The papers analyses regional differences in EU referenda results in Estonia, Latvia, and Lithuania. In each of the three countries, other things being equal, high income regions were significantly more pro-European than low-income ones, while regions with a high share of ethnic minorities were...

The aim of this paper is to outline differences in the socio-demographic and employment characteristics of Estonian people who have worked in a neighbouring country ? Finland, Sweden, Latvia or Russia. The empirical part of this paper relies on data from CV Keskus ? an online employment portal...

In this paper, it will be discussed about economic development of former Yugoslav countries before and after the war (1990-1995) in those countries. Before the war, Socialist Federal Republic Yugoslavia has performed well until death (1980) of Yugoslavian leader Tito. The peak of living standard...

In this paper, we explore the institutional investors' assessment of relative creditworthiness across selected country groups with a special focus on the impact of public debt on the perception of sovereign risk. Our results show that general government debt is among the most important...

Traditional business models of credit rating agencies (CRAs) are criticized for creating incentives for misreporting. This paper investigates a potential alternative in which CRAs receive revenue from advertisement only. We use a two-period Bayesian reputation model and show that CRAs will shirk...

The existing literature on cluster embeddedness largely neglects the impact of finance on the development of firm?s network linkages. This is striking in so far that particularly venture capital is often referred to as ?smart money? providing firms not only with funds but also with network...

Using fund-, firm- and bank-level data we investigate the investments of private equity (PE) funds in the north-western regions of Italy. Both the private equity fund managers and the PE investments are heavily concentrated in this most developed area of the country. The average size of the...

This paper sheds new light on the impact of information risk and market stress on herding of institutional traders from both, a theoretical and an empirical perspective. Using numerical simulations of a herd model, we show that buy and sell herding intensity should increase with information...

We study the macroeconomic effects of bank capital requirements in an economy with two banking sectors. Banks are connected through a wholesale funding market. Anticipated banking crises occur endogenously in the form of self-fulfilling wholesale funding rollover crises. Retail bank capital...

This paper investigates an entrepreneur who decides whether to obtain funds from an independent venture capital firm (IVC) or a corporate venture capital firm (CVC) to develop an innovative product. In case of success, the entrepreneur enters a market and competes with an incumbent. The CVC is a...