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FINESS Working Papers 2.1 / 2008

Bank Market Structure and Firm Capital Structure

We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship between the degree of concentration of European bank markets and the market leverage of firms, indicating the ...

2008| Lieven Baert, Rudi Vander Vennet
FINESS Working Papers 1.1c / 2008

Does the Nominal Exchange Rate Regime Affect the Real Interest Parity Condition?

The real interest partity (RIP) condition combines two cornerstones in international finance, uncovered interest parity (UIP) and ex ante purchasing power parity (PPP). The extent of deviation from RIP is therefore an indicator of the lack of product and financial market integration. This paper investigates whether the nominal exchange rate regime has an impact on RIP. The analysis is based on 15 annual ...

2008| Christian Dreger
Weekly Report 7 / 2008

Fear of Financial Investors Unjustified

In the midst of the international financial crisis, the German federal government passed the Risk Limitation Act in autumn 2007. In spring 2008 the Bundestag has finally decided on the law. The domestic private equity/buyout providers, which have not previously been subject to banking supervision, are among the main addressees of the act. Among others, "objectionable macroeconomic activities of financial ...

2008| Dorothea Schäfer, Alexander Fisher
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
Externe referierte Aufsätze

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
Externe referierte Aufsätze

The Argentinean Currency Crisis: A Markov-Switching Model Estimation

In 2002, the Argentinean currency board came to a sudden and dramatic end. Although the country had been suffering from weak economic fundamentals for years, the timing and severity of the currency crisis surprised most observers. The present study analyzes the role of fundamentals and self-fulfilling speculation in the Argentinean crisis. Arguing within a theoretical model of a fixed exchange rate ...

In: The Developing Economies 44 (2006), 1, S. 79-91 | Patricia Alvarez-Plata, Mechthild Schrooten
Diskussionspapiere 599 / 2006

On the Role of Stock Market for Real Economic Activity

In this study we have addressed the relationship between the stock market, the measure of real economic activity (represented by the real GDP), the economic sentiment indicator, and real interest rate for the five European countries: Germany, France, Italy, the Netherlands, and the UK. We find that even when accounting for expectations, represented by the economic sentiment indicator, the stock market ...

2006| Boriss Siliverstovs, Manh Ha Duong
Diskussionspapiere 549 / 2006

Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct a survey among German suppliers of start-up finance. We find significant differences between the investors ...

2006| Dorothea Schäfer, Dirk Schilder

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
Externe referierte Aufsätze

Fiscal Federalism in Russia: Theory, Comparisons, Evaluations

Russia's system of fiscal federalism is examined and evaluated. Current theories of fiscal federalism provide criteria for evaluating such systems. Developments in OECD countries are examined to provide comparative perspectives. Data from Russia's Goskomstat and the Ministry of Finance, which provide an overview of Russia's regional economic characteristics, are used to apply the selected evaluation ...

In: Post-Soviet Affairs 22 (2006), 3, S. 189-224 | Ulrich Thießen
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