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Dynamic Optimal Capital Structure and Technological Change

Lööf, Hans - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm?s equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Persistent link: https://www.econbiz.de/10005097988

How many factors and shocks cause financial stress?

Kappler, Marcus; Schleer, Frauke - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

The aim of this paper is to assess the dimension of factors and shocks that drive financial conditions, and in particular financial stress in the euro area. A second aim is to construct summary indices on the conditions and level of stress in financial markets with the aid of a dynamic factor...

Persistent link: https://www.econbiz.de/10010957607

Scrapping subsidies during the financial crisis: Evidence from Europe

Leheyda, Nina; Verboven, Frank - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

We study the effects of the car scrapping subsidies in Europe during the financial crisis. We make use of a rich data set of all car models sold in nine European countries, observed at a monthly level during 2005-2011.We employ a difference-in-differences approach, exploiting the fact that...

Persistent link: https://www.econbiz.de/10010957618

The impact of R&D subsidies during the crisis

Hud, Martin; Hussinger, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

This study investigates the impact of R&D subsidies on R&D investment during the past financial crisis. We conduct a treatment effects analysis and show that R&D subsidies increased R&D spending among subsidized small and medium sized firms in Germany during the crisis years. In the first crisis...

Persistent link: https://www.econbiz.de/10010957640

Lessons of the financial crisis for the attractiveness of European financial centers

Lang, Gunnar - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

This paper analyses fundamental location factors for the financial industry by investigating the economic significance of market participants' assessments of location factors and country-specific characteristics over time. A unique data set allows studying the locational attractiveness of...

Persistent link: https://www.econbiz.de/10010957648

Bank owners or bank managers: who is keen on risk? Evidence from the financial crisis

Gropp, Reint; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely...

Persistent link: https://www.econbiz.de/10008518270

15 years of pension reform in Germany: old successes and new threats

Bonin, Holger - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

The paper surveys the state of German pension system after a sequence of reforms aimed at achieving long-term sustainability. We argue that the latest reforms have moved pension provision in Germany in principle from a defined benefit to a defined contribution scheme, and that this move has...

Persistent link: https://www.econbiz.de/10005098190

Finanzierungsstrukturen im Vergleich - Eine Analyse europäischer Unternehmen -

Ramb, Fred - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998

Kapitalstruktur analysiert. Für die meisten der analysierten Länder - darunter Deutschland, Frankreich, Spanien und die Niederlande … - können keine wesentlichen Unterschiede hinsichtlich der Determinanten der Kapitalstruktur von Aktiengesellschaften und Nicht … structure due to legal forms. For the most countries, including Germany, France, Spain, and the Netherland, legal form exerts …

Persistent link: https://www.econbiz.de/10005098404

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

M&A and the tax benefits of debt-financing

Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

The deductibility of interest expenses from the corporate tax base creates an incentive for acquiring companies to finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in corporate acquisitions for the first time for a sample of...

Persistent link: https://www.econbiz.de/10010957629