The study estimates the employment effect of vocational training programs for the unemployed in urban Russia. The results of propensity score matching indicate that training programs had a non-negative overall effect on the program participants relative to non-participants.

The paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia). We consider the financial constraints of private companies and...

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria.We explicitly model the adjustment of companies' leverage...

The paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia).We consider the financial constraints of private companies and compare...

The paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia). We consider the financial constraints of private companies and...

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies’...

The paper analyzes the mandatory subordinated debt proposals in banking. It theoretically investigates the role of subordinated debt as a buffer against losses for the deposit insurer, and its role in providing direct and indirect market discipline. The incorporation of bankruptcy cost in the...

The study estimates the employment effect of vocational training programs for the unemployed in urban Russia. The results of propensity score matching indicate that training programs had a non-negative overall effect on the program participants relative to non-participants. -- Unemployment ;...

In this paper we use Heckman selection models to analyze the relation between the likelihood of the firm becoming a takeover target, the takeover premium, and the use of dual class shares. Ordinary Least Squares regressions suggest that the use of dual class shares is associated with higher...