The purpose of this paper is to sort out firm-related differences from effects that result from different economic structures. A non-parametric decomposition is used to analyse firm level difference between the wage spread in the two major regions of unified Germany. If firm-specific effects...

This paper studies the asset pricing implications of a general equi-librium model in which real investment is reversible at a cost. Firmsface higher costs in contracting than in expanding their capital stockand decide to invest when their productive capital is scarce relativeto the overall...

Following a positive shock, financing constraints will prolong or impede economic expansionthat would have been optimal in an unconstrained environment. The study ofdynamic adjustment therefore offers a direct way of verifying the presence of financingconstraints and assessing their consequences...

This paper shows how cognitive human dispositions that take effect at the level of an individualfirm’s corporate culture have repercussions on an industry’s evolution. In our theory, the latter isattributable to evolving corporate cultures coupled with changes in a firm’s...

Dieser Aufsatz dient dem Versuch, ein konsistentes wirtschaftspolitisches Bewertungsverfahrenzur Analyse der Leistungsfähigkeit der genossenschaftlichen Bankunternehmung zuentwickeln. Dafür wird das auf linearer Programmierung beruhende Schätzverfahren "DataEnvelopment Analysis (DEA)"...

The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With statistical matching procedures we draw an adequate control...

We propose a simple class of semiparametric multivariate GARCH models, allowing for asymmetric volatilities and time-varying conditional correlations. Estimates for time-varying conditional correlations are constructed by means of a convex combination of estimates for averaged correlations...

Over recent years, study on risk management has been prompted by the Basel committee for regular banking supervisory. There are however limitations of some widely-used risk management methods that either calculate risk measures under the Gaussian distributional assumption or involve numerical...

At the firm level, revenue and costs are well measured but prices and quantities are not. This paper shows that because of these data limitations estimates of returns to scale at the firm level are for the revenue function, not production function. Given this observation, the paper argues that,...

The paper develops a non-parametric, non-stationary framework for business-cycle dating based on an innovative statistical methodology known as Adaptive Weights Smoothing (AWS). The methodology is used both for the study of the individual macroeconomic time series relevant to the dating of the...