Narrow search
Showing 1 - 10 of 82
Cover Image
Dual Class Stock in Russia: What Explains the Price Differential between Common and Preferred Shares?
Muravyev, Alexander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
This paper aims to explain the large premium paid on common (voting) shares relative to preferred (non-voting) shares in the Russian stock market. Empirical analysis focuses on two main explanations relating the premium either to the voting right attached to common shares or to differences in...
Persistent link: https://www.econbiz.de/10005068793
Cover Image
Financial Constraints and Continental Business Groups: Evidence from German Konzerns
Schäfer, Dorothea; Gorodnichenko, Yuriy; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
Using a unique, large panel of German firms, we examine whether participation in business groups reduces the sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and negligible for medium and large firms. We argue that by...
Persistent link: https://www.econbiz.de/10005069012
Cover Image
Corporate Governance and Dividend Policy in Poland
Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
This study examines the relation between corporate governance practices measured by Transparency Disclosure Index (TDI) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for 110 non-financial companies listed on Warsaw Stock...
Persistent link: https://www.econbiz.de/10004963769
Cover Image
How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets?: Evidence from China
Caporale, Guglielmo Maria; Lodh, Suman; Nandy, Monomita - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...
Persistent link: https://www.econbiz.de/10011276389
Cover Image
Sovereign Bond Yield Spreads: A Time-Varying Coefficient Approach
Bernoth, Kerstin; Erdogan, Burcu - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...
Persistent link: https://www.econbiz.de/10008740506
Cover Image
Long-Term Effects of Unpaid Overtime
Pannenberg, Markus - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002
Why do people work unpaid overtime? We show that remarkable long-term labor earnings gains are associated with unpaid overtime in West Germany. A descriptive analysis suggests that over a 10-year period workers with unpaid overtime experience on average at least a 10 percentage points higher...
Persistent link: https://www.econbiz.de/10005018670
Cover Image
Voluntary Teaming and Effort
Keser, Claudia; Montmarquette, Claude - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
In a series of experimental games, each of two players may choose between remuneration based on either private or team … private effort, we frequently observe team remuneration chosen by both players. Team remuneration allows for high payoff for …'s effort. Due to significant cooperation we observe that in team remuneration participants make higher profits than in private …
Persistent link: https://www.econbiz.de/10004963977
Cover Image
Working Time as an Investment?: The Effects of Unpaid Overtime on Wages, Promotions, and Layoffs
Anger, Silke - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2005
Whereas the number of paid overtime hours declined over the last two decades in Germany, a different trend can be observed for unpaid overtime. We analyze future consequences of unpaid work with respect to a worker's career advancement, such as higher future wages and probabilities of promotion...
Persistent link: https://www.econbiz.de/10005068730
Cover Image
GEE Estimation of a Two-Equation Panel Data Model: An Analysis of Wage Dynamics and the Incidence of Profit-Sharing in West Germany
Pannenberg, Markus; Spieß, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
We propose a generalized estimating equations approach to the analysis of the mean and the covariance structure of a bivariate time series process of panel data with mixed continuous and discrete dependent variables. The approach is used to jointly analyze wage dynamics and the incidence of...
Persistent link: https://www.econbiz.de/10005068845
Cover Image
Umfang und Kompensation von Überstunden: eine vergleichende Analyse für Westdeutschland und Großbritannien
Pannenberg, Markus; Wagner, Gert G. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2001
In the 1990s overtime incidence in Great Britain and West Germany is quite similar, while the average amount of hours of overtime for full-time male workers with overtime in Great Britain is roughly twice those in Germany for all years. We observe striking differences between the two countries...
Persistent link: https://www.econbiz.de/10005069075