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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
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
Despite political activities to foster a low-carbon energy transition, Germany currently sees a considerable number of new coal power plants being added to its power mix. There are several possible drivers for this "dash for coal", but it is widely accepted that windfall profits gained through free allocation of ETS certificates play an important role. Yet the quantification of allocation-related investment ...
In:
Energy Policy
39 (2011), 4, S. 1975-1987
| Michael Pahle, Lin Fan, Wolf-Peter Schill
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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
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 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
Perceived control plays an important role in shaping development throughout adulthood and old age. Using data from the adult lifespan sample of the national German Socio-Economic Panel (SOEP; N > 10,000, covering 25 years of measurement), we explored long-term antecedents, correlates, and outcomes of perceived control and examined if associations differ with age. Targeting correlates and antecedents ...
In:
Psychology and Aging
26 (2011), 3, S. 559-575
| Frank J. Infurna, Denis Gerstorf, Nilam Ram, Jürgen Schupp, Gert G. Wagner
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Referierte Aufsätze Web of Science
This paper extends the two-way flow model of network formation initiated by Bala and Goyal (Econometrica 68(5):1181-1230, 2000) by allowing for partner heterogeneity.In our model if a player i forms a link with player j, then she pays a cost of c j and gets benefits of V j . Our main result consists of the characterization of strict Nash networks. We find that the introduction of partner heterogeneity ...
In:
International Journal of Game Theory
40 (2011), 3, S. 515-525
| Pascal Billand, Christophe Bravard, Sudipta Sarangi
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Referierte Aufsätze Web of Science
The paper investigates the extent to which parental unemployment affects young people's far right-wing party affinity. Cross-sectional estimates from the German Socio-Economic Panel show a positive relationship between growing up with unemployed parents and support for the extreme right. The paper uses differences in parental unemployment experience during childhood across siblings to investigate a ...
In:
Journal of the Royal Statistical Society / Series A
174 (2011), 3, S. 737-758
| Thomas Siedler