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Referierte Aufsätze Web of Science
We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and level of development influence their financial constraints. For this purpose we merge Almeida et al.'s work, a path-breaking design for evaluating a firm's financial constraints, with that of Levine, who paved the way for comparative analysis of financial systems around the world. We conjecture ...
In:
Journal of International Money and Finance
30 (2011), 4, S. 678-691
| Christopher F. Baum, Dorothea Schäfer, Oleksandr Talavera
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Referierte Aufsätze Web of Science
Linkages between banks and insurance companies are important when forecasting the fragility of the banking and insurance sectors. We propose a novel empirical framework that allows us to estimate unobserved linkages in panel data sets that contain observed regressors. We find that taking unobserved common factors into account reduces the root mean square forecasts error of firm specific forecasts by ...
In:
Journal of Banking & Finance
35 (2011), 4, S. 807-818
| Kerstin Bernoth, Andreas Pick
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Referierte Aufsätze Web of Science
The importance of repeat and circular migration starts receiving rising recognition. The paper studies this behavior by analyzing the number of exits and the total number of years away from the host country using count data models and panel data from the German guestworker experience. Beyond the myth, more than 60% of migrants in the sample from the guestworker countries living in Germany are indeed ...
In:
Population Research and Policy Review
30 (2011), 4, S.495-515
| Amelie Constant, Klaus F. Zimmermann
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Referierte Aufsätze Web of Science
We develop a structural model of female employment and fertility which accounts for intertemporal feedback effects between these two outcomes. To identify the effect of financial incentives on employment and fertility we exploit variation in the tax and transfer system, which differs by employment state and number of children. Specifically, we simulate in detail the effects of the tax and transfer ...
In:
Labour Economics
18 (2011), 4, S. 498-512
| Peter Haan, Katharina Wrohlich
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Referierte Aufsätze Web of Science
This paper presents results about the determinants of export behaviour of services firms. Using a unique panel of enterprises for the years 2003 to 2005, the impact of size, productivity, human capital, experience on the national market, etc. on export behaviour are analysed. In addition, the researchers control for unobserved time-invariant characteristics by using a pooled fractional probit estimator. ...
In:
The Service Industries Journal
31 (2011), 4, S. 513-526
| Alexander Eickelpasch, Alexander Vogel
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Referierte Aufsätze Web of Science
We investigate the likely sources of exchange rate dynamics in selected member countries of the Commonwealth of Independent States (CIS; Russia, Kazakhstan, Ukraine, Kyrgyzstan, Azerbaijan, and Moldova) over the past decade (1999-2010). Evidence is based on country VARs augmented by a regional common-factor structure (FAVAR model). The models include nominal exchange rates, the common factor of exchange ...
In:
Emerging Markets, Finance & Trade
47 (2011), 4, S. 49-58
| Christian Dreger, Jarko Fidrmuc
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Referierte Aufsätze Web of Science
The relationship between conflict and education has been studied before. However, previous authors have always focused strongly on the supply-side effects, whereas this article examines the influence of conflict on the demand for education. It is theoretically shown that, under relatively general conditions, individuals living in a conflict area have an incentive to increase their level of education ...
In:
The Journal of Conflict Resolution
55 (2011), 4, S. 652-677
| Olaf J. de Groot, Idil Göksel
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Referierte Aufsätze Web of Science
This paper studies the impact of buyer power on dynamic efficiency. We consider a bargaining model in which buyer power arises endogenously from size and may impact on a supplier's incentives to invest in lower marginal cost. We challenge the view frequently expressed in policy circles that the exercise of buyer power stifles suppliers' incentives. Instead, we find that the presence of larger buyers ...
In:
Journal of the European Economic Association
9 (2011), 4, S. 702-720
| Roman Inderst, Christian Wey
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Referierte Aufsätze Web of Science
We study life satisfaction data from the 2005 World Values Survey and a 2009 survey of users of the virtual world Second Life. Second Life users do not have the same demographic profile as the general population, but the differences are not as large as we expected. The mechanisms and causes of life satisfaction seem to be similar in the two samples. Among Second Life users, satisfaction with their ...
In:
Kyklos
64 (2011), 3, S. 313-328
| Edward Castronova, Gert G. Wagner
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Referierte Aufsätze Web of Science
While previous research has looked at the determinants of the quality of institutions, not much research has been done that looks at the determinants of institutional change. This paper examines what determines the probability of an improvement in political freedoms. Several path-dependent variables, such as the history of political freedom, are clearly influential. In addition to that, economic openness ...
In:
Kyklos
64 (2011), 3, S. 410-426
| Olaf J. de Groot