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Exploring the role of uncertainty for corporate investment decisions in Germany

von Kalckreuth, Ulf - Deutsche Bundesbank - 2000

The impact of uncertainty on firms? investment outlays is subject to an ongoing debate. Theory identifies several … channels. Irreversibility, financing constraints and risk aversion make a negative relationship between uncertainty and … investment likely. On the other hand, the ability of firms to adapt after uncertainty is resolved can make a risky strategy more …

Persistent link: https://www.econbiz.de/10005083086

Testing the O-ring theory for FDI

Engemann, Martina; Lindemann, Henrike - Deutsche Bundesbank - 2013

Modern production processes often involve several sequential stages which are performed in many different countries. This pattern of vertical specialization does not only affect trade between countries but it is also of importance for foreign direct investment (FDI). In this paper, we therefore...

Persistent link: https://www.econbiz.de/10010957096

Taxes and the financial structure of German inward FDI

Ramb, Fred; Weichenrieder, Alfons J. - Deutsche Bundesbank - 2005

The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a...

Persistent link: https://www.econbiz.de/10005083077

International financial competitiveness and incentives to foreign direct investment

Jochem, Axel - Deutsche Bundesbank - 2008

In this paper an index of financial competitiveness is calculated that corresponds to the market-to-book ratio of inward FDI stocks. For a panel of five advanced economies from 1980 to 2006 it is shown that price competitiveness, stable inflation rates and registered patents have a positive...

Persistent link: https://www.econbiz.de/10005083177

Foreign direct investment, spillovers and absorptive capacity: evidence from quantile regressions

Girma, Sourafel; Görg, Holger - Deutsche Bundesbank - 2005

This paper focuses on the role of absorptive capacity in determining whether or not domestic firms benefit from productivity spillovers from FDI using establishment level data for the UK. We allow for different effects of FDI on establishments located at different quantiles of the productivity...

Persistent link: https://www.econbiz.de/10005083280

Internalization and internationalization under copeting real options

Fisch, Jan Hendrik - Deutsche Bundesbank - 2006

and centers the impact of uncertainty. The results of a panel study using aggregates of 5379 German entries to 22 … countries suggest that uncertainty has a U-shaped influence on the probability of entry and a negative effect on the amount of …

Persistent link: https://www.econbiz.de/10005083229

Employment protection and temporary work agencies

Baumann, Florian; Mechtel, Mario; Stähler, Nikolai - Deutsche Bundesbank - 2008

Employers who use temporary agency staff in contrast to regular staff are not affected by employment protection regulations when terminating a job. Therefore, services provided by temporary work agencies may be seen as a substitute for regular employment. In this paper, we analyze the effects of...

Persistent link: https://www.econbiz.de/10005083218

Unemployment and employment protection in a unionized economy with search frictions

Stähler, Nikolai - Deutsche Bundesbank - 2007

In theoretical literature, the effects of employment protection on unemployment are ambiguous. Higher employment protection decreases job creation as well as job destruction. However, in most models, wages are bargained individually between workers and firms. Using a conventional matching model...

Persistent link: https://www.econbiz.de/10005083255

The discontinuous integration of Western Europe's heterogeneous market for corporate control from 1995 to 2007

Frey, Rainer - Deutsche Bundesbank - 2010

As, in Europe, many institutional reforms have been undertaken to establish an economic union, it can be expected that the relevance of borders has decreased over time. For the EU 15, we investigate the expected integration process of the market for corporate control - an illustrative market for...

Persistent link: https://www.econbiz.de/10008611435

The use of tax havens in exemption regimes

Gumpert, Anna; Hines, James R.; Schnitzer, Monika - Deutsche Bundesbank - 2011

This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The...

Persistent link: https://www.econbiz.de/10009646495