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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...
Persistent link: https://www.econbiz.de/10010957587
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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10009646611
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The importance of equity finance for R&D activity: are there differences between young and oldcompanies?
Mueller, Elisabeth; Zimmermann, Volker - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008
This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
Persistent link: https://www.econbiz.de/10008469765
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Returns to private equity: idiosyncratic risk does matter!
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of … higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner’s net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …
Persistent link: https://www.econbiz.de/10008474665
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Returns to private equity: idiosyncratic risk does matter!
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of … higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner's net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …
Persistent link: https://www.econbiz.de/10008533673
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How does owners' exposure to idiosyncratic risk influence the capital structure of private companies?
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for … United States. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company … (SNWI). Exposure to idiosyncratic risk increases the cost of equity capital, since higher equity returns are required as …
Persistent link: https://www.econbiz.de/10008533678
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The Birth of German Biotechnology Industry: Did Venture Capital run the Show?
Heneric, Oliver; Engel, Dirk; Champenois, Claire - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
The goal of this paper is to point out the role played by private equity investors (venture-capital companies and corporate investors) in the emergence of a new biotechnology industry in Germany in the second half of the 90?s. This analysis takes into account the different business models and...
Persistent link: https://www.econbiz.de/10005097518
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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...
Persistent link: https://www.econbiz.de/10005097528
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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 benefits of control on the capital structure and the growth of private companies for a sample of 8,964 UK companies with limited liability observed for up to 5 years. It is hypothesised that companies in which existing owners would lose more control if...
Persistent link: https://www.econbiz.de/10005097529
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Corporate monitoring by blockholders in Europe: empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK
Dherment-Ferere, Isabelle; Köke, Jens; Renneboog, Luc - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...
Persistent link: https://www.econbiz.de/10005097669