This paper investigates the effect of demand uncertainty on the capital-labour ratio of non-financial firms in Poland in order to infer the firms’ risk behaviour. A generic model is used to characterise a utility maximising firm in a transition economy with demand uncertainty and imperfect...

This book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is...

We examine if the introduction of the euro had significant and different effects on the stock markets of euro-zone countries, non-euro EU and accession countries, and non-EU countries. We argue that the introduction of the euro was equivalent to a market reform rather than an event whose impact...

This paper critically surveys the key literature on corporate financing policy, capital structure and firm ownership in order to identify the leading theoretical and empirical issues in this area. The theoretical component of the survey attempts to reconcile competing theories of capital...