Download or read book Liquidity Constraints and Investment in Transition Economies written by Nina Budina and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Download or read book Liquidity Constraints and Investment in Transition Economies written by Eelke de Jong and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use Bulgarian firm-level data to investigate the impact of liquidity constraints on investment performance. Internal funds are an important determinant of investment in most industrialized countries. We test whether internal funds are important for firm investment during the current transition process in Bulgaria. We use a simple accelerator model of investment to test whether liquidity constraints are relevant in the case of Bulgaria. Our estimations are based on data for the period 1993-95, prior to the Bulgarian financial crisis in 1996-97. It turns out that Bulgarian firms are liquidity constrained, and that firms' size and financial structure help to distinguish between firms that are more and less liquidity constrained. In our view, liquidity constraints can be given a different interpretation in the case of transition economies as compared to Western economies. A more in depth analysis of the data reveals that liquidity constraints, and consequently the access to external funds for Bulgarian firm investment, are to be seen against the background of soft-budget constraints and the failure of the financial system to enforce an efficient allocation of funds. In our view, the lack of liquidity constraints may actually be seen as a sign of financial weakness in the case of Bulgaria.

Download or read book Investment and Liquidity Constraints written by Andreas Behr and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a unique database of German firms, the Deutsche Bundesbank's Corporate Balance Sheet Statistics, Andreas Behr explores the link between financial factors and a firm's investment decision within the framework of the Q-theory of investment.

Download or read book Investment and Liquidity Constraints written by Andreas Behr and published by . This book was released on 2003-12-12 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Debt Liquidity Constraints and Corporate Investment written by Toni M. Whited and published by . This book was released on 1990 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Liquidity Constraints and Firms Investment Return Behavior written by Alessandra Guariglia and published by . This book was released on 1999 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Consumption and Liquidity Constraints on Optimal Consumption and Investment Decisions written by Amit Vijay Bhandari and published by . This book was released on 2008 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment Decisions and Liquidity Constraints written by and published by . This book was released on 2016 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Liquidity Constraints and Firms Investment Return Behaviour written by Alessandra Guariglia and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Liquidity Constraints and Investments written by Feikeh Sung and published by . This book was released on 1993 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Constraints and Investment in France and Spain written by Ignacio Hernando and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Se realiza un análisis de las obligaciones financieras en España y Francia durante el periodo 1991-1999.

Download or read book The Effects of Liquidity Constraints on Investment in Training written by Moran Blueshtein and published by . This book was released on 2006 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment Liquidity Constraints and Bank Relationships written by Julie Ann Elston and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance Firm Size and Liquidity Constraints written by Bersant Hobdari and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: New and rich panel data for a large and representative sample of firms are used to estimate the sensitivity of access to capital to differing ownership structures. The investment behaviour of firms is examined in a dynamic setting in the presence of adjustment costs, liquidity constraints and imperfect competition. The empirical work is based on the derivation of Euler equations in the presence of symmetric and quadratic adjustment costs and both debt and equity constraints. Whereas the norm is to use ad hoc approaches to model these constraints, our alternative and more consistent leads to the inclusion of financial variables in investment equation in first differences rather than in levels. Our GMM estimates confirm the importance of financial factors in determining investment rates and suggest that firms owned by insiders, especially non-managerial employees, are more prone to be liquidity constrained than are others. Among the other groups, somewhat surprisingly, only domestic outsider owned firms display sensitivity to both measures of the availability of finance, with manager owned firms being sensitive to the availability of external finance, while state owned firms being sensitive to the availability of internal finance. Corporate Investment, Corporate Governance, Adjustment Costs, Liquidity Constraints, GMM Estimates, Transition Economies.

Download or read book Liquidity Constraints on Investment written by Gabriel Alejandro Mendoza-Pichard and published by . This book was released on 2001 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment and Determinants of Financial Constraints when Sample Splitting Criteria are Unknown and Endogenous written by Bersant Hobdari and published by . This book was released on 2007 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike previous empirical work in analyzing investment behavior and the determinants of liquidity constraints, we use a switching regression framework when sample separation is unknown and endogenous and firms are assumed to operate either in the financially constrained or in the financially unconstrained regime. The actual regime the firm is in is determined by a switching or selection function, which depends on those variables that theoretically determine the wedge between internal and external finance, the severity of information and agency problems and time-varying firm characteristics. By using new panel data for Estonian companies during 1993 through 1999 we find 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 and the state; (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; (v) ownership structure affects investment beyond its indirect effects through financial constraints. Corporate Investment, Liquidity Constraints, Insider Ownership, Switching Regression, Soft Budget Constraint.

Download or read book Financing Constraints and Fixed Investment written by Philip Vermeulen and published by . This book was released on 1999 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: