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Referierte Aufsätze Web of Science
In developing and transition economies, microlending has become an effective instrument for providing micro businesses with the necessary financial resources to launch operations. In industrialized countries, with their highly developed banking systems, however, there has been ongoing debate on the question of whether an uncovered demand for microlending services exists. The present pilot study explores ...
In:
Jahrbücher für Nationalökonomie und Statistik
229 (2009), 5, S. 523-543
| Alexander S. Kritikos, Christoph Kneiding, Claas Christian Germelmann
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Referierte Aufsätze Web of Science
We experimentally test the efficacy of indenture as a self-enforced contract device. In an indenture game, the principal signals the intention of payment on delivery by tearing a banknote in half and giving the agent one half of it as "prepayment"; the agent receives the completing half after delivering the service. By forward induction, cooperation is incentive-compatibly self-enforcing. The indenture ...
In:
The Southern Economic Journal
75 (2009), 3, S. 857-872
| Alexander S. Kritikos, Jonathan H. W. Tan
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Referierte Aufsätze Web of Science
This paper examines whether financial institutions discriminate against entrepreneurs on the basis of gender. Using the cross-country Business Environment and Enterprise Performance Survey (BEEPS), we find some evidence that, compared to male-managed counterparts, female-managed firms are less likely to obtain a bank loan. In addition, our analysis suggests that female entrepreneurs are charged higher ...
In:
Journal of Comparative Economics
37 (2009), 2, S. 270-286
| Alexander Muravyev, Dorothea Schäfer, Oleksandr Talavera
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Referierte Aufsätze Web of Science
This paper investigates the link between the optimal level of nonfinancial firms' short-term leverage and macroeconomic and idiosyncratic sources of uncertainty. We develop a structural model of a firm's value maximization problem that predicts a negative relationship between uncertainty and optimal levels of borrowing. This proposition is tested using a panel of nonfinancial U.S. firms drawn from ...
In:
Economic Inquiry
47 (2009), 2, S. 216-225
| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera
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Referierte Aufsätze Web of Science
The influence of risk aversion on the decision to become self-employed is a much discussed topic in the entrepreneurial literature. Conventional wisdom asserts that being an entrepreneur means making risky decisions; hence more risk-averse individuals are less likely to become entrepreneurs. In contrast to previous research, we are able to examine empirically whether the decision of starting a business ...
In:
Small Business Economics
32 (2009), 2, S. 153-167
| Marco Caliendo, Frank M. Fossen, Alexander S. Kritikos
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Referierte Aufsätze Web of Science
This paper considers the proportion of skilled labour employed by subsidiaries in small countries in the context of the strategic role of subsidiaries. Strategic role is connected to autonomy and intra-organisational relationships and the mandates given to the subsidiary. In the paper, we draw on the literature on the strategic development of multinational corporations, and insights from inward foreign ...
In:
Management International Review
49 (2009), 1, S. 27-42
| Jens Gammelgaard, Frank McDonald, Heinz Tüselmann, Christoph Dörrenbächer, Andreas Stephan
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Referierte Aufsätze Web of Science
This paper investigates whether small businesses face financial constraints that affect their survival. A model of moral hazard is developed in which financial constraints arise endogenously. The model predicts that higher private assets relax financial constraints and have a positive effect on the firm's probability of survival. The empirical analysis confirms that the entrepreneur has a higher propensity ...
In:
Small Business Economics
32 (2009), 1, S. 95-109
| Dorothea Schäfer, Oleksandr Talavera
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Referierte Aufsätze Web of Science
The increase in liquefied natural gas trade has accelerated the integration of previously segmented markets in North America, Europe, and Asia. This paper provides evidence on the integration of the transatlantic natural gas market; it thus complements other papers in the EMF 23 study that focus on prices and international natural gas trade. We test the theoretical proposition that in integrating markets ...
In:
The Energy Journal
(2009), Special Issue, S. 187-200
| Anne Neumann
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Referierte Aufsätze Web of Science
The objective of our paper is to analyze the prospects for LNG development in the US. In particular, we discuss LNG investment projects with respect to natural gas supply and demand, existing transmission infrastructure, and competing pipeline projects. At the same time potential competition between natural gas and coal in power generation is taken into account. We conclude that in the mid-term, LNG ...
In:
Energy Policy
36 (2008), 8, S. 3160-3168
| Sophia Rüster, Anne Neumann
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Referierte Aufsätze Web of Science
The traditional approach to measuring allocative efficiency exploits input prices, which are rarely known at the firm level. This paper proves allocative efficiency can be measured as a profit-oriented distance to the frontier in a profit-technical efficiency space. This new approach does not require information on input prices. To validate the new approach, we perform a Monte-Carlo experiment providing ...
In:
Economic Modelling
25 (2008), 5, S. 1093-1109
| Oleg Badunenko, Michael Fritsch, Andreas Stephan