Für 300 Mrd. Euro kaufen jährlich die über 30.000 Vergabestellen von Bund, Land und Kommunen Waren und Dienstleistungen ein, mit zum Teil lang andauernden und komplexen Vergabeverfahren. Wie hoch die Verfahrenskosten bei der Vergabe von öffentlichen Aufträgen sowohl auf Seiten der...

We measure the impact of municipal policies requiring governments to construct green buildings on private-sector adoption of the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) standard. Using matching methods, panel data, and instrumental variables, we find...

Nachdem die chinesische Volkswirtschaft im Verlauf der 1990er Jahre zur Werkbank der Welt” aufgestiegen war, ist angesichts massiv ausgeweiteter F&E Budgets in den letzten Jahren die Frage aufgekommen, inwiefern China in naher Zukunft nicht auch zur Wissensfabrik der Welt aufsteigen könnte....

We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. The data provide a rare opportunity to evaluate relations between funds' sources of finance and activities. We find that sources of VC...

We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country. A robust...

This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...