In this paper we make an attempt to extend the WIFO trade-weighted exchange rate index (TWI_ER) by computing export-weighted exchange rate indices for eight Austrian manufacturing industries covering the period from 1995 to 2005. The TWI_ER by manufacturing industries improves upon the previous...

This paper conducts an in-depth analysis of the impact of acquisitions, initial public offerings and management buyouts on productivity and profitability of a large sample of Europe-based manufacturing companies covering the period from 1996 to 2005. At the center of our analysis is the...

The global integration of financial and capital markets has never been as advanced as it was at the end of the 2000s. Almost all countries have liberalised their capital markets and opened them for international investors. However, this has not contributed to a substantive improvement of capital...

Since the onset of the banking crisis numerous proposals for an improvement of the financial system have been developed. The focus is on a reorientation of banking and financial market regulation. There is a consensus that the regulatory framework will have to be strengthened by macro-prudential...

The 1992 business cycle downturn led to a marked profit squeeze in Austrian manufacturing industry. The cash-flow ratio fell to 25.5 percent of value added, its lowest level since the mid eighties. The decline extended to all major sectors, concentrating on the manufacturing of basic goods. The...

The latest international financial crisis that started in the US real estate market has shaken the confidence in the capacity of the modern banking and financial system to function and to withstand crises. In the light of this massive system failure, the conviction is becoming widespread in...

Results of the 1988 Census of Non-Agricultural Enterprises carried out by the Austrian Central Statistical Office confirm that differences in profitability, cyclical sensitivity and structural adjustment related to firm size persisted during the 1980ies. Small and medium-size enterprises exhibit...