We estimate accelerator-cash flow models for 25,000 firms in 15 transition economies over the period 1993-2003, and find that (1) investment-cash flow sensitivities decline over transition years, which we attribute to a decreasing of asymmetric information and managerial discretion as capital...

This study analyses bank lending in the larger context of bank-firm relations within the Bulgarian specificity of currency board. It focuses on the 'intersection' of credit supply and demand on the side of banks and firms simultaneously. We suggest both traditional and new hypotheses...

This essay has focused on the importance of searching for common solutions for relevant common corporate governance problems in European countries. 30 years ago, the Jean Monnet Action was born, named after one of the EU Pioneers, the first president of the executive body of the European Coal...

The paper presents results of an ongoing research project on corporate financing patterns in Central and Eastern Europe (CEE) since 1999. It addresses three broad issues. Which are the specifics of corporate financing in CEE compared to countries in Western Europe? Which country institutional...

The paper presents study of corporate governance evolution in Bulgaria and its convergence to EU structures. The author discusses the traditional approach to separation of ownership and control in transition economies and modern ideas about the need for changing corporate governance paradigm....

This study examines three key determinants of corporate governance change in Bulgaria: the Washington Consensus policy, primitive accumulation of capital forces, and 'catching-up' factors. The study reveals that in the early transition (1989-96) primitive capital accumulation prevailed over the...