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  • Externe referierte Aufsätze

    Smart Capital in German Start-ups: An Empirical Analysis

    What kind of smart capital relational investors actually supply, especially in a bank-based financial system such as the German one, is still an open question. We divide smart capital into single components and conduct a survey with 85 German suppliers of start-up finance. The results show that the degree of 'smartness' is determined by the financial product used and partly also by the financiers' ...

    In: Venture capital 11 (2009), 2, S. 163-183 | Dorothea Schäfer, Dirk Schilder
  • Diskussionspapiere 996 / 2010

    How Much Fiscal Backing Must the ECB Have? The Euro Area Is Not the Philippines

    The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal back-up" to cover any potential losses to be able to continue pursuing price stability. This Brief argues ...

    2010| Ansgar Belke
  • Diskussionspapiere 987 / 2010

    Is Government Ownership of Banks Really Harmful to Growth?

    We put forward a modern version of the 'developmental' view of government-owned banks which shows that the combination of information asymmetries and weak institutions creates scope for such banks to play a growth-promoting role. We present new cross-country evidence consistent with our theoretical predictions. Specifically, we show that during 1995-2007 government ownership of banks has been robustly ...

    2010| Svetlana Andrianova, Panicos Demetriades, Anja Shortland
  • Diskussionspapiere 981 / 2010

    Fractional Cointegration in US Term Spreads

    This note examines the stochastic properties of US term spreads with parametric and semi-parametric fractional integration techniques. Since the observed data (rather than the estimated residuals from a cointegrating regression) are used for the analysis, standard methods can be applied. The results indicate that US Treasury maturity rates are I(1) in most cases, although the order of integration decreases ...

    2010| Guglielmo Maria Caporale, Luis A. Gil-Alana
  • Weekly Report 1 / 2010

    Investments: Women Are More Cautious than Men because They Have Less Financial Resources at Their Disposal

    Experts on investments and financial products assume that women are less amenable to risks and therefore put their money into secure investment products. A current study conducted by the DIW Berlin (German Institute for Economic Research) challenges this view. The study demonstrates that men and women are equally likely to take a chance on risky investments - assuming that they have the same financial ...

    2010| Oleg Badunenko, Nataliya Barasinska, Dorothea Schäfer
  • FINESS Working Papers 6.3 / 2010

    Are Women More Credit-Constrained than Men? Evidence from a Rising Credit Market

    This study investigates whether gender discrimination is taking place in an innovative credit market known as peer-to-peer lending. Based on the data of the largest German peer-to-peer lending platform, we observe that female borrowers pay on average higher interest rates than males despite the fact that the two gender groups do not differ with respect to their credit risk. Our analysis shows however ...

    2010| Nataliya Barasinska, Dorothea Schäfer
  • DIW Economic Bulletin 11 / 2012

    Need for Reform of EU Banking: Decoupling the Solvency of Banks and Sovereigns

    Recent developments in Ireland, Greece, and Spain have shown that sovereign debt crises endanger the solvency of domestic banking sectors, while banking crises in turn endanger the solvency of the domestic sovereigns. This diabolic loop between government and bank solvency is exacerbated by the home bias in banks' government bond portfolios, that is, banks' excessive exposure to domestic sovereign ...

    2012| Johannes Pockrandt, Sören Radde
  • Diskussionspapiere 169 / 1998

    Germany's Slump Explaining the Unemployment Crisis of the 1990s

    According to a widespread view, Germany's unemployment crisis is caused by rigid labour markets, low profitability and increasing international competition. We argue that this view does not provide a convincing explanation for the dramatic rise in Germany's unemployment rate since 1989, first because no distinction is drawn between the situation in the Eastern part of Germany and that in the Western ...

    1998| Ludger Lindlar, Wolfgang Scheremet
  • Diskussionspapiere 932 / 2009

    Testing for Convergence in Stock Markets: A Non-linear Factor Approach

    This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the analysis on both sectors and individual industries within sectors. As a first step, we use the Stock and ...

    2009| Guglielmo Maria Caporale, Burcu Erdogan, Vladimir Kuzin
  • Externe referierte Aufsätze

    Uncertainty Determinants of Firm Investment

    We investigate the impact of measures of uncertainty on firms' capital investment behavior using a panel of U.S. firms. Increases in firm-specific and CAPM-based measures have a significant negative effect on investment spending, while market-based uncertainty has a positive impact

    In: Economics Letters 98 (2008), 3, S. 282-287 | Christopher F. Baum, Mustafa Caglayan, Oleksandr Talavera
864 results, from 781