Investment, Credit Rationing, and the Soft Budget Constraint
Author | : Lubomír Lízal |
Publisher | : |
Total Pages | : 0 |
Release | : 2001 |
Genre | : |
ISBN | : |
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Author | : Lubomír Lízal |
Publisher | : |
Total Pages | : 0 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Lubomir Lizal and Jan Svcjnar |
Publisher | : |
Total Pages | : 72 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Jan Hanousek |
Publisher | : |
Total Pages | : 7 |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : Nina Budina |
Publisher | : World Bank Publications |
Total Pages | : 30 |
Release | : 2000 |
Genre | : Banks and Banking Reform |
ISBN | : |
"In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness"--Cover.
Author | : MATHILDE MAUREL |
Publisher | : |
Total Pages | : 21 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Bersant Hobdari |
Publisher | : |
Total Pages | : 23 |
Release | : 2007 |
Genre | : |
ISBN | : |
We analyze the impact of corporate governance structures on access to capital using a unique and rich panel data for a large and representative sample of Estonian firms over the period 1993 through 1999. We distinguish among five different governance structures and provide estimates on the impact of each of them on capital constraints. Our results indicate that: (i) separate regimes exist in investment behavior; (ii) the likelihood of being financially constrained is higher in firms that are recently privatized, small and where ownership is concentrated in the hands of insiders; (iii) soft budget constraints lower the probability of a firm being financially constrained; (iv) the actual probabilities of operating in the financially constrained regime are calculated to be quite high and essentially stable during 1993-1999: 0.52-0.57 for state owned firms, 0.40-0.46 for domestic owned firms and 0.53-0.57 for employee owned firms. Corporate Investment, Corporate Governance, Liquidity Constraints, GMM Estimates, Switching Regression.
Author | : Lubomir Lizal |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
This paper examines industrial differences in depreciation rates and the suitability of financial data for a microeconomic analysis. Depreciation is a main source of enterprise investment and serves as a source for replacement of obsolete or used-up capital. The findings on capital structure in this paper are consistent with the common view that heavy industry firms have long-life capital while firms operating in electronics, or light industry as a whole, have a capital structure containing a higher portion of a short-life capital. Also, larger firms are more likely to have a higher portion of long-life capital, like real estate. The last conclusion drawn from this analysis is that certain types of financial data might be highly influenced by seasonal effects which could operate as a measurement error and therefore distort estimates which are sensitive to measurement error.
Author | : Marialuz Moreno Badia |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2009-04-01 |
Genre | : Business & Economics |
ISBN | : 1451872194 |
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors.
Author | : Gérard Roland |
Publisher | : MIT Press |
Total Pages | : 440 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : 9780262681483 |
The transition from socialism to capitalism in former socialist economies has transformed the economic structure. This book provides an overview of research on the issues raised by the shift from collective to private ownership.
Author | : Sunghwan Kim |
Publisher | : |
Total Pages | : 356 |
Release | : 2003 |
Genre | : |
ISBN | : |