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Venture capital versus bank financing in innovative German firms
Schäfer, Dorothea; Talavera, Oleksandr; Zimmermann, Volker - 2007
The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW...
Persistent link: https://www.econbiz.de/10010264956
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Simulation-based valuation of project finance: does model complexity really matter?
Weber, Florian; Schmid, Thomas; Pietz, Matthäus; … - 2010
This paper analyzes the impact of model complexity on the net present value distribution and the expected default probability of equity investments in project finance. Model complexity is analyzed along two dimensions: simulation complexity and forecast complexity. We aim to identify model...
Persistent link: https://www.econbiz.de/10010305715
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Public-Private Partnership in infrastructure development: Case studies from Asia and Europe
Alfen, Hans Wilhelm; Kalidindi, Satyanarayana N.; … - 2009
Development of infrastructure projects with private engagement through PPP has become one of the commonly adopted procurement strategies in developed and developing countries. All over the world where PPP procurement has been used in one form or another, the way in which it is carried out has...
Persistent link: https://www.econbiz.de/10010308337
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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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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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Model of accounting engineering in view of earnings management in Poland
Michalczyk, Leszek - In: e-Finanse: Financial Internet Quarterly 8 (2012) 3, pp. 37-54
The article introduces the theoretical foundations of the author's original concept of accounting engineering. We … assume a theoretical premise whereby accounting engineering is understood as a system of accounting practice utilising … differences in economic events resultant from the use of divergent accounting methods. Unlike, for instance, creative or …
Persistent link: https://www.econbiz.de/10011551374
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Zur Ideengeschichte von Buchführung, Kostenrechung und Controlling vor dem Hintergrund ihres historischen Kontexts
Göthlich, Stephan E. - 2007
This essay provides a survey of the evolution and the developments of bookkeeping, internal cost accounting and … present times. It is shown that the developments in bookkeeping and cost accounting have regularly been a reaction to … accounting, which chronologically enumerate different techniques and practices, this text additionally delivers an outline of …
Persistent link: https://www.econbiz.de/10011558823
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Updating inflation expectations
Lamla, Michael J.; Sarferaz, Samad - 2012
This paper investigates how inflation expectations evolve. In particular, we analyze the time-varying nature of the propensity to update expectations and its potential determinants. For this purpose we set up a flexible econometric model that tracks the formation of inflation expectations of...
Persistent link: https://www.econbiz.de/10010294384
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Analysis of the intraday effects of economic releases on the currency market
Rezania, Omid; Rachev, Svetlozar T.; Sun, Edward; … - 2010
Using four years of second-by-second executed trade data, we study the intraday effects of a representative group of scheduled economic releases on three exchange rates: EUR/$, JPY/$ and GBP/$. Using wavelets to analyze volatility behavior, we empirically show that intraday volatility clusters...
Persistent link: https://www.econbiz.de/10010301730
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The impact of macroeconomic news on quote adjustments, noise, and informational volatility
Hautsch, Nikolaus; Hess, Dieter E.; Veredas, David - 2010
We study the impact of the arrival of macroeconomic news on the informational and noise-driven components in high-frequency quote processes and their conditional variances. Bid and ask returns are decomposed into a common ('efficient return') factor and two market-side-specific components...
Persistent link: https://www.econbiz.de/10010303698