In der deutschen Volkswirtschaft ist nicht nur der internationale Handel mit Waren, sondern auch der mit Dienstleistungen kräftig gestiegen. Deutschland ist der weltweit drittgrößte Exporteur von Dienstleistungen. Über das Exportverhalten von Dienstleistungsunternehmen, insbesondere kleiner...

We consider a start-up firm which applies for a bank loan to implement a project based on complementary activities. The firm has the possibility to improve the complementarity effect by coordinating the activities. Coordination is costly and can be made either by using internal human resources...

Academic consulting is an important mechanism to transfer tacit knowledge as well as facilitates the transfer of codified knowledge, such as patents. However, not all researchers are equally interested in consulting. A lot of researchers refrain from industry collaboration since external...

Venture capital activity differs considerably across countries. Venture capital markets are highly developed in few countries, while these markets are almost nonexistent in many other countries. This paper examines the conditions that have to be fulfilled for liquid venture capital markets to...

This paper examines the impact of venture capitalists' reputation building and experience accumulation on the genesis of venture capital markets. Venture capitalists must accumulate experience to successfully support high-technology enterprises. They must build reputation, i.e., a track record...

It is still an open question what kind of smart capital relational investors actually supply. We divide smart capital into several components and conduct a survey among 85 German suppliers of start-up finance. The results show that the degree of "smartness" is determined by the financial product...

We study regulation of the auditing profession in a model where audit quality is unobservable and enforcing regulation is costly. The optimal audit standard falls short of the first-best audit quality, and is increasing in the riskiness of firms and in the amount of funding they seek. The model...