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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

R&D and Firm Performance in a Transition Economy

Czarnitzki, Dirk; Kraft, Kornelius - 2006

of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on … firm value proxied by ratings in Western Germany, but a negative impact in Eastern Germany. We also consider future … financial distress, and find that R&D in Eastern German firms leads to higher default risk, in contrast to Western Germany …

Persistent link: https://www.econbiz.de/10010297541

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

R&D Investment and Financing Constraints of Small and Medium-Sized Firm

Czarnitzki, Dirk; Binz, Hanna L. - 2008

This study tests for financial constraints on R&D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for R&D than...

Persistent link: https://www.econbiz.de/10010298058

How do banks screen innovative firms? Evidence from start-up panel data

Brown, Martin; Degryse, Hans; Höwer, Daniel; Penas, … - 2012

Start-up firms often face difficulties in raising external funds. Employing a unique panel dataset covering 9,715 start-up firms over the period 2007-2009, we find that high-tech startups are less likely to use bank finance and face more difficulties in raising bank finance than low-tech...

Persistent link: https://www.econbiz.de/10010308954

Innovationsaktivitäten von kmU im verarbeitenden Gewerbe: Was zeichnet Imitatoren und originäre Innovatoren aus?

2003

This contribution is concerned with the spread of new products in small and medium-sized enterprises in the manufacturing sector. Based on an empirical study it is analyzed according to which factors planned product launches are either genuine market novelties or products that are new from the...

Persistent link: https://www.econbiz.de/10010297332

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 … German small and medium?sized firms (SME). Special attention is paid to the role of public R&D subsidies. For this purpose …&D funding. It turns out that Western German SME are financially constrained in their R&D activities by both internal and …

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

What Determines the ZEW Indicator?

Hüfner, Felix P.; Lahl, David - 2003

This paper analyzes which factors are driving the ZEW Indicator of Economic Sentiment. Using the results of a poll among survey participants as well as Granger causality tests we identify three groups of influence factors: other sentiment indicators, financial variables and real economy data. In...

Persistent link: https://www.econbiz.de/10010297299

Auswirkungen von Erbschaften und Schenkungen auf die Vermögensbildung privater Personen und Haushalte: Eine ökonometrische Analyse auf der Basis des Sozio-oekonomischen Panels

Westerheide, Peter - 2004

Die Untersuchung analysiert das Sparverhalten der über 30- bis unter 50jährigen Personen bzw. Haushalte mit Haushaltsvorständen in dieser Altersgruppe in Reaktion auf erhaltene Erbschaften bzw. Transfers zu Lebzeiten. Zugrunde liegen aktuelle Daten des Sozio-oekonomischen Panels. Mittels...

Persistent link: https://www.econbiz.de/10010297351

Integrated Financial Supervision in Germany

Schüler, Martin - 2004

With the establishment of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in May 2002 Germany followed the … authority in Germany. Moreover, BaFin?s tasks and structure are discussed. …

Persistent link: https://www.econbiz.de/10010297360

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