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The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...

Persistent link: https://www.econbiz.de/10005068997

Asymmetric Information and Roll-over Risk

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

proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the …-over risk in order to minimize price distortions. Short-term financing is socially desirable when banks' capacity to repay short … downgrade face sufficiently high roll-over risk, the equilibrium maturity structure approaches the constrained efficient …

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

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

Corporate Debt Maturity Choice in Transition Financial Markets

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

firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested …

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 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...

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

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

The Store-of-Value-Function of Money as a Component of Household Risk Management

Größl, Ingrid; Fritsche, Ulrich - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

, smooth and stabilize consumption as well as minimize portfolio risk. In this context we also show how the correlation between …

Persistent link: https://www.econbiz.de/10004963830

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