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 paper investigates crime rate dynamics and its determinants using a panel data set for the Russian regions over the period 1995-2007. We focus on the determinants of convergence and divergence of crime rates across regions, focusing on the periods of economic turbulence such as the 1998...

In this paper, we use Heckman selection models to analyse the relation between the likelihood of the firm becoming a takeover target, the takeover premium, and the use of anti-takeover devices. Ordinary least squares regressions suggest that anti-takeover devices, especially dual class shares,...

In this article, we analyse the differences in the perception of the poverty line between rural and urban settlements in the Russian Federation. We show that although the level of absolute poverty increases as the size of the settlement decreases, the level of subjective poverty moves in the...

The educational system is perhaps the most important feature for labour market entry. During the last decades huge investments have been made at different levels in this system, the Knowledge lift and a doubling of the number of students in tertiary education are examples, but what are the...

Business angels are a vital source of capital for innovative startup firms. However, even of those startups that have the potential to fulfill angel investors’ expected return on investment, most are rejected during the angel’s investment decision process. Information asymmetry, risk and...