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The genesis of venture capital : lessons from the German experience

Becker, Ralf; Hellmann, Thomas - 2003

Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance...

Persistent link: https://www.econbiz.de/10011506429

Delegated monitors, large and small : the development of Germany s banking system, 1800 - 1914

Guinnane, Timothy - 2001

Banks play a greater role in the German financial system than in the UnitedStates or Britain. Germany s large universal banks are admired by those whoadvocate bank deregulation in the United States. Others admire the universalbanks for their supposed role in corporate governance and industrial...

Persistent link: https://www.econbiz.de/10011400344

Subprime crisis and board (in-)competence : private vs. public banks in Germany

Hau, Harald; Thum, Marcel - 2009

We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...

Persistent link: https://www.econbiz.de/10003850179

The impact of delay : evidence from formal out-of-court restructuring

Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; … - 2021

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial … context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 … effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re …

Persistent link: https://www.econbiz.de/10012603137

Quality of institutions, credit markets and bankruptcy

Hainz, Christa (contributor) - 2004

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the banks̕ decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...

Persistent link: https://www.econbiz.de/10002524103

Illiquidity and under-valuation of firms

Gale, Douglas; Gottardi, Piero - 2009

We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only friction in the model and the...

Persistent link: https://www.econbiz.de/10003923631

Dissonant works councils and establishment survivability

Addison, John T.; Teixeira, Paulino; Grunau, Philipp; … - 2019

Using subjective information provided by manager respondents on the stance taken by the works council in company decision making, this paper investigates the association between a measure of works council dissonance or disaffection and plant closings in Germany, 2006-2015. The potential effects...

Persistent link: https://www.econbiz.de/10012030687

Clash of career and family : fertility decisions after job displacement

Del Bono, Emilia (contributor); Weber, Andrea (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003630457

Covid-induced school closures in the US and Germany : long-term distributional effects

Fuchs-Schündeln, Nicola - 2022

Almost all countries worldwide closed schools at the outbreak of the Covid-19 crisis. I document that schooling time dropped on average by -55% in the US and -45% in Germany from the onset of the crisis to the summer of 2021. In the US, schools were closed longer in richer than in poorer areas,...

Persistent link: https://www.econbiz.de/10013177101

Fighting for talent : risk-shifting, corporate volatility, and organizational change

Friebel, Guido; Giannetti, Mariassunta - 2002

firms take excessive risk, average enterprise profitability decreases, while bankruptcy increases. Moreover, large firms …

Persistent link: https://www.econbiz.de/10011539048