This paper explores the relationship between self-declared risk aversion of private investors and their willingness to hold diversified portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of...

This paper investigates how variations in macroeconomic uncertainty distort commercial banks' allocation of loanable funds by analyzing the dispersion of banks' total loan-to-asset ratios over a quarter-century period.

We investigate the impact of debt on a panel of U.S. manufacturing firms' capital investment behavior as the underlying firm-specific and market-level uncertainty changes. Our estimates show that the influence of leverage on capital investment may be stimulating or mitigating depending on the...

We investigate the impact of measures of uncertainty on firms' capital investment behavior using a panel of U.S. firms. Increases in firm-specific and CAPM-based measures have a significant negative effect on investment spending, while market-based uncertainty has a positive impact.

Using network approaches to subsidiary theory, this paper investigates the impact on performance of interactions between the factors of autonomy, intra and inter-organizational network relationships. The paper analyzes both direct and indirect interactions between these factors. This study...

The worldwide telecommunications equipment industry has experienced an enormous number of mergers and acquisitions (M&A). This paper examines the innovation determinants of M&A activity and the consequences of M&A on technological potential and innovation performance. We extend the...

We examine firms’ motivation to change their main bank and how this switch affects loans, interest payments, and firm performance. Applying treatment effect analysis to unique firm-bank matched Ukrainian data, we find that larger and more highly leveraged companies are more likely to switch...

This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 Ukrainian rms during the period 2000-2006. Our estimates conrm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of rms operating...