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Financial Development and Employment: Evidence from Transition Countries
Schäfer, Dorothea; Steiner, Susan - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
This paper studies the association between a country's level of financial development and firms' employment growth. We … development affects the employment of firms with low managerial capital negatively, while firms with high managerial capital … Enterprise Performance Survey covering transition countries in Eastern Europe and Central Asia. We use firm size as a proxy for …
Persistent link: https://www.econbiz.de/10011128835
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Small-Scale Business Survival and Inheritance: Evidence from Germany
Schäfer, Dorothea; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
she inherits capital. This effect is particularly strong for entrepreneurs that switch from self-employment into wage … employment. These results are consistent with hypothesis that financial frictions have a perceptible impact on bankruptcy among …
Persistent link: https://www.econbiz.de/10005068690
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The Impact of Financial Structure on Firms' Financial Constraints: A Cross-Country Analysis
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity level influence their financial constraints. For this purpose we merge Almeida, Campello and Weisbach (2004), a pathbreaking new design for evaluating a firm's financial...
Persistent link: https://www.econbiz.de/10005068852
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Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
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...
Persistent link: https://www.econbiz.de/10005068870
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Institutional Determinants of Financial Development in MENA Countries
Cherif, Mondher; Dreger, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
Developed and well regulated financial markets are usually seen as a precondition for an efficient allocation of resources and can foster long term economic growth. This paper explores the institutional determinants for financial development in the countries of the Middle East and North African...
Persistent link: https://www.econbiz.de/10010942859
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Asymmetric Information and Roll-over Risk
König, Philipp; Pothier, David - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...
Persistent link: https://www.econbiz.de/10011266595
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Bad Bank(s) and Recapitalization of the Banking Sector
Schäfer, Dorothea; Zimmermann, Klaus F. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can efficiently relieve ailing banks from toxic...
Persistent link: https://www.econbiz.de/10011128096
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Agenda for Building a New Financial Market Architecture
Schäfer, Dorothea - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
Persistent link: https://www.econbiz.de/10011128100
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Financial Transaction Tax Contributes to More Sustainability in Financial Markets
Schäfer, Dorothea - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
We argue that a financial transaction tax complements financial market regulation. With the tax, governments have an additional instrument at hand to influence trading activity. FTT aims to reduce regulatory arbitrage, flash trading, overactive portfolio management, excessive leverage and...
Persistent link: https://www.econbiz.de/10011128845
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Bad Bank(s) and Recapitalization of the Banking Sector
Schäfer, Dorothea; Zimmermann, Klaus F. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can efficiently relieve ailing banks from toxic...
Persistent link: https://www.econbiz.de/10004963885