This research was supported by the Deutsche
Forschungsgemeinschaft through the SFB 649 "Economic Risk".
http://sfb649 … SFB 649 ”Economic Risk”.
†Humboldt-Universit¨at zu Berlin, School of Business and Economics, Spandauer Str. 1, 10178 … a given firm and year
sufficient data items are available to analyze or use an economic model. We examine
the level of …