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Regional Patterns of Intangible Capital, Agglomeration Effects and Localised Spillovers in Germany

Geppert, Kurt; Neumann, Anne - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

We use a large micro-dataset to assess the importance of intangible capital - organisation, R&D and ICT capital - for the economic performance of establishments and regions in Germany. In 2003 self-produced intangible capital accounted for more than one fifth of the total capital stock of...

Persistent link: https://www.econbiz.de/10008869170

Asymmetric Information and Roll-over Risk

König, Philipp; Pothier, David - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...

Persistent link: https://www.econbiz.de/10011266595

Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?

Brücker, Herbert; Schröder, Philipp J. H.; Weise, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2003

Soft budget constraints (SBCs) are a persistent feature of transition economies and have been blamed for i.a. a lack of fiscal consolidation and sluggish growth. EU eastward enlargement has - among other things - been conditioned on tackling SBCs. This paper analyzes such outside conditionality...

Persistent link: https://www.econbiz.de/10004963672

Corporate Governance and Dividend Policy in Poland

Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

110 non-financial companies listed on Warsaw Stock Exchange between 1998 and 2004. We find evidence that an increase in …

Persistent link: https://www.econbiz.de/10004963769

Corporate Debt Maturity Choice in Transition Financial Markets

Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...

Persistent link: https://www.econbiz.de/10004963773

Persistence and Determinants of Firm Profit in Emerging Markets

Stephan, Andreas; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit...

Persistent link: https://www.econbiz.de/10004963898

The Default Risk of Firms Examined with Smooth Support Vector Machines

Härdle, Wolfgang; Lee, Yuh-Jye; Schäfer, Dorothea; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth...

Persistent link: https://www.econbiz.de/10004963905

Small-Scale Business Survival and Inheritance: Evidence from Germany

Schäfer, Dorothea; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

In this paper we investigate whether small-scale businesses face financial constraints that affect their survival. We … develop a model of moral hazard in which financial constraints arise endogenously. The model predicts that higher private … assets relax financial constraints and have a positive effect on the firm's probability of survival. We test this proposition …

Persistent link: https://www.econbiz.de/10005068690

The Impact of Financial Structure on Firms' Financial Constraints: A Cross-Country Analysis

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity … level influence their financial constraints. For this purpose we merge Almeida, Campello and Weisbach (2004), a pathbreaking … new design for evaluating a firm's financial constraints, with Levine (2002), who paved the way for comparative analysis …

Persistent link: https://www.econbiz.de/10005068852

Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine

Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main...

Persistent link: https://www.econbiz.de/10005068870