The focus of this paper is on the choice of the unemployed between becoming an entrepreneur or not. It contributes to the literature by empirically investigating two hitherto neglected issues: What is the impact of risk aversion and personal contact with a role model in shaping the decision to...

The impact of uncertainty on firms' investment outlays is subject to an ongoing debate. Theory identifies several channels. Irreversibility, financing constraints and risk aversion make a negative relationship between uncertainty and investment likely. On the other hand, the ability of firms to...

Interaction effects capture the impact of one explanatory variable x1 on the marginal effect of another explanatory variable x2. To explore interaction effects, so-called interaction terms x1x2 are typically included in estimation specifications. While in linear models the effect of a marginal...

Zum 1. Januar 1997 wurde im Bauhauptgewerbe ein Mindestlohn eingeführt, der bis heute besteht. Die vorliegende Studie fasst verschiedene Ergebnisse zu den Folgen dieser Mindestlohnregelung zusammen. In Ostdeutschland war die Betroffenheit durch den Mindestlohn zum Zeitpunkt der Einführung...

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...