We consider consistent tests for stochastic dominance efficiency at any order of a given portfolio with respect to all possible portfolios constructed from a set of assets. We justify block bootstrap approaches to achieve valid inference in a time series setting. The test statistics are computed...

This paper summarizes interviews from 1998 with 590 individuals trying to create a business centered around five questions: 'Who are you?', 'What are you trying to accomplish?', 'What have you and others put into the business?', 'What have you accomplished?', 'What remains to be done?' There is...

SME investment opportunities depend on the level of financing constraints that firms face. Earlier research has mainly focused on the controversial argument that cash flow-investment correlations increase with the level of these constraints. We focus on bank loans rather than cash flow. Our...

Objectives: We examine decision factors of family firm owners for hiring a non-family Chief Financial Officer (CFO). We explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company-specific goals relate to the employment of a...

Goal structures in family firms seems of particular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and family. We asked shareholders of German family firms to rate the...

The impact of private equity firms on employment in their portfolio companies is a controversial topic widely discussed in academia and in practice in recent years. A large body of research has resulted from this debate. The studies are focused on different aspects of employment and are based on...

This paper analyzes how statutory entitlements to maternity or parental leave affect female entry into self-employment after childbirth. For our estimations we use comprehensive panel data for German adults born between 1944 and 1989. We find that utilization of statutory parental leave...

This paper presents an exploratory analysis of the potential impacts of the Lei do Empreendedor Individual (Individual Entrepreneur Law). We intend to present evidence that helps clarify, albeit only partially, whether the policy was successful in promoting: i) micro-entrepreneurship in Brazil;...

This paper exploits a liquidity shock from a large-scale welfare programme in Brazil to investigate the importance of credit constraints and informal financial assistance in explaining entrepreneurship. Previous research focuses exclusively on how liquidity shocks change recipients' behaviour...

Die vorliegende Studie untersucht die Determinanten der Entscheidung, einen Sohn oder eine Tochter zum familieninternen Nachfolger zu bestimmen. Ein besonderes Augenmerk liegt dabei auf dem Geschlecht des Übergebers. Nationale wie internationale Forschungsarbeiten deuten darauf hin, dass...