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Politicians’ promotion incentives and bank risk exposure in China

Wang, Li; Menkhoff, Lukas; Schröder, Michael; Xu, Xian - 2015

This paper shows that politicians' pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank...

Persistent link: https://www.econbiz.de/10010511310

Are credit ratings valuable information?

Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001898447

The zero risk fallacy? : banks' sovereign exposure and sovereign risk spillovers

Kirschenmann, Karolin; Korte, Josef; Steffen, Sascha - 2017

European banks are exposed to a substantial amount of risky sovereign debt. The "missing bank capital" resulting from the zero-risk weight exemption for European banks for European sovereign debt amplifies the co-movement between sovereign CDS spreads and facilitates cross-border...

Persistent link: https://www.econbiz.de/10011764975

The total costs of corporate borrowing in the loan market : don’t ignore the fees

Berg, Tobias; Saunders, Anthony; Steffen, Sascha - 2016

More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main purposes of fees and provide supporting evidence that: (1) fees are used to price options...

Persistent link: https://www.econbiz.de/10011436292

R&D investment and financing constraints of small and medium-sized firms

Czarnitzki, Dirk (contributor); Binz, Hanna L. (contributor) - 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/10003728587

R&D and firm performance in a transition economy

Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 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/10003328090

Dynamic R&D choice and the impact of the firm's financial strength

Peters, Bettina; Roberts, Mark J.; Vuong, Van Anh - 2015

This article investigates how a firm's financial strength affcts its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its...

Persistent link: https://www.econbiz.de/10011404565

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

Czarnitzki, Dirk (contributor); Kraft, Kornelius (contributor) - 2002

Persistent link: https://www.econbiz.de/10001735363

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/10009540878

Corporate governance and current regulation in the German banking sector : an overview and assessment

Köhler, Matthias - 2010

This paper gives an overview over corporate governance and banking regulation in Germany. Particular attention is put …, some of the recommendations and suggestions made to improve corporate governance in Germany are not legally binding even …

Persistent link: https://www.econbiz.de/10003919056

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