Based on the Euler equation approach, the paper analyzes the impacts of availability of internal funds on fixed investment spending in the presence of multiple investment options. It is argued that after financial liberalization real sector firms face a portfolio allocation problem between fixed...

This paper investigates the effects of macroeconomic volatility on nonfinancial firms cash holding behavior. Using an augmented cash bufferstock model, we demonstrate that an increase in macroeconomic volatility will cause the crosssectional distribution of firms cashtoasset ratios to narrow. We...

Verflechtungen zwischen Banken und Politikern werden hier am Beispiel ukrainischer Geschäftsbanken analysiert. Es zeigt sich, dass die "Nähe zur Politik" tendenziell einen dämpfenden Effekt auf die Entwicklung der Zinsmargen und einen positiven Effekt auf die Veränderung der...

In 1991, the World Health Assembly approved a set of Guiding Principles which emphasize voluntary donation, non-commercialization and a preference for cadavers over living donors” (World Health Organization). The objective of this paper is to identify the factors that affect the ratio of...

This paper analyzes the effects of parliamentary election cycles on the Turkish banking system. Using annual bank-level data representing all banks in Turkey during 1963-2005, we present evidence of meaningful differences in the structure of bank assets, liabilities and financial performance...