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Are Credit Ratings Valuable Information?

Kraft, Kornelius; Czarnitzki, Dirk - 2004

Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...

Persistent link: https://www.econbiz.de/10010297323

Publicly Funded R&D Collaborations and Patent Outcome in Germany

Czarnitzki, Dirk; Fier, Andreas - 2003

examines the development and the impact of publicly funded R&D consortia in Germany. The paper describes the history of R …&D funding in Germany with a focus on the development of measures encouraging collaborative R&D activities among firms and public …

Persistent link: https://www.econbiz.de/10010297272

On the Profitability of Innovative Assets

Kraft, Kornelius; Czarnitzki, Dirk - 2004

Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies? profits is a priori unclear. We present the results of an empirical study on the effects of the patent stock on...

Persistent link: https://www.econbiz.de/10010297363

The Link Between R&D Subsidies, R&D Spending and Technological Performance

Czarnitzki, Dirk; Hussinger, Katrin - 2004

This paper analyzes the effects of public R&D funding on R&D expenditure and patenting behavior of German firms. The main focus is the direct impact of subsidies on R&D and the indirect effect on innovation output measured by patent applications. We distinguish the productivity of purely...

Persistent link: https://www.econbiz.de/10010297381

Capital Control, Debt Financing and Innovative Activity

Czarnitzki, Dirk; Kraft, Kornelius - 2004

The present paper first discusses theoretically the different incentives of manager- versus owner-controlled firms for investment into innovative activity. In addition, the role of debt financing is analyzed. Subsequently the results from an empirical study on the determinants of innovative...

Persistent link: https://www.econbiz.de/10010297397

License Expenditures of Incumbents and Potential Entrants: An Empirical Analysis of Firm Behavior

Czarnitzki, Dirk; Kraft, Kornelius - 2005

This paper presents the results of an empirical test concerning the auction model of Gilbert and Newbery (1982). The study uses data on German companies in order to analyze expenditures for technology licenses. Aside of standard control variables the motives for innovation expenditures are also...

Persistent link: https://www.econbiz.de/10010297441

Uncertainty of outcome versus reputation: empirical evidence for the First German Football Division

Czarnitzki, Dirk; Stadtmann, Georg - 1999

This paper analyses the determination of match attendance in the German premier football league by applying models derived from Peel/Thomas (1992) and Janssens/Késenne (1987). Additionally we develop an improved version, where we incorporate the supporter clubs and the weather conditions as...

Persistent link: https://www.econbiz.de/10010297644

An empirical test of the asymmetric models on innovative activity: who invests more into R&D - the incumbent or the challenger?

Czarnitzki, Dirk; Kraft, Kornelius - 2000

The theoretical discussion concerning the question whether the incumbent or the (potential) entrant invests more into R&D has attracted considerable interest. This paper reports the results of an empirical study on this question using data of about 3500 German firms over the years 1992 to 1995....

Persistent link: https://www.econbiz.de/10010297671

Research and development: financial constraints and the role of public funding for small and medium-sized enterprises

Czarnitzki, Dirk - 2002

SME in Western and East-ern Germany are compared because these regions are very different in their supply of public R … external resources. In Eastern Germany, firms are not sensitive to external constraints, possibly due to high public R …&D subsidies. The results suggest that R&D in Eastern Germany is to a large extent driven by public subsidies since the German re …

Persistent link: https://www.econbiz.de/10010297688

Measuring the impact of innovation on firm value: a new approach

Kraft, Kornelius; Czarnitzki, Dirk - 2002

Most of the existing empirical literature on the relationship of firm value and knowledge capital is based on the stock market valuation of companies. However, the assets of many firms are not publicly traded, and hence the calculation of market value is limited to a subsample of firms. We...

Persistent link: https://www.econbiz.de/10010297699