While previous work suggests two competing explanations for the effect of labor market regulation on firms' demand for debt, our results reconcile both the “strategic use of debt” and “financial flexibility” view. Exploiting staggered changes to labor laws in 28 OECD countries, we find...

Interested in fundamental analysis and inspired by Bartram and Grinblatt (2018 & 2021), we apply linear regression (LR) and tree-based machine learning (ML) methods to estimate monthly peer-implied fair values of European stocks from 21 accounting variables. Comparing LR and ML models, we...

Die vorliegende Studie untersucht die Rolle der unternehmerischen Mitbestimmung während der Finanz- und Wirtschaftskrise 2008/2009, indem sie Unternehmensperformance und -entscheidungen analysiert. Insgesamt zeigt sich die Unternehmensperformance mitbestimmter Unternehmen nicht nur während der...

Corporate research and development (R&D) may contribute to the development of emerging market countries. However, corporate R&D activities are inherently risky and difficult to monitor, and ownership of emerging market firms is generally relatively concentrated and shareholder protection...

While the majority of empirical work examines growth effects of financial sector “size”, we provide evidence for the role of financial sector “structure”. Focusing on stock markets, we study OECD countries over the 1994-2013 period and find that relatively larger stock markets facilitate...

Over the last decades a large strand of finance and growth literature has provided ample evidence on the importance of financial deepening for economic development. Yet, recently, the focus of public debate has shifted towards the role of the financial system structure, an area in which...

Die vorliegende Studie untersucht die Rolle der unternehmerischen Mitbestimmung während der Finanz- und Wirtschaftskrise 2008/2009, indem sie Unternehmensperformance und -entscheidungen analysiert. Insgesamt zeigt sich die Unternehmensperformance mitbestimmter Unternehmen nicht nur während der...

We examine a large sample of some 100 economies worldwide to study the impact of financial sector size expansion on labour market performance. Estimating dynamic panel data models inspired by the well-developed finance-growth literature, we find that on average a larger financial sector is...