Externe referierte Aufsätze
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' ...
11 (2009), 2, S. 163-183
| Dorothea Schäfer, Dirk Schilder
Diskussionspapiere 996 / 2010
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
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
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
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
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
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
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
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
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
98 (2008), 3, S. 282-287
| Christopher F. Baum, Mustafa Caglayan, Oleksandr Talavera