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Financial Market Imperfections and Corporate Decisions

Lessons from the Transition Process in Hungary

  • Book
  • © 2006

Overview

Authors:
  1. Emilio Colombo

    1. Dipartimento di Economia Politica, Universita Milano Bicocca, Milano, Italy

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  2. Luca Stanca

    1. Dipartimento di Economia Politica, Universita Milano Bicocca, Milano, Italy

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    You can also search for this author in PubMed   Google Scholar

Part of the book series: Contributions to Economics (CE)

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Table of contents (7 chapters)

  1. Front Matter

    Pages I-X
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  2. Introduction

    Pages 1-5

  3. Financial market imperfections and corporate decisions: theory and evidence

    Pages 7-33

  4. The transformation of the Hungarian financial system

    Pages 35-66

  5. Patterns of corporate financial positions

    Pages 67-104

  6. The determinants of corporate capital structure

    Pages 105-124

  7. Financial constraints and investment decisions

    Pages 125-147

  8. Conclusions

    Pages 149-152

  9. Back Matter

    Pages 153-174
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Keywords

About this book

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.

Authors and Affiliations

  • Dipartimento di Economia Politica, Universita Milano Bicocca, Milano, Italy

    Emilio Colombo, Luca Stanca

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