Similar Search Results

Mergers & acquisitions and innovation performance in the telecommunications equipment industry

Gantumur, Tseveen; Stephan, Andreas - 2007

technique based on a matching propensity score procedure, the analysis not only controls for merger endogeneity and ex … significantly positive changes to the firm's post-merger innovation performance. The effects of M&A on innovation performance are in … capabilities at acquiring firms prior to a merger. …

Persistent link: https://www.econbiz.de/10010263699

Determinants of the acquisition of smaller firms by larger incumbents in high-tech industries: are they related to innovation and technology sourcing?

Wagner, Marcus - 2007

Innovation activities in high tech industries provide considerable challenges for technology and innovation management. In particular, firms frequently face significant technological challenges since these industries has a long history of radical innovations which are taking place through...

Persistent link: https://www.econbiz.de/10010263707

Optimal policy under model uncertainty: a structural-bayesian estimation approach

Kriwoluzky, Alexander; Stoltenberg, Christian - 2007

In this paper we propose a novel methodology to analyze optimal policies under model uncertainty in micro-founded macroeconomic models. As an application we assess the relevant sources of uncertainty for the optimal conduct of monetary policy within (parameter uncertainty) and across models...

Persistent link: https://www.econbiz.de/10010265665

The impact of the European Monetary Union on inflation persistence in the Euro area

Meller, Barbara; Nautz, Dieter - 2009

This paper uses the European Monetary Union (EMU) as a natural experiment to investigate whether more effective monetary policy reduces the persistence of inflation. Taking into account the fractional integration of inflation, we confirm that inflation dynamics differed considerably across Euro...

Persistent link: https://www.econbiz.de/10010270711

Monetary transmission right from the start: The (dis)connection between the money market and the ECB's main refinancing rates

Abbassi, Puriya; Nautz, Dieter - 2010

The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO auctions. Our results confirm a stabilizing level...

Persistent link: https://www.econbiz.de/10010270729

Nonlinear modeling of target leverage with latent determinant variables: new evidence on the trade-off theory

Sabiwalsky, Ralf - 2008

The trade-off theory on capital structure is tested by modelling the capital structure target as the solution to a maximization problem. This solution maps asset volatility and loss given default to optimal leverage. By applying nonlinear structural equation modelling, these unobservable...

Persistent link: https://www.econbiz.de/10010263749

Depression econometrics: A FAVAR model of monetary policy during the great depression

Ahmadi, Pooyan Amir; Ritschl, Albrecht - 2009

The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...

Persistent link: https://www.econbiz.de/10010270715

Crisis? What crisis? Currency vs. banking in the Financial Crisis of 1931

Ritschl, Albrecht; Sarferaz, Samad - 2010

This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through...

Persistent link: https://www.econbiz.de/10010270717

Monetary policy implementation and overnight rate persistence

Nautz, Dieter; Scheithauer, Jan - 2009

Overnight money market rates are the predominant operational target of monetary policy. As a consequence, central banks have redesigned the implementation of monetary policy to keep the deviations of the overnight rate from the key policy rate small and short-lived. This paper uses fractional...

Persistent link: https://www.econbiz.de/10010270829

The signal of volatility

Strohsal, Till; Weber, Enzo - 2012

The present study addresses the economic interpretation of stock market volatility. We argue that its character is inherently ambivalent, being considered as an indicator of either information flow or uncertainty.We discriminate between these views by measuring the fraction of price changes that...

Persistent link: https://www.econbiz.de/10010318768