ISBN: 3790815810
TITLE: Financial Market Imperfactions
AUTHOR: Colombo/Stanca
TOC:

Contents
1 Introduction 1
2 Financial market imperfections and corporate decisions: theory and evidente 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 evidente 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 evidente 32
3 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
3.4.1 The Banking sector reform 50
3.4.2 The bankruptcy law and its economic effects 51
3.5 Looking ahead: Hungary and the Euro 54
3.6 Conclusions 56
4 Patterns of corporate financial positions 67
4.1 Introduction 67
4.2 Related literature 69
4.3 Methodology 71
4.4 Sectional distributions in the overall sample 72
4.5 Sectional distributions by sub-sample 74
4.6 Distribution dynamics 76
5 The determinants of corporate capital structure 105
5.1 Introduction 105
5.2 The theory 105
5.3 Data and descriptive statistics 108
5.4 Methodology 112
5.5 Results 114
6 Financial constraints and Investment decisions 125
6.1 Introduction 125
6.2 Related literature 126
6.3 Data description 128
6.4 Methodology 129
6.5 Results 131
7 Conclusions 149
Data appendix 153
7.1. Data description 153
References 165
END
