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  • 51.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. German Institute for Economic Research (DIW Berlin).
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Innovation and investment funding in the post-crisis period: have financing patterns and financial constraints of German firms changed?2017In: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 86, no 1, p. 129-142Article in journal (Refereed)
    Abstract [en]

    This study examines the actual funding behavior of German innovative firms in the pre- and post-crisis period. Specifically, we investigate if and how the funding patterns and financial constraints of German small and medium enterprises (SME) changed during and since the financial crisis. The purpose of our analysis is to assess whether the aims of the European CMU action plan, funding innovation and investment activities, complements the behavior of German SMEs. We find fairly stable funding patterns over the years and there is no indication that financial constraints have become tighter in the post-crisis period. Consequently, realizing the CMU?s central goal of broadening the funding mix could leave the funding behavior of German SMEs largely unaffected. 

  • 52.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. German Institute for Economic Research DIW Berlin, Germany.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Linnæus University.
    Khanh, Trung Hoang
    DIW Berlin, Germany.
    The cost channel effect of monetary transmission: How effective is the ECB's low interest rate policy for increasing inflation?2017Report (Other academic)
    Abstract [en]

    We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential pass-through of changes in the monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second, we conduct time series analyses for Germany, Italy, and Spain. We find that when manufacturing firms’ interest costs drop, the changes in their respective industry’s price index are smaller one year later. This finding is consistent with the cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany.

  • 53.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. CERBE Center for Relationship Banking and Economics, Roma, Italy.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Solórzano Mosquera, Jenniffer
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Family ownership: Does it matter for funding and success of corporate innovations?2017In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 48, no 4, p. 931-951Article in journal (Refereed)
    Abstract [en]

    Using the Mannheim innovation panel, we investigate whether family firms have higher financial need and how this affects both innovation input and innovation outcomes such as firm or market novelties, or process innovation. Applying the CDM framework, we find that family firms are more likely to have a latent financial need for innovation, which means that they have innovation ideas which they have not implemented yet. We find that family firms have a significantly lower marginal innovation productivity in particular for innovations with radical character, i.e., market novelties. We conclude from this evidence that family firms have a comparative disadvantage in innovation projects that imply high risk and require high innovation capability.

  • 54.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Solórzano Mosquera, Jenniffer
    Innovation Capabilities and Financing Constraints of Family Firms2015Report (Other academic)
    Abstract [en]

    Using the 2007 Mannheim innovation survey, we investigate whether family firms are more financially constrained than other firms and how this affects both innovation input as well as innovation outcomes such as market and firm novelties or process innovations. Based on the CDM framework, estimation of the recursive system of equations shows that family businesses are more likely to be constrained and have, on average, lower innovation input. Surprisingly, however, this does not reduce their innovation outcomes as, on average, family firms have the same level of innovation outcomes as nonfamily firms.

  • 55.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Talavera, Oleksandr
    The University of Sheffield.
    Weir, Charlie
    The Robert Gordon University.
    Entrepreneurship, windfall gains and financial constraints: Evidence from Germany2011In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 28, no 5, p. 2174-2180Article in journal (Refereed)
    Abstract [en]

    We investigate the link between the propensity to become an entrepreneur and the exogenous release from financial constraints in Germany. This is defined in terms of the movement from employment to self-employment on receipt of a financial windfall. A theoretical framework developing Evans and Jovanovic (1989) is set up and tested with panel data from German households. The results show that financial constraints do exist given that individuals are more likely to start a personal business after receiving a windfall gain. The value of windfall gains has a significant but non linear effect on the decision to become self employed. The data reveal that differences in ability and income affect the change in employment status. We also report that there is no evidence that becoming self-employed involves the anticipation of windfall gains.

  • 56.
    Schäfer, Dorothea
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics. DIW Berlin.
    Young, Brigitte
    Universität Münster.
    Globale Finanzmarktregulierung und Verbraucherschutz2013In: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 82, no 4, p. 45-56Article in journal (Other academic)
    Abstract [en]

    A financial system that supports the real economy requires a different understanding of norms and values. Financial stability is not a private good, but a public good. The right to participate in preparing rules for the stability of financial markets as well as guaranteeing a fair and just distribution of the net benefits has to be the focal point in multilateral and regional negotiations. Rightly, citizens demand a more just participation in the process of decision-making and that the net benefits from the financial sector are equitable distributed. A start could be made with the certification of financial products and the launch of an international organization for the certification. Financial innovations should go through a test phase and subsequently licensed if they meet the standards before circulating it through the financial markets. Such a process could lead to a fair pricing process and new methods of risk management.

  • 57.
    Schäfer, Dorothea
    et al.
    DIW Berlin and Free University of Berlin, Berlin, Germany.
    Zimmermann, Klaus F.
    DIW Berlin, IZA, CEPR, University of Bonn, Bonn, Germany.
    Bad Bank(s) and Recapitalization of the Banking Sector2009In: Intereconomics. Review of European Economic Policy, ISSN 0020-5346, E-ISSN 1613-964X, Vol. 44, no 4, p. 215-225Article in journal (Refereed)
    Abstract [en]

    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 assets by transferring these assets into a publicly sponsored workout unit, a so-called bad bank. This plan effectively addresses three key challenges. It provides for the transparent removal of toxic assets and gives the banks a fresh start. At the same time, it offers the chance to keep the cost to taxpayers low. In addition, the risk of moral hazard is curtailed.

  • 58.
    Wulandari, Febi
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School. German Institute for Economic Research DIW Berlin and CERBE.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). German Institute for Economic Research DIW Berlin and Ratio institute.
    Sun, Chen
    Jönköping University, Jönköping International Business School.
    Liquidity risk and yield spreads of green bonds2018Report (Other academic)
    Abstract [en]

    This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds.

  • 59.
    Wulandari, Febi
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Economics.
    Schäfer, Dorothea
    Jönköping University, Jönköping International Business School. DIW Berlin, Germany.
    Stephan, Andreas
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Economics. DIW Berlin, Germany.
    Sun, Chen
    Jönköping University, Jönköping International Business School.
    The impact of liquidity risk on the yield spread of green bonds2018In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131, Vol. 27, p. 53-59Article in journal (Refereed)
    Abstract [en]

    This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds.

    The full text will be freely available from 2020-02-24 00:00
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