We develop a macroeconomic portfolio stress test that is specifically geared towards small and medium-sized banks. We combine a credit risk stress test which simulates credit impairments via a CreditMetrics type multi-factor portfolio model with an income stress test in the form of dynamic panel...

This article investigates the catalyst effect of industrial cluster formation on innovation propensity using as a basis small and medium enterprises (SMEs) located in two regions of transformation and structural change: Brandenburg in Eastern Germany (the former German Democratic Republic) and...

The evolution of the view and practice of "social partnership" is one basic element in the construction of the European Union. The paper gives an overview on the key actors and institutions of Labour Relations System (LRS) with special focus on the micro- small and medium sized enteprises (SME)....

The evolution of the view and practice of "social partnership" is one basic element in the construction of the European Union. The paper gives an overview on the key actors and institutions of Labour Relations System (LRS) with special focus on the micro- small and medium sized enteprises (SME)....

We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a...

The economic policy response to COVID-19 lockdowns included a variety of measures. Their effects on non-financial firms, however, remain unclear. To shed light on the effect of transfers, we investigate the effect of German emergency aid transfers (November-December aid), a program designed for...

This paper analyses the causal effects of weaker dismissal protection on the incidence of long-term sickness ( six weeks). We exploit a German policy change, which shifted the threshold exempting small establishments from dismissal protection from five to ten workers. Using administrative data,...