This paper analyses the dynamics of personal insolvencies in Germany and the UK, focusing on the recent recession. These countries are particularly interesting as they are both member countries of the European Union, yet have completely different approaches to deal with overindebted individuals....

How does bank distress impact their customers' probability of default and trade credit availability? We address this question by looking at a unique sample of German firms from 2000 to 2011. We follow their firm-bank relationships through times of distress and crisis, featuring the different...

In this paper we discuss determinants of firm survival and growth in Germany within its pre-1989 boundaries. We develop our central hypotheses on the basis of a simple theoretical model describing the self-selection of heterogeneous entrepreneurs into particular legal forms, and the implications...

Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the use of collateral in bank loan contracts as well as the exist-ence of relational compared to arm's length lending. In this paper we seek evidence for the-se hypotheses taking...

The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these incentives, including charter value, regulation, and managerial incentives, the net economic effect of these incentives is an empirical...

This note presents the results of two ad-hoc questions on the impact of the corona-crisis, which were included in the April-wave of the European Commission’s Joint Harmonised EU Programme of Business Surveys. The questions were asked to German, Spanish and Austrian firms in the industry,...

The purpose of this paper is to examine the essential characteristics of the financial statements of FinTech start-ups and to investigate which figures of balance sheets are suitable indicators of failure for this still rising group of start-ups. We conduct a quantitative analysis of 595 annual...