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Business closure and financial loss: Who foots the bill? Evidence from German small business closures
Metzger, Georg - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
This paper explores how different reasons for business closure impact the probability that financial loss will be suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is strongly correlated with a likelihood of financial loss....
Persistent link: https://www.econbiz.de/10008494185
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Bankruptcy and Voluntary Liquidation: Evidence for New Firms in East and West Germany after Unification
Prantl, Susanne - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003
and West Germany, I find distinct education and size effects and a higher share of bankruptcy-related liquidations in East …
Persistent link: https://www.econbiz.de/10005097747
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Afterlife: Who Takes Heart for Restart?
Metzger, Georg - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006
percent of novice entrepreneurs who file for bankruptcy reestablish afterwards. On average, slightly more than 15 months will …
Persistent link: https://www.econbiz.de/10005098153
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R&D and Firm Performance in a Transition Economy
Czarnitzki, Dirk; Kraft, Kornelius - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006
We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...
Persistent link: https://www.econbiz.de/10005098291
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Bankruptcy law, capital allocation, and aggregate effects: a dynamic heterogeneous agent model with incomplete markets
Zha, Tao - Federal Reserve Bank of Atlanta - 1995
Under the assumption that asset markets are incomplete, this paper introduces bankruptcy in an intertemporal … argues that intervention in the form of a level of bankruptcy exemption can enhance not only social welfare but also … distributive equity. The bankruptcy law is carefully specified in the model. The model generates distributional changes in …
Persistent link: https://www.econbiz.de/10005401865
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Socially excessive bankruptcy costs and the benefits of interest rate ceilings on loans
Espinosa-Vega, Marco A.; Smith, Bruce D. - Federal Reserve Bank of Atlanta - 2001
general equilibrium model. Binding ceilings on loan rates reduce the probability of bankruptcy. Lower bankruptcy rates result … in lower bankruptcy and liquidation costs. The authors state conditions under which the resources freed by this cost …
Persistent link: https://www.econbiz.de/10005402001