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Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

Schäfer, Dorothea; Schilder, Dirk - 2006

Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct...

Persistent link: https://www.econbiz.de/10010260933

"I think I can, I think I can": Overconfidence and Entrepreneurial Behavior

Koellinger, Philipp; Minniti, Maria; Schade, Christian - 2005

Many firms fail shortly after inception. Yet individuals continue starting businesses. Prewar economists such as Keynes invoked animal spirits and stressed psychological factors in their explanations of economic behavior. Using a large sample obtained from surveys conducted in 18 countries, we...

Persistent link: https://www.econbiz.de/10010292631

What makes an entrepreneur and does it pay? Native men, Turks, and other migrants in Germany

Zimmermann, Klaus F.; Shachmurove, Yochanan; Constant, … - 2003

Germany represent about 70% of all Turkish entrepreneurs in the European Union. We identify the characteristics of the self …-employed individuals and understand their underlying drive into selfemployment. At the same time we investigate how immigrant entrepreneurs …

Persistent link: https://www.econbiz.de/10010324207

Venture capital versus bank financing in innovative German firms

Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - 2007

The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW...

Persistent link: https://www.econbiz.de/10010264956

The impact of risk attitudes on entrepreneurial survival

Caliendo, Marco; Fossen, Frank M.; Kritikos, Alexander S. - 2008

rates of entrepreneurs. Whereas recent research underpins the theoretical proposition of a positive correlation between risk … entrepreneurs. The empirical results confirm that persons whose risk attitudes are in the medium range survive significantly longer … as entrepreneurs than do persons with particularly low or high risks. …

Persistent link: https://www.econbiz.de/10010265015

Locational conditions, cooperation, and innovativeness: evidence from research and company spin-offs

Lejpras, Anna; Stephan, Andreas - 2008

This paper has two goals. First, it analyzes the extent to which the innovativeness of spin-offs, either born from a research facility or from another company, is influenced by locational conditions. Second, it provides evidence on how important local cooperation links are in comparison to...

Persistent link: https://www.econbiz.de/10010265020

Businesswomen in Germany and their performance by ethnicity: it pays to be self-employed

Constant, Amelie F. - 2008

In this paper I assert that the entrepreneurial spirit can also exist in salaried jobs. I study the determinants of wages and the labor market success of two kinds of entrepreneurial women in Germany - self-employed and salaried businesswomen - and investigate whether ethnicity is important in...

Persistent link: https://www.econbiz.de/10010265025

I want to, but I also need to: start-ups resulting from opportunity and necessity

Caliendo, Marco; Kritikos, Alexander S. - 2009

When unemployed persons go into business, they often are characterized as necessity entrepreneurs, because push factors … employed represent opportunity entrepreneurs because pull factors provide the rationale for their decision. However, a data set …

Persistent link: https://www.econbiz.de/10010265706

Self-Employment Dynamics Across the Business Cycle: Migrants Versus Natives

Constant, Amelie F.; Zimmermann, Klaus F. - 2004

Economically active people are either in gainful employment, are unemployed or self-employed. We are interested in the dynamics of the transitions between these states across the business cycle. It is generally perceived that employment or self-employment are absorbing states. However,...

Persistent link: https://www.econbiz.de/10010272276

Is Entrepreneurial Success Predictable? An Ex-Ante Analysis of the Character-Based Approach

Caliendo, Marco; Kritikos, Alexander S. - 2007

This paper empirically analyzes whether the character-based approach, which is based on the personality structure and the human capital of business founders, allows prediction of entrepreneurial success. A unique data set is used consisting of 414 previously unemployed persons whose personal...

Persistent link: https://www.econbiz.de/10010274490