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Emilio Colombo's
Scholarly Papers
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Downloads
37 |
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Citations
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Emilio Colombo
Università degli Studi di Milano-Bicocca - Facolta' di Economia e Commercia Luca Stanca
University of Milan, Bicocca - Faculty of Economics
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08 May 06
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03 Aug 06
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Abstract:
This paper investigates the investment behaviour of a large panel of Hungarian firms in the period 1989-99, in order to assess the impact of institutional and regulatory changes on the efficiency of credit allocation. We find that the role of financial factors for investment decisions has changed significantly after the introduction of major financial reforms, and that firms were affected differently depending on their ownership type. Reforms have hardened the budget constraint of private domestic firms, particularly small ones, and reduced informational problems for foreign-owned firms. State-owned firms remained subject to a soft budget constraint. In particular, small state firms became more sensitive to financial conditions, whereas large state firms were unaffected and kept operating under a soft budget constraint.
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Restructuring as a Signal: A Simple Formalization
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Emilio Colombo
Università degli Studi di Milano-Bicocca - Facolta' di Economia e Commercia
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21 Jan 02
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05 Oct 03
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Emilio Colombo
Università degli Studi di Milano-Bicocca - Facolta' di Economia e Commercia
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13 Aug 03
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13 Aug 03
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Abstract:
Several studies have stressed that, contrary to initial expectations, state-owned firms at the beginning of the transition undertook painful measures to adjust to the new economic environment. This paper investigates this behaviour in a simple game theoretic framework. It is argued that the massive amount of lay-offs created by state-owned firms during the initial phase of the transition can be interpreted as a signal directed to the banking sector in order to obtain more favourable financing conditions for the subsequent process of restructuring. The conclusions are strongly supported by Polish firm-level empirical evidence.
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Emilio Colombo
Università degli Studi di Milano-Bicocca - Facolta' di Economia e Commercia
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21 Jan 02
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Last Revised:
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05 Oct 03
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Abstract:
Several studies stressed that contrary to the initial expectations, state-owned firms at the beginning of the transition, undertook painful measures to adjust to the new economic environment. This paper investigates this behavior in a simple game theoretic framework. It is argued that the massive amount of lay-offs created by state-owned firms during the initial phase of the transition can be interpreted as a signal directed to the banking sector in order to obtain more favorable financing conditions for the subsequent process of restructuring. The conclusions are strongly supported by Polish firm level empirical evidence.
Transitional Economy, Restructuring, Signaling
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