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...

This paper deals with the labor market entrance of young people in the Federal Republic of Germany. The main focus is on failures during this stage. First, an overview of the youth labor market in Germany is given. Then, the transition from vocational training to work is analyzed: The duration...

Erfolgreiche Neugründungen sind ein bedeutsamer Faktor für die gedeihliche Entwicklung einer Volkswirtschaft. Junge innovative Unternehmen spielen für die rasche Markteinführung und Verbreitung neuer Technologien und Produkte eine Schlüsselrolle. Da Gründer nur selten über genügend...

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...

Der technische Fortschritt spielt in einer Volkswirtschaft eine bedeutende Rolle. Dabei ist nicht nur die originäre Innovation, sondern auch ihre Verbreitung wichtig. Welche Faktoren bestimmen das Innovationsverhalten der Unternehmen? Unter welchen Wettbewerbsbedingungen sind die Unternehmen am...

This econometric study deals with the question as to what extent apprentices after successfully completing their training stay with the firm where they have received their training and, if so, how long that job tenure holds. Determinants of both decisions can be seen from both the employer's and...

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. Conversely, authors who focus explicitly on start-up finance predict that...

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...

This article examines the impact of innovation on employment growth in innovating small and medium enterprises. In contrast to existing studies, which typically use the least squares estimation technique, quantile regressions were carried out to analyse the data. This method allows one to...

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...