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DIW Discussion Papers 723 / 2007
This paper investigates predictions of Porter's Diamond model regarding the impact of locational factors on innovativeness and performance at the firm level. We formulate a structural equation model based on the relationships between locational conditions, e.g., transportation infrastructure, proximity to universities and research institutes, qualified labour, on the one hand, and innovativeness measured ...
2007| Alexander Eickelpasch, Anna Lejpras, Andreas Stephan
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DIW Discussion Papers 722 / 2007
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
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DIW Discussion Papers 706 / 2007
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
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DIW Discussion Papers 704 / 2007
The paper focuses on the effects of three different internal bank ratings - Risk-, Property- and Creditworthiness-Rating - on the loan maturity. We use a sample of about 5,000 loans given to sole proprietors and corporate borrowers by two German banks from January 2003 till July 2005. The estimation results for corporate borrowers are consistent with Diamond's (1991) predictions of non-monotonic relationship ...
2007| Nataliya Fedorenko, Dorothea Schäfer, Oleksandr Talavera
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DIW Discussion Papers 702 / 2007
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
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DIW Discussion Papers 701 / 2007
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
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DIW Discussion Papers 645 / 2006
Using a sample of fare quotes for non-stop travel from New York to London, this paper investigates the dynamics of offered fares as the departure date nears. We find that the general trend is toward fare increase at an accelerated rate as the departure date approaches. Clear differences in price-setting strategies among the carriers competing on a particular route are documented.
2006| Volodymyr Bilotkach, Yuriy Gorodnichenko, Oleksandr Talavera, Igor Zubenko
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DIW Discussion Papers 644 / 2006
This study is intended to assess the introduction of increased capitalization requirements for Ukrainian insurance firms. To do so, we employ up-to-date frontier efficiency analysis. The analysis suggests that an increase in size occurs not only because of the regulator's requirements, but also because all scale inefficient firms have been persistently operating under increasing returns to scale. Additionally, ...
2006| Oleg Badunenko, Bogdana Grechanyuk, Oleksandr Talavera
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DIW Discussion Papers 640 / 2006
Siegel (1995) has developed a technique with which the systematic risk of a security (beta) can be estimated without recourse to historical capital market data. Instead, beta is estimated implicitly from the current market prices of exchange options that enable the exchange of a security against shares on the market index. Because this type of exchange options is not currently traded on the capital ...
2006| Sven Husmann, Andreas Stephan
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DIW Discussion Papers 638 / 2006
This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal level of liquidity. We test this hypothesis using a panel of German firms drawn from the Bundesbank's balance ...
2006| Christopher F. Baum, Dorothea Schäfer, Oleksandr Talavera