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  • Diskussionspapiere 722 / 2007

    Downsizing in German Chemical Manufacturing Industry during the 1990s: Why Small Is Beautiful?

    German chemical manufacturing industry is marked by two major structural changes during 1992-2004. Firstly, number of firms was ranging extensively: from 676 to 901, while only 96 firms represented balanced panel. Secondly, size of the firm dropped considerably-by 88%. This paper is intended to shed light on both phenomena. Based on reliable census data analysis suggests the former evidence be explained ...

    2007| Oleg Badunenko
  • Diskussionspapiere 706 / 2007

    Entrepreneurs' Gender and Financial Constraints: Evidence from International Data

    This paper studies gender discrimination against entrepreneurs by financial institutions. Based on the Business Environment and Enterprise Performance Survey (BEEPS) that covers firms in several countries of Western Europe as well as in the transition countries of Eastern Europe, our analysis suggests that female-managed firms are less likely to obtain a bank loan compared with male-managed counterparts. ...

    2007| Alexander Muravyev, Dorothea Schäfer, Oleksandr Talavera
  • Diskussionspapiere 702 / 2007

    Corporate Governance and Dividend Policy in Poland

    This study examines the relation between corporate governance practices measured by Transparency Disclosure Index (TDI) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for 110 non-financial companies listed on Warsaw Stock Exchange between 1998 and 2004. We find evidence that an increase in the TDI or its subindices leads to an increase ...

    2007| Oskar Kowalewski, Ivan Stetsyuk, Oleksandr Talavera
  • Diskussionspapiere 701 / 2007

    Venture Capital versus Bank Financing in Innovative German Firms

    The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW group. The theoretical framework is largely confirmed for the sample of bank financing and independent VC financing. ...

    2007| Dorothea Schäfer, Oleksandr Talavera, Volker Zimmermann
  • Diskussionspapiere 635 / 2006

    The Effects of Short-Term Liabilities on Profitability: The Case of Germany

    Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of short-term versus long-term liabilities. We find that firms that rely more heavily on short-term liabilities are ...

    2006| Christopher F. Baum, Dorothea Schäfer, Oleksandr Talavera
  • Externe Monographien

    The Effects of Short-Term Liabilities on Profitability: The Case of Germany

    Chestnut Hill, Mass.: Boston College, Department of Economics, 2006, 19 S.
    (Boston College Working Papers in Economics ; 636)
    | Christopher F. Baum, Dorothea Schäfer, Oleksandr Talavera
  • Weekly Report 1 / 2006

    Capacity for Innovation: Among Leading Industrial Countries, Germany Only Manages a Middle Rank

    The capacity of people and companies to bring about innovations, that is, to create new knowledge and implement this in new marketable products and services, is of prominent importance for growth and prosperity in highly developed industrial countries. On commission of Deutsche Telekom Stiftung and Bundesverband der Deutschen Industrie (BDI, Federation of German Industries), DIW Berlin has prepared ...

    2006| Heike Belitz, Axel Werwatz
  • Diskussionspapiere 590 / 2006

    Financial Constraints and Continental Business Groups: Evidence from German Konzerns

    Using a unique, large panel of German firms, we examine whether participation in business groups reduces the sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and negligible for medium and large firms. We argue that by virtue of the continental business model, gains from business groups should be in better contract enforcement ...

    2006| Dorothea Schäfer, Yuriy Gorodnichenko, Oleksandr Talavera
  • Weekly Report 36 / 2005

    Credit and Private Equity Financing in Young Innovative Small and Medium-sized Companies in Germany

    Successful newly established companies are a significant factor for the prosperous development of a national economy. Young innovative companies play a key role in the quick market launch and distribution of new technologies and products. As founders only rarely have sufficient own funds, financing has a considerable influence on the success of a newly established company. In the course of the investment ...

    2005| Dorothea Schäfer, Axel Werwatz, Volker Zimmermann
  • Externe Monographien

    Uncertainty Determinants of Corporate Liquidity

    Chestnut Hill, Mass.: Boston College, Department of Economics, 2005, 35 S.
    (Boston College Working Papers in Economics ; 634)
    | Christopher F. Baum, Mustafa Caglayan, Andreas Stephan, Oleksandr Talavera
240 results, from 221