ZEW Discussion Papers

Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be…

We answer the questions, how many firms acting in the modern German biotechnology industry are funded by venture capital companies (VCC) as well as equity funded by corporate investors. The theory suggests a…

This paper investigates the effects of macroeconomic volatility on non–financial firms’ cash holding behavior. Using an augmented cash buffer–stock model, we demonstrate that an increase in macroeconomic…

Based on a sample of German inovating firms that contains information on formal and informal innovation cooperation between customers and suppliers, we state that firms perceive informal cooperation as being…

This paper analyses the relationship between firm productivity and export behavior in German manufacturing firms. We examine whether productivity increases the probability of exporting, and assert that there is…

Die Arbeit untersucht den von der „Arbeitgruppe Netznutzung Strom der Kartellbehörden des Bundes und der Länder“ vorgeschlagenen Subtraktionstest, mit dessen Hilfe missbräuchlich überhöhte Netznutzungsentgelte…

New version, original title: Underdiversification in Private Companies – Required Returns and Incentive Effects

Owners of private companies often invest a substantial share of their net worth in one company,…

This study focuses on the impact of innovation policies and R&D collaboration in Germany and Finland. We consider collaboration and subsidies as heterogeneous treatments, and perform an econometric matching to…

Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies’ profits is a priori unclear. We…