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Financial constraints for investors and the speed of adaptation: Are innovators special?

von Kalckreuth, Ulf - Deutsche Bundesbank - 2004

?s Investment Tests (IT) during the years 1988-1998, we create a panel with information on investment, innovation activity and … financing conditions. Financial constraints affect the distribution of investment over time in a fundamental way. Following a … on Schworm?s (1980) model of optimal investment under financial constraints, we use it to test the empirical content of …

Persistent link: https://www.econbiz.de/10005083073

A comparison of dynamic panel data estimators: Monte Carlo evidence and an application to the investment function

Behr, Andreas - Deutsche Bundesbank - 2003

same conclusions concerning the investment behaviour of German manufacturing firms based on the Deutsche Bundesbank …'s Corporate Balance Sheet Statistics. Investment is strongly positive dependent on lagged investment and Q. Nevertheless, in …

Persistent link: https://www.econbiz.de/10005083105

Cash on trial, mk II : economics, technology and institutions

Birchler, Urs W. (ed., introduction); … - Cash on Trial <Veranstaltung> <2019, Frankfurt am Main>; … - 2019

Persistent link: https://www.econbiz.de/10012112413

Saving and learning: Theory and evidence from saving for child's college

Zhu, Junyi - Deutsche Bundesbank - 2012

This paper analyzes the main uncertainty of college saving - the child's ability - in the context of the saving with learning model. The first section develops a dynamic model combining asset accumulation and learning to explain the parents' forward-looking saving behavior when they are...

Persistent link: https://www.econbiz.de/10010957083

Estimation of linear dynamic panel data models with time-invariant regressors

Kripfganz, Sebastian; Schwarz, Claudia - Deutsche Bundesbank - 2013

This paper considers estimation methods and inference for linear dynamic panel data models with unit-specific heterogeneity and a short time dimension. In particular, we focus on the identification of the coefficients of time-invariant variables in a dynamic version of the Hausman and Taylor...

Persistent link: https://www.econbiz.de/10010957091

Early warning indicators for the German banking system: A macroprudential analysis

Jahn, Nadya; Kick, Thomas - Deutsche Bundesbank - 2012

Over the past two decades, Germany experienced several periods of banking system instability rather than full-blown banking system crises. In this paper we introduce a continuous and forward-looking stability indicator for the banking system based on information on all financial institutions in...

Persistent link: https://www.econbiz.de/10010957094

A consistent set of multilateral productivity approach-based indicators of price competitiveness

Fischer, Christoph; Hossfeld, Oliver - Deutsche Bundesbank - 2014

We propose a novel, multilaterally consistent productivity approach-based indicator to assess the international price competitiveness of 57 industrialized and emerging economies. It is designed to be a useful assessment tool for monetary policy authorities and, thereby, differs from previously...

Persistent link: https://www.econbiz.de/10010957107

Earnings baths by bank CEOs during turnovers

Bornemann, Sven; Pfingsten, Andreas; Kick, Thomas; … - Deutsche Bundesbank - 2014

This study investigates the development of income-decreasing discretionary expenses surrounding CEO turnovers at banks. We expect incoming CEOs to take an earnings bath during the initial stage of their tenure. For a sample of German banks over the period 1993-2012, we document that (1) incoming...

Persistent link: https://www.econbiz.de/10010957116

Banks' concentration versus diversification in the loan portfolio: New evidence from Germany

Jahn, Nadya; Memmel, Christoph; Pfingsten, Andreas - Deutsche Bundesbank - 2013

Using a unique data set on German banks' sector specific loan exposures to the real economy and the corresponding write-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common risk factors, we separate the bank-specific...

Persistent link: https://www.econbiz.de/10010957127

Banks' regulatory buffers, liquidity networks and monetary policy transmission

Merkl, Christian; Stolz, Stéphanie - Deutsche Bundesbank - 2006

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favor of the bank capital...

Persistent link: https://www.econbiz.de/10005082776