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Risky Earnings, Taxation and Entrepreneurial Choice: A Microeconometric Model for Germany
Fossen, Frank M. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
earnings deter risk-averse individuals. In this paper I analyse the expected value and variance of income in self …-employment entry and exit under risk are estimated, which include a standard risk aversion parameter. The model predicts that the …
Persistent link: https://www.econbiz.de/10005068790
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Would a Flat Tax Stimulate Entrepreneurship in Germany?: A Behavioural Microsimulation Analysis Allowing for Risk
Fossen, Frank M. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
When possible income tax reforms are debated, the suspected impact on entrepreneurship is often used as an argument in … entrepreneurship based on microeconometric research have not been provided by the literature, however. This paper estimates the ex … parameter of risk aversion. The simulation results indicate that flatter tax systems do not encourage, but rather discourage …
Persistent link: https://www.econbiz.de/10005069001
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An Early Warning System to Predict the House Price Bubbles
Dreger, Christian; Kholodilin, Konstantin A. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
In this paper, we construct the country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1- 2010:Q2. These chronologies are obtained using a combination of a fundamental and a filter approaches. The resulting speculative bubble chronology is the one...
Persistent link: https://www.econbiz.de/10009216692
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Are Stock and Housing Returns Complements or Substitutes?: Evidence from OECD Countries
Caporale, Guglielmo Maria; Souza, Ricardo M. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009322380
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In-Sample and Out-of-Sample Prediction of Stock Market Bubbles: Cross-Sectional Evidence
Herwartz, Helmut; Kholodilin, Konstantin A. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
We evaluate the informational content of ex post and ex ante predictors of periods of excess stock (market) valuation. For a cross section comprising 10 OECD economies and a time span of at most 40 years alternative binary chronologies of price bubble periods are determined. Using these...
Persistent link: https://www.econbiz.de/10009371745
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Uncertainty of Macroeconomic Forecasters and the Prediction of Stock Market Bubbles
Herwartz, Helmut; Kholodilin, Konstantin A. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
We assess the contribution of macroeconomic uncertainty -- approximated by the dispersion of the real GDP survey forecasts -- to the ex post and ex ante prediction of stock price bubbles. For a panel of six OECD economies covering 24 years, two alternative binary chronologies of bubble periods...
Persistent link: https://www.econbiz.de/10010896191
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The Shadow Economy in OECD Countries: Panel-Data Evidence
Kholodilin, Konstantin A.; Thießen, Ulrich - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
In this paper, the extent of the shadow economy in OECD countries is investigated. The estimates of the size of the shadow economy are obtained using the panel-data techniques applied to the data on 38 OECD member states over the period 1991-2007. Our estimates tend to be somewhat lower than the...
Persistent link: https://www.econbiz.de/10009021615
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Demand Side Analysis of Microlending Markets in Germany
Kritikos, Alexander S.; Kneiding, Christoph; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
In developing and transition economies, microlending has become an effective instrument for providing micro businesses with the necessary financial resources to launch operations. In the industrialized countries, with their highly developed banking systems, however, there has been ongoing debate...
Persistent link: https://www.econbiz.de/10005018669
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Risk Attitudes and Private Business Equity
Fossen, Frank M. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
Why do people engage in entrepreneurship and commit large parts of their personal wealth to their business, despite … comparably low returns and high risk? This paper connects several streams of literature to shed some light on this puzzle and … financial markets and that entrepreneurs are less risk-averse than the rest of the population. A focus of this paper is …
Persistent link: https://www.econbiz.de/10010544328
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Who Starts a Business and Who Is Self-Employed in Germany
Fritsch, Michael; Kritikos, Alexander S.; Rusakova, Alina - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
entrepreneurship in Germany between 1991 and 2010, the first two decades after reunification. We investigate the socioeconomic …
Persistent link: https://www.econbiz.de/10009422061