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Höwer, Daniel - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Do firms select their main bank relationship according to their risk or risk preferences? Relationship banking is attractive for high risk firms since it improves their access to finance and provides liquidity insurance. Low risk firms instead may not want to bear the additional costs. I employ...

Persistent link: https://www.econbiz.de/10010985659

Politicians' promotion incentives and bank risk exposure in China

Wang, Li; Menkhoff, Lukas; Schröder, Michael; Xu, Xian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015

This paper shows that politicians' pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank...

Persistent link: https://www.econbiz.de/10011269120

From soft and hard-nosed bankers: bank lending strategies and the survival of financially distressed firms

Höwer, Daniel - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

Do private banks act as hard-nosed bankers when firms get financially distressed compared to public banks that have the mandate to support regional economy? For German firms in the period 2000-2005, I find that the probability of leaving the market after financial distress is higher for firms...

Persistent link: https://www.econbiz.de/10008533682

Stale information, shocks and volatility

Gropp, Reint; Kadareja, Arjan - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007

We propose a new approach to measuring the effect of unobservable private information or beliefs on volatility. Using high-frequency intraday data, we estimate the volatility effect of a well identified shock on the volatility of the stock returns of large European banks as a function of the...

Persistent link: https://www.econbiz.de/10005097569

The Decision of Venture Capitalists on Timing and Extent of IPOs

Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capitalist's participation in a firm (later IPO) may increase its value while also …

Persistent link: https://www.econbiz.de/10005097528

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

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markt

Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can … capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer. …

Persistent link: https://www.econbiz.de/10005098395

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

Does interdisciplinarity lead to higher employment growth of academic spinoffs?

Müller, Bettina - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

Does heterogeneity in the educational backgrounds of the founders matter for firm success? Are team foundations more successful than single entrepreneurs? These questions are analysed using data on academic spinoffs in Germany. Firm success is measured by employment growth. I find that team...

Persistent link: https://www.econbiz.de/10008474661

Biomedical Academic Entrepreneurship Through the SBIR Program

Toole, Andrew A.; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005

This paper considers the U.S. Small Business Innovation Research (SBIR) program as a policy fostering academic entrepreneurship. We highlight two main characteristics of the program that make it attractive as an entrepreneurship policy : early-stage financing and scientist involvement in...

Persistent link: https://www.econbiz.de/10005059052