Wie alle entwickelten Volkswirtschaften ist auch die deutsche Wirtschaft in den letzten Jahrenvon einem umfassenden Strukturwandel gekennzeichnet. Dienstleistungsbranchen gewinnengegenüber den industriellen Branchen ein immer größeres Gewicht. Gleichzeitig vollziehtsich sowohl innerhalb der...

The increasing commercialization of university discoveries has initiated acontroversy on the impacts for future scientific research. It has been argued that anincreasing orientation towards commercialization may have a negative impact onmore fundamental research efforts in science. Several...

Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...

In Deutschland sind – wie in fast allen Industrieländern – mehr als 99 % aller Unternehmendem Mittelstand (bzw. den kleinen und mittleren Unternehmen, KMU) zuzurechnen. Sie produzierenknapp die Hälfte der Bruttowertschöpfung des Unternehmenssektors. Zentralesqualitatives Merkmal ist die...

In this paper we model the adjustment process of European Union Allowance(EUA) prices to the releases of announcements at high-frequency controlling forintraday periodicity, volatility clustering and volatility persistence. We ¯nd thatthe high-frequency EUA price dynamics are very well captured...

This work provides a descriptive overview of Russian markets for financialderivatives. Available figures for the exchange-traded and over-the-counter-tradedderivatives in Russia show that the Russian derivatives markets experiencedenormous growth rates since the financial crisis in 1998....

In this paper we investigate the factors that lead firms to cooperate withpartners from foreign countries on innovation activities. Portuguese and Germandata from the harmonised Community Innovation Survey (CIS III) allow us tocompare innovation cooperation behaviour of private firms in the two...

Both M&A and innovation are instruments for growth and competitive advantage.Therefore they are fundamental to each firm’s competitive strategy. Usually, both instrumentshave been studied separately, but much less in conjunction. This is unfortunate as bothprocesses - the process of innovation...

Over the last few years, worldwide mergers and acquisitions (M&A) have increasedsharply both in terms of value and volume. This development has not only beendriven by corporate acquirers but also to an increasing extent by private equityinvestors. In this paper, we analyze differences in...