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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
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The Effects of Short-Term Liabilities on Profitability: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of...
Persistent link: https://www.econbiz.de/10005068970
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Bank Market Structure and Firm Capital Structure
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship...
Persistent link: https://www.econbiz.de/10005069147
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Bank Ownership, Firm Value and Firm Capital Structure in Europe
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...
Persistent link: https://www.econbiz.de/10005069149
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Bank Market Structure and Firm Capital Structure
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship...
Persistent link: https://www.econbiz.de/10010896118
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Bank Ownership, Firm Value and Firm Capital Structure in Europe
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...
Persistent link: https://www.econbiz.de/10010896122
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Cartel Stability and Economic Integration
Schröder, Philipp J. H. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
, unit, fixed. It is shown that for a sufficient reduction of ad valorem trade costs, a cartel supported by collusion on … unit (fixed) trade costs a price setting cartel is strengthened (unaffected), while a quantity setting one is weakened. …
Persistent link: https://www.econbiz.de/10004963936
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A Cartel Analysis of the German Labor Institutions and Its Implications for Labor Market Reforms
Haucap, Justus; Pauly, Uwe; Wey, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
In this paper we apply standard cartel theory to identify the major institutional stabilizers of Germany's area tariff … system of collective bargaining between a single industry union and the industry's employers association. Our cartel analysis … stabilize the labor cartel while other pro-competitive proposals have failed. We argue that the pro-competitive recommendations …
Persistent link: https://www.econbiz.de/10004963960
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Raising Rivals' Fixed (Labor) Costs: The Deutsche Post Case
Heitzler, Sven; Wey, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
We analyze the bargaining problem of an incumbent firm and a union when the wage contract becomes generally binding. Our main application relates to competition among operators of mail delivery networks. We describe the Deutsche Post case which highlights the raising rivals' costs incentive and...
Persistent link: https://www.econbiz.de/10008498395
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Declining Output Volatility in Germany: Impulses, Propagation, and the Role of Monetary Policy
Fritsche, Ulrich; Kuzin, Vladimir - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
, unit, fixed. It is shown that for a sufficient reduction of ad valorem trade costs, a cartel supported by collusion on … unit (fixed) trade costs a price setting cartel is strengthened (unaffected), while a quantity setting one is weakened. …
Persistent link: https://www.econbiz.de/10005068976