We develop distress prediction models for non-financial small and medium sized enterprises (SMEs) using a dataset from eight European countries over the period 2000-2009. We examine idiosyncratic and systematic covariates and find that macro conditions and bankruptcy codes add predictive power...

Der Lionsclub Düsseldorf-Hösel hat sich an dem Erwerb der ellipsenförmigen Skulptur der Düsseldorfer Kunstprofessorin Katharina Grosse beteiligt. Dieses farbige Kunstwerk misst 11 x 8 Meter (H x B) und ist am 17. September 2014 in einer Feierstunde der Öffentlichkeit übergeben worden. Es...

Structural changes play an essential role in the economic development of a country. They represent the evolution of economic dynamics within the macroeconomy. As we know, the economic sectors of a country do not affect the whole economy equally and their level of output generates economic...

We propose a Hawkish-Dovish (HD) indicator that measures the degree of 'hawkishness' or 'dovishness' of the media's perception of the ECB's tone at each press conference. We compare two methods to calculate the indicator: semantic orientation and Support Vector Machines text classification. We...

Governments around the world want to develop their ICT and digital industries. Policymakers thus need a clear sense of the size and characteristics of digital businesses, but this is hard to do with conventional datasets and industry codes. This paper uses innovative "big data" resources to...