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Who Chooses Whom? Syndication, Skills and Reputation
Tykvová, Tereza - 2005
Syndication, which is a joint realization of one project/one investment by several capital providers, is a long existing phenomenon that plays a central role in many financial market segments. Within this paper we develop a theoretical model focusing on the dynamic aspect of syndication, namely...
Persistent link: https://www.econbiz.de/10010297486
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The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs : Evidence from Germany
Zimmermann, Volker; Werwatz, Axel; Schäfer, Dorothea - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010260685
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Public projects benefiting some and harming others: Three experimental studies
Güth, Werner; Koukoumelis, Anastasios; Levati, M. Vittoria - 2012
Based on an axiomatically derived provision rule allowing community members to endogenously determine which, if any, public project should be provided, we perform experiments where (i) not all parties benefit from provision, and (ii) the projects' costs can be negative. In the tradition of legal...
Persistent link: https://www.econbiz.de/10010291800
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Lohnt sich die private Bereitstellung von Infrastruktur? Das Beispiel der Fehmarnbelt-Querung
Sichelschmidt, Henning - 2003
private Finanzierung. Eine Fehmarnbelt-Querung würde das mit den bestehenden Querungen von Öresund und Großem Belt angelegte … Straßenverkehr zu erwartenden Einnahmen aus Benutzungsgebühren für eine rein privatwirtschaftliche Finanzierung des Projekts zu … zugunsten des Projekts wird letztlich politischer Natur sein. In diesem Fall erscheint die Finanzierung über staatlich …
Persistent link: https://www.econbiz.de/10010295105
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Measuring the Potential of Unilateral CDM: A Pilot Study
Raubenheimer, Stefan; Michaelowa, Axel; Jahn, Michael; … - 2004
The Clean Development Mechanism (CDM) was originally seen as an instrument with a bilateral character where an entity from an industrialised country invests in a project in a developing country (DC). Also, multilateral funds were envisaged that would bundle investments to spread project risks....
Persistent link: https://www.econbiz.de/10010295396
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Local government finance in Japan : Can irresponsible borrowing be avoided?
Yoshino, Naoyuki; Robaschik, Frank - 2004
Rapidly rising local government debt in Japan presents a nontrivial addition to the central government debt. The planned replacement of the approval system for local government bor- rowing by a 'consultation system' in FY 2006 does not remove the implicit central govern- ment guarantee for local...
Persistent link: https://www.econbiz.de/10010296985
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Who Gets the Money? The Dynamics of R&D Project Subsidies in Germany
Aschhoff, Birgit - 2008
The question of the allocation of public R&D funding is becoming particularly important when it comes to identifying the effects of state subsidies, in terms of input or output additionality. This analysis goes one important step further than the existing literature by including the time...
Persistent link: https://www.econbiz.de/10010298027
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The determinants of debt and (private-) equity financing in young innovative SMEs: Evidence from Germany
Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - 2004
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10010298280
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Who Gets the Money? The Dynamics of R&D Project Subsidies in Germany
Aschhoff, Birgit - 2009
This paper looks at which firms receive R&D project grants and how this public support evolves over time by considering in particular firm's previous participation. The question of the allocation of public R&D funding is becoming particularly important when it comes to identifying the effects of...
Persistent link: https://www.econbiz.de/10010298811
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Financial crises, capital liquidation and the demand for international reserves
Mourmouras, Alex; Russel, Steven H. - 2009
We study a simple neoclassical model of investment in a developing country, modified to allow for long-term projects and short-term debt. Early signals indicating low productivity of investment may lead creditors to call loans in early. In such a crisis, firms protected by limited liability...
Persistent link: https://www.econbiz.de/10010302723