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Assessing Central Bank Credibility During the EMS Crises : Comparing Option and Spot Market-Based Forecasts
Haas, Markus; Mittnik, Stefan; Mizrach, Bruce - 2004
Financial markets embed expectations of central bank policy into asset prices. This paper compares two approaches that extract a probability density of market beliefs. The first is a simulated moments estimator for option volatilities described in Mizrach (2002); the second is a new approach...
Persistent link: https://www.econbiz.de/10010263203
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The behavioural zloty/euro equilibrium exchange rate
Beza-Bojanowska, Joanna; MacDonald, Ronald - 2009
Poland is obligated to adopt the euro after the fulfilment, inter alia, of the exchange rate criterion which requires … estimate real Polish zloty/euro equilibrium rate. Although the main goal of our analysis is to compute measures of current and …
Persistent link: https://www.econbiz.de/10010264576
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Beeinflusst die Euro-Umstellung die Preisstabilität?
Hüfner, Martin; Nierhaus, Wolfgang - In: ifo Schnelldienst 54 (2001) 18, pp. 3-10
Im Vorfeld der Umstellung von DM- auf Euro-Preise wurde vielfach befürchtet, dass diese Veränderung für … die Händler tatsächlich auf den nächsten Euro-Schwellenpreis abrunden werden. Wir gehen davon aus, dass das Preisniveau … Euro-bedingt im ersten und zweiten Quartal jeweils um 0,2 Prozentpunkte sinken wird.« Auch nach Einschätzung von Dr …
Persistent link: https://www.econbiz.de/10011691792
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The Importance of Equity Finance for R&D Activity: Are There Differences Between Young and OldCompanies?
Mueller, Elisabeth; Zimmermann, Volker - 2006
This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
Persistent link: https://www.econbiz.de/10010297522
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Managerial ownership and firm performance in German small and medium-sized enterprises
Mueller, Elisabeth; Spitz, Alexandra - 2001
We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a...
Persistent link: https://www.econbiz.de/10010297809
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The Importance of Equity Finance for R&D Activity: Are There Differences Between Young and OldCompanies?
Zimmermann, Volker; Mueller, Elisabeth - 2007
This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
Persistent link: https://www.econbiz.de/10010298015
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The importance of equity finance for R&D activity: are there differences between young and oldcompanies?
Mueller, Elisabeth; Zimmermann, Volker - 2008
This paper analyzes the importance of equity finance for the R&D activity of small and medium-sized enterprises. We use information on almost 6000 German SMEs from a company survey. Using the intensity of banking competition at the district level as instrument to control for endogeneity, we find...
Persistent link: https://www.econbiz.de/10010299462
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Are SMEs large firms en miniature? Evidence from a growth analysis
Bannier, Christina E.; Metz, Sabrina - 2010
Based on German data between 1999 and 2007, we analyze the growth factors of SMEs and contrast them with those of large _rms. Differences show up both in balance sheet and employment growth. While we confirm earlier results on inherent growth structures and the influence of firm age, we derive...
Persistent link: https://www.econbiz.de/10010300718
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Small and medium-sized enterprises in East Germany: Status and outlook
Irsch, Norbert - In: CESifo Forum 06 (2005) 4, pp. 7-15
Persistent link: https://www.econbiz.de/10011695818
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EU SME policy: On the edge of governance
Dannreuther, Charles - In: CESifo Forum 08 (2007) 2, pp. 7-13
Persistent link: https://www.econbiz.de/10011695865