Viele kleine und mittlere Unternehmen (KMU) können Forschung und Entwicklung (FuE) nicht allein aus Eigenmitteln finanzieren. Die Fremdfinanzierung risikoreicher FuE-Projekte mit Krediten ist ihnen aber auch nur begrenzt möglich. Die Förderprogramme des Bundes, der Länder und der EU sind...

Die Innovationspolitik des Bundes und der Länder bietet dem Mittelstand ein breites Spektrum an Programmen zur Stärkung von Forschung und Entwicklung der kleinen und mittleren Unternehmen und ist besonders auf den Wissenstransfer ausgerichtet. In den letzten Jahren wurden die Programme...

This paper attempts to provide an economic interpretation of the factors that drive the movements of interest rates of bonds of different maturities in a continuous-time no-arbitrage term structure model for Chile. The dynamics of yields in the model are explained by two latent factors, namely...

In this paper we describe the pattern of creation and destruction of Chilean firms between 1999 and 2006. In addition, we construct transition matrices among different firm sizes based on tax information. It has to be noted that the available data for this study is probably the closest to what...

While many studies have demonstrated the impact of weather conditions along with lunar phases on stock markets, this paper explores the impact of lunar phases on the bank lending channel for a sample of European banks, using the GMM estimator methodology, suggested in Arellano and Bond (1991),...

This paper investigates the extent of operating cost inefficiencies in the public provision of American higher education. The analysis employs panel data on American research and doctoral granting universities spanning four academic years, 2005-06 through 2008-09. Translog cost frontiers are...

In this study, we used the PSTR (panel smooth transition regression) model to investigate the nonlinear relationship between beta (systematic risk) and returns (world market excess returns) for net oil export and net oil import groups. We set the volatility of world market excess return as the...

The purpose of this paper is to employ the Meta-Frontier Cost Function to compare the bank efficiencies in Indonesia, Malaysia, and Thailand during the period of 2002-2009. We propose two new variables: income on loans and non-performing loans, to identify whether the banks are both cost and...

According to the international trade theory, open market oriented industries, sectors or economies are more effective in allocating production factors among economics actors than the relatively closed ones. However; it is wondered whether being open market oriented is good for societies as a...

The aim of this paper is to study the mechanisms behind poverty persistence in Spain. We examine the importance of past poverty experiences for explaining current poverty as opposed to observed and unobserved individual heterogeneity. Our results are based on the model proposed by Cappellari and...