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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this...
Persistent link: https://www.econbiz.de/10010292292
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Two-sided Certification: The market for Rating Agencies
Fasten, Erik R.; Hofmann, Dirk - 2010
Certifiers contribute to the sound functioning of markets by reducing a symmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If...
Persistent link: https://www.econbiz.de/10010334122
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Two-sided certification: The market for rating agencies
Fasten, Erik R.; Hofmann, Dirk - 2010
Certifiers contribute to the sound functioning of markets by reducing asymmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If the...
Persistent link: https://www.econbiz.de/10010270720
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R&D and Firm Performance in a Transition Economy
Czarnitzki, Dirk; Kraft, Kornelius - 2006
We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...
Persistent link: https://www.econbiz.de/10010297541
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Measuring the impact of innovation on firm value: a new approach
Kraft, Kornelius; Czarnitzki, Dirk - 2002
Most of the existing empirical literature on the relationship of firm value and knowledge capital is based on the stock market valuation of companies. However, the assets of many firms are not publicly traded, and hence the calculation of market value is limited to a subsample of firms. We...
Persistent link: https://www.econbiz.de/10010297699
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Innovationskooperationen und Wissenstransfer von Unternehmen im Raum Jena
Kaps, Katharina; Pfeil, Silko; Sauer, Thomas; Stoetzer, … - 2011
Wissenstransferaktivitäten von schwerpunktmäßig kleinen und mittleren Unternehmen (KMU) in der Region Jena. Die Studie konzentriert sich auf drei …The research project KompNet 2011 - Factors determining the success of regional innovation networks, funded by the …-sized enterprises (SME) in and closely around Jena (Thuringia). The study focuses on three aspects: How do the different channels used …
Persistent link: https://www.econbiz.de/10010304809
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Innovation stärkt Auslandsaktivitäten kleiner und mittlerer Unternehmen
Lejpras, Anna - In: DIW Wochenbericht 77 (2010) 7, pp. 12-19
Unterstützung durch regionale Behörden und Organisationen sind von Bedeutung. Eine regionale Politik, die die Präsenz der KMU auf …
Persistent link: https://www.econbiz.de/10011602130
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Innovationstätigkeit im Mittelstand: Messung und Bewertung
Maaß, Frank; Führmann, Bettina - 2012
Unternehmen (KMU) im Vergleich zu Großunternehmen in Deutschland. Hierzu wird die vorhandene Literatur ausgewertet und die … KMU innovativ sind. Dies ist insbesondere hinsichtlich der technologischen Innovationen zu beobachten. Neueste … zeigt sich eine besondere Stärke der KMU. In der Gesamtbetrachtung sind die KMU deutlich häufiger innovativ als bislang …
Persistent link: https://www.econbiz.de/10010308143
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Are Credit Ratings Valuable Information?
Kraft, Kornelius; Czarnitzki, Dirk - 2004
Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...
Persistent link: https://www.econbiz.de/10010297323
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Systematic risk of CDOs and CDO arbitrage
Hamerle, Alfred; Liebig, Thilo; Schropp, Hans-Jochen - 2009
"Arbitrage CDOs" have recorded an explosive growth during the years before the outbreak of the financial crisis. In the present paper we discuss potential sources of such arbitrage opportunities, in particular arbitrage gains due to mispricing. For this purpose we examine the risk profiles of...
Persistent link: https://www.econbiz.de/10010299482