Discussion Paper Details

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Title: The Capital Structure of Firms in Central and Eastern Europe

Author(s): Francesca Cornelli, Richard Portes and Mark E Schaffer

Publication Date: May 1996

Keyword(s): Capital Structures, Enterprise Debt and Transition Economies

Programme Area(s): Transition Economics

Abstract: According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms? investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland.

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Bibliographic Reference

Cornelli, F, Portes, R and Schaffer, M. 1996. 'The Capital Structure of Firms in Central and Eastern Europe'. London, Centre for Economic Policy Research.