Preventing Innovative Cooperations: The Legal Exemptions Unintended Side Effect
Christian Growitsch, Nicole Nulsch, Margarethe Rammerstorfer
European Journal of Law and Economics,
Nr. 1,
2012
Abstract
In 2004, European competition law had been considerable changed by the introduction of the new Council Regulation No. 1/2003. One of the major renewals was the replacement of the centralized notification system for inter-company cooperations in favor of a so-called legal exemption system. We analyze the implications of this reform and its arising uncertainty on the agreements firms implement, especially on innovative agreements like vertical R&D agreements. By means of a decision theoretic approach, we show that the law’s intention to reduce the incentive to establish illegal cartels will be reached but innovating cooperations might be prevented. To avoid this unintended side effect, fines but not the monitoring activities should be increased.
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The Diffusion of Microgeneration Technologies. Assessing the Influence of Perceived Product Characteristics on Home Owners' Willingness to Pay
Marius Claudy, Claus Michelsen, A. O´Driscol
Energy Policy,
Nr. 3,
2011
Abstract
This study presents empirical insight into willingness to pay (WTP) for microgeneration technologies and the relative influence of subjective consumer perceptions. First, we apply a double-bounded-contingent valuation method to elicit Irish home owners’ willingness to pay for micro wind turbines, wood pellet boilers, solar panels and solar water heaters. Utilizing findings from the adoption of innovation literature, in a second step, we assess the influence of different antecedents on WTP for each of the four technologies, including (1) home owners’ perception of product characteristics, (2) normative influences, and (3) socio demographic characteristics. Our results show that WTP varies significantly between the four technologies. More importantly, however, home owners’ hold different beliefs about the respective technologies, which significantly influence their WTP. The results provide valuable information for marketers and policy makers, aiming to promote microgeneration technologies more effectively in consumer markets.
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Interest Rate Convergence in the Euro-Candidate Countries: Volatility Dynamics of Sovereign Bond Yields
Hubert Gabrisch, Lucjan T. Orlowski
Emerging Markets Finance and Trade,
2010
Abstract
We argue that a “static“ specification of the Maastricht criterion for long-term bond yields is not conducive to assessing stability of financial systems in euro-candidate countries. Instead, we advocate a dynamic approach to assessing interest rate convergence to a common currency that is based on the analysis of financial system stability. Accordingly, we empirically test volatility dynamics of the ten-year sovereign bond yields of the 2004 EU accession countries in relation to the eurozone yields during the January 2, 2001-January 22, 2009, sample period. Our results show a varied degree of the relationship between domestic and eurozone sovereign bond yields, the most pronounced for the Czech Republic, Slovenia, and Poland, and weaker for Hungary and Slovakia. We find some divergence of relative bond yields since the EU accession.
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Innovation and Skills from a Sectoral Perspective: A Linked Employer-Employee Analysis
Lutz Schneider, Jutta Günther, Bianca Brandenburg
Economics of Innovation and New Technology,
2010
Abstract
Natur- und ingenieurwissenschaftliche Fähigkeiten sowie Management- und Führungskompetenzen werden häufig als Quelle von betrieblichen Innovationsaktivitäten betrachtet. Der vorliegende Artikel untersucht die Rolle von Humankapital im Sinne des formalen Bildungsabschlusses und des tatsächlich ausgeübten Berufes für die betriebliche Innovationstätigkeit im Rahmen eines Probit-Ansatzes, wobei zwischen sektoralen Innovationsregimen unterschieden wird. Die Analyse basiert auf einem Mikrodatensatz deutscher Betriebe (LIAB), welcher detaillierte Informationen über die Innovationsaktivitäten und die Qualifikation der Beschäftigten, verstanden als formaler Ausbildungsabschluss, ausgeübter Beruf und Erfahrung, enthält. Es zeigen sich signifikante Unterschiede der Humankapitalausstattung zwischen Sektoren, welche nach der Pavitt-Klassifikation unterschieden wurden. Sektoren mit einem hohen Anteil hochqualifizierter Beschäftigter sind überdurchschnittlich oft unter den Produktinnovatoren zu finden (spezialisierte Zulieferer und wissenschaftsbezogene Branchen). Indes lassen sich in den realisierten Regressionen keine signifikant positiven Effekte der Beschäftigtenqualifikation auf die Innovationstätigkeit eines Betriebes nachweisen.
