It is often assumed that international labor migration from Tajikistan, while having no noticeable effects on investment (usually defined as medium and long-term con- sumption, such as education, or investment into housing or business), on average leads to an increase in short-term consumption,...

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of ¯rm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...

We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main...

We investigate the effects of regional and industrywide foreign presence and foreign direct investment (FDI) on export volumes of Ukrainian manufacturing firms using unpublished panel data from 19962000. Foreign presence through FDI may have negative competition effects on domestic firms'...

This study is intended to assess the introduction of increased capitalization requirements for Ukrainian insurance firms. To do so, we employ up-to-date frontier efficiency analysis The analysis suggests that an increase in size occurs not only because of the regulator's requirements, but also...

Our study investigates the link between bank lending behavior and macroeconomic uncertainty. We develop a dynamic model of a bank's value maximization that results in a negative relationship between loan to capital ratio and macroeconomic uncertainty. This proposition is tested using a panel of...