Topic Financial Markets

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918 results, from 811
  • Diskussionspapiere 757 / 2007

    The Default Risk of Firms Examined with Smooth Support Vector Machines

    In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth Support Vector Machines (SSVM), and investigate how important factors such as selection of appropriate accounting ...

    2007| Wolfgang Härdle, Yuh-Jye Lee, Dorothea Schäfer, Yi-Ren Yeh
  • Diskussionspapiere 701 / 2007

    Venture Capital versus Bank Financing in Innovative German Firms

    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
  • Diskussionspapiere 704 / 2007

    The Effects of the Bank-Internal Ratings on the Loan Maturity

    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
  • Diskussionspapiere 746 / 2007

    Does the Nominal Exchange Rate Regime Affect the Long Run Properties of Real Exchange Rates?

    This paper examines whether the behaviour of the real exchange rate is associated with a particular regime for the nominal exchange rate, like fixed and flexible exchange rate arrangements. The analysis is based on 16 annual real exchange rates and covers a long time span, 1870-2006. Four subperiods are distinguished and linked to exchange rate regimes: the Gold Standard, the interwar float, the Bretton ...

    2007| Christian Dreger, Eric Girardin
  • Refereed essays Web of Science

    Long-Run Money Demand in the New EU Member States with Exchange Rate Effects

    Within a wide range of other economic and financial indicators, money is highly relevant to the two-pillar monetary strategy of the European Central Bank for detecting risks to price stability over the medium term. Money demand models are a natural benchmark for assessing monetary developments. The existence of a well-specified and stable relation between money and prices can be perceived as a prerequisite ...

    In: Eastern European Economics 45 (2007), 2, S. 75-94 | Christian Dreger, Hans-Eggert Reimers, Barbara Roffia
  • Refereed essays Web of Science

    Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union

    We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are evaluated by their impact on prices and output. The analysis demonstrates that in general the deficit target ...

    In: Journal of Policy Modeling 28 (2006), 4, S. 357-369 | Tilman Brück, Rudolf Zwiener
  • Diskussionspapiere 624 / 2006

    What Drives Heterogeneity in Foreign Exchange Rate Expectations: Deep Insights from a New Survey

    Foreign exchange rate expectations play a central role in virtually all monetary models for the open economy. Therefore, it is extremely important to gain empirical insights into the expectations formation process. In this paper, we use a unique disaggregated data set to model the expectations of the Yen/USD exchange rate of about 50 leading foreign exchange rate professionals. The survey includes ...

    2006| Christian Dreger, Georg Stadtmann
  • Diskussionspapiere 626 / 2006

    Political Instability and the August 1998 Ruble Crisis

    The main objective of this study is to highlight the importance of political instability, defined as frequent changes in and of government, in undermining the Russian exchange rate based stabilization program of the 1990s. The empirical evidence supports the significance of political instability along with economic fundamentals in determining Russian real effective exchange rate and exchange market ...

    2006| Tatiana Fic, Omar F. Saqib
  • Externe Monographien

    Long-Run Money Demand in the New EU Member States with Exchange Rate Effects

    Frankfurt am Main: ECB, 2006, 31 S.
    (Working Paper Series / European Central Bank ; 628)
    | Christian Dreger, Hans-Eggert Reimers, Barbara Roffia
  • Externe Monographien

    The Effects of Short-Term Liabilities on Profitability: The Case of Germany

    Chestnut Hill, Mass.: Boston College, Department of Economics, 2006, 19 S.
    (Boston College Working Papers in Economics ; 636)
    | Christopher F. Baum, Dorothea Schäfer, Oleksandr Talavera
918 results, from 811
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