The paper explores the investment behaviour of German firms in the context of the Qapproach, which plays a dominant role in empirical investment research. The analysis is based on the Deutsche Bundesbank's corporate balance sheet statistics. The panel data set contains some 2,300 German firms'...

Sektorale Investitionsentwicklung und Liquiditätseinfluß. Eine Längsschnitts-Querschnitts-Untersuchung für den Unternehmenssektor der Bundesrepublik Deutschland Die vorliegende empirische Arbeit stellt einen Beitrag zur aktuellen Diskussion um die Bedeutung der Liquidität für das...

The paper explores the investment behaviour of German firms in the context of the Qapproach, which plays a dominant role in empirical investment research. The analysis is based on the Deutsche Bundesbank's corporate balance sheet statistics. The panel data set contains some 2,300 German firms'...

The paper explores the investment behaviour of German firms in the context of the Q-approach, which plays a dominant role in empirical investment research. The analysis is based on the Deutsche Bundesbank's corporate balance sheet statistics. The panel data set contains some 2,300 German firms'...

The paper is concerned with the question whether the pricing of U.S. stocks has been efficient according to the present value model. We extended the MTAR-model used in the context of market efficiency using a rolling window estimation strategy. This rolling MTAR-analysis revealed that the...

In our analysis we discuss several dynamic panel data estimators proposed in the literature and assess their performance in Monte Carlo simulations. It is a well known fact that the natural choice, the least squares dummy variable estimator is biased in the context of dynamic estimation. The...

In our analysis we discuss several dynamic panel data estimators proposed in the literature and assess their performance in Monte Carlo simulations. It is a well known fact that the natural choice, the least squares dummy variable estimator is biased in the context of dynamic estimation. The...

Banks face a tradeoff between diversifying and focusing their loan portfolio. In this paper we carry out an empirical study for the German market to shed light on the question whether or not the benefits of risk sharing outweigh those of specialization. We use data from the Bundesbank's...