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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

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

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

Idiosyncratic risk and the cost of capital: The case of electricity networks

Schober, Dominik; Schäffler, Stephan; Weber, Christoph - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

We analyze the treatment and impact of idiosyncratic or firm-specific risk in regulation. Regulatory authorities regularly ignore firm-specific characteristics, such as size or asset ages, implying different risk exposure in incentive regulation. In contrast, it is common to apply only a single...

Persistent link: https://www.econbiz.de/10010985634

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

Incentive Problems in Banking Supervision: The European Case

Schüler, Martin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

This paper discusses the incentive conflicts that arise in banking supervision in the EU in a principal-agent framework, where the regulator is the agent and the taxpayers is the principal. The regulatory agent in addition to maintaining financial stability (the objective of the principal) may...

Persistent link: https://www.econbiz.de/10005097935

What drives the demand of monetary financial institutions for domestic government bonds? Empirical evidence on the impact of Basel II and Basel III

Lang, Michael; Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

This paper examines the treatment of sovereign debt exposure within the Basel framework and measures the impact of bank … regulation on the demand of Monetary Financial Institutions (MFI) for marketable sovereign debt. Our results suggest that bank …

Persistent link: https://www.econbiz.de/10011122561

The Determinants of Capital Structure: Some Evidence from Banks

Heider, Florian; Gropp, Reint - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

bank. The results suggest that capital requirements may only be of second-order importance for banks? capital structures …

Persistent link: https://www.econbiz.de/10005097682

How Do Banks Determine Capital? Empirical Evidence for Germany

Weber, Martin; Kleff, Volker - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

This paper examines how capital is determined by German banks. We analyse whether the determinants found in the previous empirical literature hold for the special German banking sector with its three characteristic banking groups of savings banks, cooperative banks and other banks. On the basis...

Persistent link: https://www.econbiz.de/10005098092

Corporate main bank decision

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 … may not want to bear the additional costs. I employ a nested logit model to study the determinants of the main bank … relationship decision by newly established German firms. I find that firms that ask for bank support in case of financial distress …

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

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