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Is the stability of leverage ratios determined by the stability of the economy?
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SYSNO ASEP 0334255 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title Is the stability of leverage ratios determined by the stability of the economy? Author(s) Shamshur, Anastasiya (NHU-C) RID Source Title CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 393 (2009), s. 1-28Number of pages 28 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords capital structure ; financing decisions ; Eastern Europe Subject RIV AH - Economics R&D Projects GA402/09/1595 GA ČR - Czech Science Foundation (CSF) CEZ MSM0021620846 - NHU-C Annotation The choice of capital structure by firms is a fundamental issue in financial literature. According to a recent finding, the capital structure of firms remains almost unchanged during their lives meaning that leverage ratios are significantly stable over time. I study how substantial changes in the economy affect the stability of firms' capital structure in transition countries. Specifically, I concentrate on Central and Eastern European economies that passed through transition from central planning to a market economy and privatization, the Russian financial crisis, and EU membership. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2010
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