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Limited Investor Attention and the Mispricing of American Depositary Receipts
Stefan Eichler
Economics Letters,
Nr. 3,
2012
Abstract
I test whether more investor attention leads to a better exploitation of arbitrage opportunities and, in turn, to less mispricing of American Depositary Receipts (ADRs). Using data on 536 stocks I find that more investor attention significantly reduces ADR mispricing.
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Protect and Survive? Did Capital Controls Help Shield Emerging Markets from the Crisis?
Makram El-Shagi
Economics Bulletin,
Nr. 1,
2012
Abstract
Using a new dataset on capital market regulation, we analyze whether capital controls helped protect emerging markets from the real economic consequences of the 2009 financial and economic crisis. The impact of the crisis is measured by the 2009 forecast error of a panel state space model, which analyzes the business cycle dynamics of 63 middle-income countries. We find that neither capital controls in general nor controls that were specifically targeted to derivatives (that played a crucial role during the crisis) helped shield economies. However, banking regulation that limits the exposure of banks to global risks has been highly successful.
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The Skills Balance in Germany’s Import Intensity of Exports: An Input-Output Analysis
Udo Ludwig, Hans-Ulrich Brautzsch
Intereconomics,
Nr. 2,
2014
Abstract
In the decade prior to the economic and financial crisis, Germany’s net exports increased in absolute terms as well as relative to the growing level of import intensity of domestically produced export goods and services. This article analyses the direct and indirect employment effects induced both by exports as well as by of the import intensity of the production process of export goods and services on the skills used. It shows that Germany’s export surpluses led to positive net employment effects. Although the volume of imports of intermediate goods increased and was augmented by the rise in exports, it could not undermine the overall positive employment effect.
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Do Better Capitalized Banks Lend Less? Long-run Panel Evidence from Germany
Claudia M. Buch, Esteban Prieto
International Finance,
Nr. 1,
2014
Abstract
Higher capital features prominently in proposals for regulatory reform. But how does increased bank capital affect business loans? The real costs of increased bank capital in terms of reduced loans are widely believed to be substantial. But the negative real-sector implications need not be severe. In this paper, we take a long-run perspective by analysing the link between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of the German economy for the past 44 years. Higher bank capital tends to be associated with higher business loan volume, and we find no evidence for a negative effect. This result holds both for pooled regressions as well as for the individual banking groups in Germany.
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Financial Constraints and Foreign Direct Investment: Firm-level Evidence
Claudia M. Buch, I. Kesternich, A. Lipponer, Monika Schnitzer
Review of World Economics,
Nr. 2,
2014
Abstract
Low productivity is an important barrier to the cross-border expansion of firms. But firms may also need external finance to shoulder the costs of entering foreign markets. We develop a model of multinational firms facing real and financial barriers to foreign direct investment (FDI), and we analyze their impact on the FDI decision. Theoretically, we show that financial constraints can affect highly productive firms more than firms with low productivity because the former are more likely to expand abroad. We provide empirical evidence based on a detailed dataset of German domestic and multinational firms which contains information on parent-level financial constraints as well as on the location the foreign affiliates. We find that financial factors constrain firms’ foreign investment decisions, an effect felt in particular by firms most likely to consider investing abroad. The locational information in our dataset allows exploiting cross-country differences in contract enforcement. Consistent with theory, we find that poor contract enforcement in the host country has a negative impact on FDI decisions.
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In Search for Yield? Survey-based Evidence on Bank Risk Taking
Claudia M. Buch, S. Eickmeier, Esteban Prieto
Journal of Economic Dynamics and Control,
Nr. 43,
2014
Abstract
Monetary policy can have an impact on economic and financial stability through the risk taking of banks. Falling interest rates might induce investment into risky activities. This paper provides evidence on the link between monetary policy and bank risk taking. We use a factor-augmented vector autoregressive model (FAVAR) for the US for the period 1997–2008. Besides standard macroeconomic indicators, we include factors summarizing information provided in the Federal Reserve’s Survey of Terms of Business Lending (STBL). These data provide information on banks׳ new loans as well as interest rates for different loan risk categories and different banking groups. We identify a risk-taking channel of monetary policy by distinguishing responses to monetary policy shocks across different types of banks and different loan risk categories. Following an expansionary monetary policy shock, small domestic banks increase their exposure to risk. Large domestic banks do not change their risk exposure. Foreign banks take on more risk only in the mid-2000s, when interest rates were ‘too low for too long’.
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