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Uncertainty Determinants of Corporate Liquidity
Baum, Christopher F.; Caglayan, Mustafa; Stephan, Andreas; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or...
Persistent link: https://www.econbiz.de/10004963667
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Macroeconomic Uncertainty and Firm Leverage
Baum, Christopher F.; Stephan, Andreas; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of...
Persistent link: https://www.econbiz.de/10004963696
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Drivers of Private Equity Investment in CEE and Western European Countries
Bernoth, Kerstin; Colavecchio, Roberta; Sass, Magdolna - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...
Persistent link: https://www.econbiz.de/10010661266
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On the Relationship between Public and Private Investment in the Euro Area
Dreger, Christian; Reimers, Hans-Eggert - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the...
Persistent link: https://www.econbiz.de/10010744674
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Drivers of Private Equity Investment in CEE and Western European Countries
Bernoth, Kerstin; Colavecchio, Roberta; Sass, Magdolna - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...
Persistent link: https://www.econbiz.de/10010783950
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Firm Investment and Financial Frictions
Baum, Christopher F.; Caglayan, Mustafa; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
-based risk measure. We employ a panel of U.S. manufacturing firm data obtained from COMPUSTAT over the 1984-2003 period …
Persistent link: https://www.econbiz.de/10004963877
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Drivers of Private Equity Investment in CEE and Western European Countries
Bernoth, Kerstin; Colavecchio, Roberta; Sass, Magdolna - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...
Persistent link: https://www.econbiz.de/10008468135
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The Dead-Anyway Effect Revis(it)ed
Breyer, Friedrich; Felder, Stefan - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002
In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect … risk increases with the initial level of risk. Their reasoning is based on differences in the marginal utility of wealth …: first, for a risk-averse individual without a bequest motive, marginal WTP for survival does increase with the level of risk …
Persistent link: https://www.econbiz.de/10004963657
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Native-Migrant Differences in Risk Attitudes
Bonin, Holger; Constant, Amelie; Tatsiramos, Konstantinos; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
This paper questions the perceived wisdom that migrants are more risk-loving than the native population. We employ a … new large German survey of direct individual risk measures to find that first-generation migrants have lower risk …
Persistent link: https://www.econbiz.de/10004963826
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The Impact of South-South Trade Agreements on FDI
Cherif, Mondher; Dreger, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
The integration of emerging markets into the global economy is heavily promoted by foreign direct investment (FDI) inflows. Within the factors driving the location of FDI, regional trade agreements (RTAs) become increasingly relevant for emerging markets. We explore the impact of South-South...
Persistent link: https://www.econbiz.de/10011203027