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Ownership concentration, institutional development and firm performance in Central and Eastern Europe
Balsmeier, Benjamin; Czarnitzki, Dirk - 2010
This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of...
Persistent link: https://www.econbiz.de/10010303808
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Ownership concentration, institutional development and firm performance in Central and Eastern Europe
Balsmeier, Benjamin; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of...
Persistent link: https://www.econbiz.de/10008794610
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Investment opportunities in Central and Eastern European equity markets: an econometric examination of the risk-return relationships for western investors
Schröder, Michael - 2000
This study focuses on the diversification benefits of the most developed equity markets of Central and Eastern Europe … (CEE). To evaluate these benefits of diversification we use so-called spanning tests based on a stochastic discount factor … our study addresses the diversification benefits not only for U.S. investors, as is the usual case in these empirical …
Persistent link: https://www.econbiz.de/10010297705
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Investment opportunities in Central and Eastern European equity markets: an econometric examination of the risk-return relationships for western investors
Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2000
This study focuses on the diversification benefits of the most developed equity markets of Central and Eastern Europe … (CEE). To evaluate these benefits of diversification we use so-called spanning tests based on a stochastic discount factor … our study addresses the diversification benefits not only for U.S. investors, as is the usual case in these empirical …
Persistent link: https://www.econbiz.de/10005097624
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Bank mergers in the financial crisis: A competition policy perspective
Hellwig, Michael; Laser, Falk Hendrik - 2019
We analyze a large merger in the Dutch banking market during the financial crisis using disaggregated data. Based on a merger simulation model, we evaluate merger-induced changes in the interest rates for savings accounts. We find that the merging banks decreased interest rates by 3 to 5 percent...
Persistent link: https://www.econbiz.de/10012119076
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R&D investment under financing constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10012196435
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Subsidies and innovation in the recent financial crisis
Giebel, Marek; Kraft, Kornelius - 2021
We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing...
Persistent link: https://www.econbiz.de/10012798239
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External financing constraints and firm's innovative activities during the financial crisis
Giebel, Marek; Kraft, Kornelius - 2017
We investigate the effect of individual banks' liquidity shocks during the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Individual banks' liquidity shocks are identified by the degree of interbank market usage. We use a difference-in-differences...
Persistent link: https://www.econbiz.de/10011762535
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Intermediation in peer-to-peer markets: Evidence from auctions for personal loans
Klein, Thilo - 2017
I examine the role of intermediaries on the world's largest peer-to-peer online lending platform. This marketplace as well as other recently opened lending websites allow people to auction microcredit over the internet and are in line with the disintermediation in financial transactions through...
Persistent link: https://www.econbiz.de/10011772333
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Bank credit supply and firm innovation
Giebel, Marek; Kraft, Kornelius - 2018
We analyze the causal effect of the credit supply shock to banks induced by interbank market disruptions in the recent financial crisis 2008/2009 on their business customers' innovation activity. Using a matched bank-firm data set for Germany, we find that having relations with a more severely...
Persistent link: https://www.econbiz.de/10011799204