This paper highlights the role of financial development in producing innovative products and services. The Venture Capitalists (VCs) plays a crucial role for the realization of product innovation and service innovation. Especially young entrepreneurs face the problem of financial constraints if...

This paper analyzes the effect of the abolition of school districts in North-Rhine Westphalia on ethnic segregation in primary schools, using data from the school statistics from 2006/07 to 2008/09. The effect of the new policy is not easily identified, because several additional changes to the...

Sehr geehrte Damen und Herren, Herr Vorsitzender des Hochschulrates-lieber Herr Beutelmann-, Magnifizenz - lieber Lambert -, Spectabilis – lieber Michael, liebe Freunde aus der Hochschule und von außerhalb, liebe Familie und im Besonderen liebe Inge, ich begrüße Sie sehr herzlich zu dieser...

The statistical techniques which cover the process of modeling and evaluating consumer credit risk have become widely accepted instruments in risk management. In contrast, we find only few and vague statements on how to define the default event, i. e. on the concrete circumstances that lead to...

In May 2009 Ulrich Hedtke presented a paper at the Schumpeter School Kolloquium dealing with Schumpeter’s perception of the entrepreneur. In his paper he argues that Schumpeter’s concept of entrepreneurship changed over time, illustrates the transition of Schumpeter’s ideas, and discusses...

In 2008, school districts were abolished in North Rhine-Westphalia, the most populous German federal state. Critics have argued that free school choice will lead to increased segregation and educational disparities. The data used is from Wuppertal, a major city in NRW. Since the Turkish...

In 2008, school districts were abolished in North Rhine-Westphalia. The paper focuses on the question whether neighborhood characteristics have an influence on the school choice behavior of parents with different socioeconomic and cultural resources. The analysis is based on data of a telephone...

Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, e.g., by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were...

This paper empirically investigates the relevance of social interaction and caste affiliation for individual awareness of financial instruments and investment behavior in India. The results of our empirical analysis, which is based on a large scale survey on saving patterns of Indians, suggest a...

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst...