We study the effects of liquidity constraints and start-up costs on the relationship betweenwealth and the fraction of entrepreneurs in an economy. We develop a dynamic occupationalchoice model with endogenous wealth and entry into entrepreneurship...

Der Arbeitskreis hat sich mit dem gesamten Spektrum betriebswirtschaftlicher Fragen befaßt, die durch das Factoring als moderner Finanzierungsform aufgeworfen werden. Er beschränkt sich im folgenden aber bewußt auf die Analyse eines Teilbereichs, nämlich der Liquiditäts- und...

´Die Finanzkrise hat gezeigt, dass ein Systemmit immer ungleicherer Einkommens- undVermögensverteilung nicht stabil ist. DieÜberwindung muss an dieser Krisenursacheansetzen und sollte nicht das Modellkreditgetriebenen Wachstums an sichuntergraben. Die Einkommen der Schuldnermüssen wachsen...

Global liquidity expansion has been very dynamic since 2001. Contrary to conventionalwisdom, high money growth rates have not coincided with a concurrent rise in goodsprices. At the same time, however, asset prices have increased sharply, significantlyoutpacing the subdued development in...

The globalization of banking in the United States is influencing the monetarytransmission mechanism both domestically and in foreign markets. Using quarterlyinformation from all U.S. banks filing call reports between 1980 and 2005, we findevidence for the lending channel for monetary policy in...

The paper presents a comprehensive data set of all bonds issued by the sixteenGerman states (Länder) since 1992. It thus provides a complete picture of acapital market comparable in size to funds raised in the German fixed incomemarket for corporations. The quantitative analysis reveals that...

By using short-term direct finance firms of the highest credit quality exposethemselves to rollover risk in the public debt markets. Firms insure themselvesagainst this risk by securing backup lines of credit from banks that they mayuse should market liquidity dry up. In a first step, this paper...

There is strong evidence that on-the-run U.S. Treasury securities trade muchmore liquidly and at significantly higher prices than their off-the-run counterparts.We examine if the same phenomenon is present in the German government bondmarket whose market structure differ markedly from that of...

We develop a reduced-form model that allows us to decompose bond spreads and CDS premiainto a pure credit risk component, a pure liquidity component, and a component measuring therelation between credit risk and liquidity. CDS liquidity has important consequences for the bondcredit risk and...

We explore the relationship between CDS premia and bond asset swap spreads on the samereference entity. As Duffie (1999) shows, there is a clear theoretical link between CDS premiaand bond prices if the two quantities are viewed as a pure measure of credit risk. However,many studies provide...