| 1. |
- Lejpras, Anna, et al.
(author)
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Locational Conditions, Cooperation, and Innovativeness : Evidence from Research and Company Spin-Offs
- 2008
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Reports (other academic/artistic)abstract
- This paper has two goals. First, it analyzes the extent to which the innovativeness of spin-offs, either born from a research facility or from another company, is influenced by locational conditions. Second, it provides evidence on how important local cooperation links are in comparison to nonlocal ones. Using a sample of approximately 1,500 East German firms from knowledge-intensive sectors, we estimate a structural equation model applying the partial least squares method. We find that proximity to local research institutes and universities is the most influential factor for the cooperation intensity of spin-offs. Furthermore, the higher the cooperation intensity, the greater the innovativeness of a firm. Moreover, the results indicate that it is not the local but the nonlocal cooperation ties that are more conducive to innovativeness of research spin-offs. The findings also highlight that the innovativeness of research spin-offs with solely local links is strongly depends on support from various authorities and institutions.
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| 2. |
- Badunenko, Oleg, et al.
(author)
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What Drives the Productive Efficiency of a Firm? : the importance of industry, location, R&D, and size
- 2008
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Reports (other academic/artistic)abstract
- This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the efficiencies of the firms and relate them to firm-specific and environmental factors. We find that (1) about half the model’s explanatory power is due to industry effects, (2) firm size accounts for another 20 percent, and (3) location of headquarters explains approximately 15 percent. Interestingly, most other firm characteristics, such as R&D intensity, outsourcing activities, or the number of owners, have extremely little explanatory power. Surprisingly, our findings suggest that higher R&D intensity is associated with being less efficient, though higher R&D spending increases a firm’s efficiency over time.
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| 3. |
- Baum, Christopher F., et al.
(author)
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Credit rating agency announcements and the Eurozone sovereign debt crisis
- 2013
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Reports (other academic/artistic)abstract
- This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.
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| 6. |
- Schäfer, Dorothea
(author)
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Distributional Effects of Taxing Financial Transactions and the Low Interest Rate Environment
- 2016
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Reports (other academic/artistic)abstract
- The study aims to assess the distributional effects of taxing financial transactions including a focus on gender. It specifically investigates the impact of the low interest rate environment on tax revenues and distribution. The first part of the study is explorative, aiming to develop a concept for the assessment. This is because the role of low or even negative interest rates is not yet specifically considered in the context of FTT. In the second part, the challenge is to find appropriate data for European countries in order to assess distributional effects. The study also highlights the existing data gaps that prevent a long-term evaluation of FTT with regard to tax revenues, impact, and distributional consequences.
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| 7. |
- Stephan, Andreas, 1968-, et al.
(author)
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Why Do Firms Switch Their Main Bank? Theory and Evidence from Ukraine
- 2009
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Reports (pop. science, debate, etc.)abstract
- We examine why firms change their main bank and how this affects loans, interest payments and firm performance after switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and riskier companies are more likely to switch their main bank. Importantly, main bank power, measured by equity holdings, appears to be one of the main drivers of firm switching behavior. Furthermore, we find that firms have lower performance after changing their main bank as they have to contend with higher interest payments.
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