We use a natural experiment and matched bank/firm data to identify the effects of bank guarantees on allocative efficiency. We find that with guarantees in place unproductive firms invest more and maintain higher rates of sales growth. Moreover, firms produce less productively. Firms also...

This paper examines empirically the theoretical relationship between external knowledge and innovation success. Special emphasis is posed on the effects that arise from various types of spillovers and how these effects are influenced by firm-specific absorptive capacities. The results of the...

Many economic decisions implicitly or explicitly rely on a projection of the medium- or long-term economic development of a country or region. In this paper, we provide a federal long-run projection model for Germany and the German states. The model features a top-down approach and, as major...

This paper investigates a perception in the political debates as to what extent poor countries are affected by price movements in the global commodity markets. To test this perception, we use the case of India to establish in a standard SVAR model that global food prices influence aggregate...

This paper examines empirically the role of market structure for the influence of spill-over effects on R&D-cooperations. The results of a microeconometric analysis, based on firm data on innovation, let in general presume that with intensified competition also the influence of spillovers on...

This paper examines empirically the theoretical relationship between spillover effects, in the sense of unintended knowledge transfer, and cooperations in research and development (R&D). According to the results of a logistic regression analysis which has been based on micro-level data, firms...

The study evaluates different ESF-funded labour market programmes by comparing the labour market status at different points in time after the treatment. In order to solve the selection problem we employ a standard matching algorithm. The effects of the analyzed programmes (wage subsidies,...

One empirical argument that has been around for some time and that clearly contradicts equity market efficiency is that market prices seem too volatile to be optimal estimates of the present value of future discounted cash flows. Based on this, it is deduced that systematic pricing errors occur...

The article tests for a random walk in European equity style indexes. After briefly introducing the efficient market hypothesis, equity styles in general and the used statistical techniques (Variance Ratio Test and modified Rescaled Range Test) it is shown that a random walk in European equity...