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Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises
Kirchesch, Kai - 2004
repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the … cover a period of 12 years. The empirical results confirm the assumption that the risk of bankruptcy is an important … decisions of enterprises, or whether bankruptcy probabilities better account for these potential financial risks. …
Persistent link: https://www.econbiz.de/10010295432
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Estimating probabilities of default with support vector machines
Härdle, Wolfgang Karl; Moro, Rouslan A.; Schäfer, Dorothea - 2007
This paper proposes a rating methodology that is based on a non-linear classification method, the support vector machine, and a non-parametric technique for mapping rating scores into probabilities of default. We give an introduction to underlying statistical models and represent the results of...
Persistent link: https://www.econbiz.de/10010295937
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Bankruptcy and Voluntary Liquidation: Evidence for New Firms in East and West Germany after Unification
Prantl, Susanne - 2003
and West Germany, I find distinct education and size effects and a higher share of bankruptcy-related liquidations in East …
Persistent link: https://www.econbiz.de/10010297338
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R&D and Firm Performance in a Transition Economy
Czarnitzki, Dirk; Kraft, Kornelius - 2006
We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison 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...
Persistent link: https://www.econbiz.de/10010297541
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Afterlife: Who Takes Heart for Restart?
Metzger, Georg - 2006
percent of novice entrepreneurs who file for bankruptcy reestablish afterwards. On average, slightly more than 15 months will …
Persistent link: https://www.econbiz.de/10010297546
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, 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/10010297767
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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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/10010300384
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Do private equity owners increase risk of financial distress and bankruptcy?
Tykvová, Tereza; Borell, Mariela - 2011
-backed companies do not suffer from higher bankruptcy rates than non-buyout companies. In fact, when companies are backed by … experienced private equity funds, their bankruptcy rates are even lower. Experienced investors seem to be better able to manage …
Persistent link: https://www.econbiz.de/10010307834
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Creditor passivity: the effects of bank competition and institutions on the strategic use of bankruptcy filings
Hainz, Christa - 2007
Why do banks remain passive? In a model of bank-firm relationship we study the trade-off a bank faces when having defaulting firms declared bankrupt. First, the bank receives a payoff if a firm is liquidated. Second, it provides information about a firm's type to its competitors. Thereby,...
Persistent link: https://www.econbiz.de/10010264275