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Are credit ratings valuable information?

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

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

Do residential property companies systematically adjust their capital structure? : The case of Germany

Kurzrock, Björn-Martin; Mokinski, Frieder; Schindler, Felix - 2011

This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the...

Persistent link: https://www.econbiz.de/10008901834

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

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

Market discipline and the use of government bonds as collateral in the EMU

Ullrich, Katrin (contributor) - 2006

The confidence that financial markets are able to discipline the debt behaviour of governments is not very high. Therefore, the Stability and Growth Pact has been implemented as an institutional constraint to substitute for the market mechanism. With the weakening of the Pact, market discipline...

Persistent link: https://www.econbiz.de/10003356981

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

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