive statistics

118

5.4 Methodology

122

5.5 Results

124

6 Financial constraints and investment decisions

135

6.1 Introduction

135

6.2 Related literature

136

6.3 Data description

138

6.4 Methodology

139

6.5 Results

141

Appendix: the accelerator model

146

7 Conclusions

159

Data appendix

163

Data description

163

References

175