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Determinants of acquisition and failure : stylized facts and lessons for empirical studies

Köke, F. Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://www.econbiz.de/10011446202

Moving in and out of financial distress : evidence for newly founded service sector firms

Kaiser, Ulrich - 2001

The determinants of transitions between different states of financial distress are analyzed using two versions of Markov chain models: a multinomial logit model without random effects and a multinomial logit model capturing such unobservable factors. The empirical analysis is based on a panel...

Persistent link: https://www.econbiz.de/10011445915

Business closure and financial loss : who foots the bill? ; evidence from German small business closures

Metzger, Georg - 2010

This paper explores how different reasons for business closure impact the probability that financial loss will be suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is strongly correlated with a likelihood of financial loss....

Persistent link: https://www.econbiz.de/10003961536

Idiosyncratic risk and the cost of capital : the case of electricity networks

Schober, Dominik; Schäffler, Stephan; Weber, Christoph - 2014

We analyze the treatment and impact of idiosyncratic or firm-specific risk in regulation. Regulatory authorities regularly ignore firm-specific characteristics, such as size or asset ages, implying different risk exposure in incentive regulation. In contrast, it is common to apply only a single...

Persistent link: https://www.econbiz.de/10010234037

The rat race of capital structure research for REITs and REOCs : two spotlights on leverage

Hohenstatt, Ralf; Steininger, Bertram - 2011

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Persistent link: https://www.econbiz.de/10009424101

A viable insolvency procedure for sovereigns (VIPS) in the euro area

Fuest, Clemens; Heinemann, Friedrich; Schröder, Christoph - 2014

architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …

Persistent link: https://www.econbiz.de/10010394484

Do private equity owners increase risk of financial distress and bankruptcy?

Tykvová, Tereza; Borell, Mariela - 2011

There is some controversy on the key sources of success in the private equity model and on how this business model affects the portfolio companies. We investigate financial distress risks of European companies around the buyout event in the period between 2000 and 2008. In addition, we analyze...

Persistent link: https://www.econbiz.de/10009424110

Afterlife - who takes heart for restart?

Metzger, George (contributor) - 2006

The performance of young and newly founded firms depends largely to the human capital of the firm owner. The entrepreneur is therefore one of the main success factors for the firm. Yet entrepreneurs differ considerably in their background and characteristics. Particularly, founders’ individual...

Persistent link: https://www.econbiz.de/10003337984

Personal experience: a most vicious and limited circle!? : on the role of entrepreneurial experience for firm survival

Metzger, Georg (contributor) - 2007

The analysis in this paper gives attention to effects on firm survival which come from entrepreneurial experience. It is likely that different kinds of experience result in different firm developments and therefore in different types of firm exit. Particular emphasis is placed upon the effects...

Persistent link: https://www.econbiz.de/10003516707

On the role of entrepreneurial experience for start-up financing : an empirical investigation for Germany

Metzger, Georg (contributor) - 2007

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However,...

Persistent link: https://www.econbiz.de/10003516711