Unternehmensinvestitionen und Finanzierungszwänge: Beziehungen zum Cash-Management Die Arbeit enthält einen Überblick über die Nutzung und den Nutzen der Sensitivität des Investment-Cash-flow in der allgemeinen Literatur über Finanzierungszwänge auf dem Gebiet der...

This paper presents evidence on the industry effects of bank lending in Germany and identifies the industry effects of bank lending associated with changes in monetary policy and industryspecific bank credit demand. To this end, we estimate individual bank lending functions for 13 manufacturing...

The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we employ a unique data set of approximately 1,000 mergers to analyze the determinants of bank mergers. We use data on the regulatory intervention history to distinguish between...

In this paper, we show the importance of accounting for heterogeneity among sample firms in stochastic frontier analysis. For a fairly homogenous sample of German savings and cooperative banks, we analyze how alternative theoretical assumptions regarding the nature of heterogeneity can be...

Die Rolle unterschiedlicher Inflationsraten bei der regionalen Anpassung: Beweise aus den Vereinigten Staaten In einer Währungsunion führen unterschiedliche regionale Inflationsraten bei der Transmission regionaler Schocks zu einem Wettbewerb zwischen dem realen Zinssatz und Vermögenskanälen...

This paper focusses on the relation between external imbalances and domestic money and credit growth in the euro area. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results show that both aggregate money and credit overhang have...

Heterogeneity in Phillips Curve slopes among members of a monetary union can lead to downward biases to estimates of the union-wide slope in reduced form regressions. The intuition is that in a monetary union with heterogeneous regional Phillips Curve slopes, the central bank, aiming at...