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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10005097846
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Electoral Competition under Media Influence
Bräuer, Wolfgang - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998
We suggest a model of electoral competition between two parties which is extended by a third player : mass media. The classical one-dimensional competition model is changed by introducing an issue-specific sensibility-coefficient and by allowing for non-voting. The winner is selected by majority...
Persistent link: https://www.econbiz.de/10005097641
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10005097834
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10005098061
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10005098062
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Who Are the True Venture Capitalists in Germany?
Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
In this paper, we analyze the investment and divestment patterns of different types of venture capitalists. Using a data set em- bracing all venture-backed IPOs that occurred on Germany's Neuer Markt we investigate whether the governance structures, objectives, abilities and track records of...
Persistent link: https://www.econbiz.de/10005098238
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Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markt
Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003
Using a unique, hand-collected database of all venture- backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...
Persistent link: https://www.econbiz.de/10005098395
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Competitive procurement design: Evidence from regional passenger railway services in Germany
Hunold, Matthias; Wolf, Christoph - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
We study competitive awarding procedures of short haul railway passenger services in Germany from 1995 to 2011 by means of a newly collected data set. In particular, we use regression techniques to investigate the determinants of the number of bidders, the identity of the winning bidder and the...
Persistent link: https://www.econbiz.de/10010957592
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Auctioning of CO2 Emission Allowances in Phase 3 of the EU Emissions Trading Scheme
Benz, Eva; Löschel, Andreas; Sturm, Bodo - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008
in 2013, to be increased to 100 % by 2020. In this paper, we emphasize the importance of a properly chosen auction design … as the significantly higher auction share, compared to the past and current trading phase, is expected to yield a thin … secondary market for CO2 allowances. We elaborate main criteria that a viable auction design is supposed to fulfil and propose a …
Persistent link: https://www.econbiz.de/10005098035
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Do pay-as-bid auctions favor collusion? Evidence from Germany's market for reserve power
Heim, Sven; Götz, Georg - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
We analyze a drastic price increase in the German auction market for reserve power, which did not appear to be driven … back to an abuse of the auction's pay-as-bid mechanism by the two largest firms. In contrast to theoretical findings, we …
Persistent link: https://www.econbiz.de/10010985633