Adam Torok

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Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where dominant categories of owners aim at achieving controlling(More)
CONTENTS INTRODUCTION 1. Long-term trends and short-term tensions in Hungarian economic development 1.1. Macroeconomic trends and development patterns in the post-1970 period 1.2. 1988: a controversial turning point 2. Economic system: the thorny path towards a market economy 2.1. Systemic changes in 1980-1986 2.2. Reform efforts in 1987-88 2.3. How to go(More)
for their useful comments on an earlier draft of the paper. I am especially indebted to Professor Marian Ostrowski for his helpful comments and inspiring criticism. Finally, I want to thank also the staff members of WIDER, in particular Juhani Holm, Maj-Britt Khilfors and Liz Paavolainen, for their support in preparing the final manuscript of this paper.(More)
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