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Refereed essays Web of Science
Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market ...
In:
Journal of International Economics
155 (2025), 104082, 27 S.
| Gita Gopinath, Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
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Weitere externe Aufsätze
Investigating how non-cognitive skills—captured by traits—influence entrepreneurial behaviour helps understand why some individuals are more likely to become and remain entrepreneurs. This chapter reviews research on the relationship between personality traits and entrepreneurship. With respect to the entry decision, research finds that high scores in three of the Big Five factors (openness to experience, ...
In:
Swee-Hoon Chuah, Robert Hoffmann, Ananta Neelim (Eds.) ,
Elgar Encyclopedia of Behavioural and Experimental Economics
Cheltenham : Elgar
S. 239-242
| Alexander S. Kritikos
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Refereed essays Web of Science
Entrepreneurs tend to be risk tolerant but is higher risk tolerance always better? In a sample of about 2100 small businesses, we find an inverted U-shaped relation between risk tolerance and profitability. This relationship holds in a simple bilateral regression, and even after controlling for a large set of individual and business characteristics. Apparently, one major transmission goes from risk ...
In:
Small Business Economics
64 (2025), S. 1643–1670
| Melanie Koch, Lukas Menkhoff
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Diskussionspapiere 2097 / 2024
Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. Based on rich new data we compare risky US corporate bonds (“junk” bonds) to risky emerging market sovereign ...
2024| Gita Gopinath, Josefin Meyer, Carmen Reinhart, Christoph Trebesch
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Brown Bag Seminar Industrial Economics
Unilateral carbon pricing raises concerns about carbon leakage, prompting calls for protecting exposed industries through either free allocations of emission permits or a carbon border adjustment mechanism. This paper develops a quantitative general equilibrium trade model to evaluate the effects of these unilateral carbon pricing instruments. The model incorporates input-output linkages and firm...
15.01.2025| Robin Sogalla, DIW Berlin
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Non-refereed Articles
The article explores the effectiveness of divestitures as a remedy for upstream horizontal mergers in vertically related markets. We argue that competition authorities ignoring the asymmetric bargaining power between upstream and downstream firms when assessing the choice of the buyer of the divested brands is likely to implement an inadequate policy. First, a small buyer with high bargaining power ...
In:
Concurrences
(2024), 1, S. 32-37
| Yann Delaprez, Morgane Guignard
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Brown Bag Seminar Industrial Economics
The interplay of technology and knowledge constitutes the backbone of entrepreneurial ecosystems, crucial for fostering innovation. This study applies the economic complexity approach as a tool for quantitatively evaluating these ecosystems in German labor market regions. Our contribution to the literature involves linking comprehensive micro-datasets encompassing economic sectors and patent data...
31.01.2024| Nils Handler, DIW Berlin
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Externe Monographien
Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated ...
Bonn:
IZA,
2023,
27 S.
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 16679)
| Saul Estrin, Susanna Khavul, Alexander S. Kritikos, Jonas Löher
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Refereed essays Web of Science
In this perspective paper we discuss major trends that will shape the internationalisation of business R&D in the future. New scientific discoveries will provide new opportunities to innovate; the growing scientific capabilities in emerging economies will create new hot spots for relevant knowledge; new research activities will emerge from the need to combat climate change; digital technologies including ...
In:
International Business Review
33 (2024), 1, 102191, 10 S.
| Bernhard Dachs, Sara Amoroso, Davide Castellani, Marina Papanastassiou, Max von Zedtwitz
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Brown Bag Seminar Industrial Economics
This paper studies the impact of generative AI technology on the demand for online freelancers using a large dataset from a leading global freelancing platform. We focus on how the release of generative AI tools affects various freelance jobs that require different skills or software. Our findings indicate a 21 percent decrease following the ChatGPT introduction in the number of job posts for...
17.01.2024| Jonas Hannane, DIW Berlin