The Queen of England famously asked her economic advisers why none of them had seen it (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the Age of Keynes through the...

With an emphasis on contributing to macroeconomic pedagogy we examine the collateral multiplier by comparing it to the traditional money multiplier in a simplified framework of traditional banking and shadow banking in which government bonds are the core assets. While the money multiplier is a...

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...

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...

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...

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...