The paper analyzes patterns in spatial proximity between venture capital investors and investees. We use a data set of 950 dyads of venture capitalists and German new ventures which have closed a financing round between January 2002 and March 2007. We are the first study to use minimum travel...

Using a sample of 2,373 unique capital contributions from 437 VCs over subsequent rounds into 961 start-ups during the period 1995-2005 in Germany we disentangle the circumstances under which lead VCs engage in syndicate relationships with partner VCs. The results indicate that syndication is...

This case study explores the contribution of universal banking to financial stability in Germany during the recent financial crisis. Germany is a prototype for universal banking and has suffered from a rather small number of banking crises in the past. We review the banking literature and...

The paper analyzes patterns in spatial proximity between venture capital investors and investees. We use a dataset of 1256 dyads of venture capitalists and German new ventures which have closed a financing round between January 2002 and March 2007. Our results indicate that different factors...

Based on 1182 dyads of venture capitalists and German portfolio companies involved in a financing round between 2002 and 2007, we examine the importance of spatial proximity between investors and investees in a dense economy. We find that the probability of a financing relationship decreases by...

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...

Der vorliegende Beitrag untersucht die steuerinduzierten Wirkungen der Außenfinanzierung auf den Unternehmenswert von Immobilien-Kapitalgesellschaften. Im diesem Bereich existieren neben der gewerblichen Immobilien-AG steuerbegünstigte Rechtsformen, wie die vermögensverwaltende Immobilien-AG...

Die Energiewende verläuft langsamer als geplant. Offensichtlich bleiben private Investoren zurückhaltend, obwohl das Zinsniveau niedrig ist, politische Zugeständnisse bei der Risikoverteilung gemacht wurden und erhebliche Fördersummen insbesondere über das Erneuerbare-Energien-Gesetz...