Sample records for FINANZIELLE DATEN (financial data)
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3

Wage policies of a Russian firm and the financial crisis of 1998: evidence from personnel data - 1997 to 2002

Dohmen, Thomas; Lehmann, Hartmut; Schaffer, Mark E.

We use a rich personnel data set from a Russian firm for the years 1997 to 2002 to analyze how the financial crisis in 1998 and the resulting change in external labor market conditions affect the wages and the welfare of workers inside a firm. We provide evidence that large shocks to external condit...

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15

The term structure of illiquidity premia

Kempf, Alexander; Korn, Olaf; Uhrig-Homburg, Marliese

This paper investigates the dynamics of the term structure of bond market illiquidity premia using data on German bond market segments which differ only with respect to their liquidity. We analyze the interaction between different parts of the term structure and identify economic factors that drive ...

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17

The role of the corporate income tax as an automatic stabilizer

Buettner, Thiess; Fuest, Clemens

This paper analyses the effectiveness of the corporate income tax as an automatic stabilizer. It employs a unique firm-level dataset of German manufacturers combining financial statements with firm-specific information about credit market restrictions. The results show that approximately 20 per cent...

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18

The limiting extremal behaviour of speculative returns : an analysis of intra-daily data from the Frankfurt Stock Exchange

Lux, Thomas

This paper provides a statistical analysis of high-frequency recordings of the German share price index DAX. The data set extends from November 1988 to the end of the year 1995 and includes all minute-to-minute changes during trading hours at the Frankfurt Stock Exchange. The focus of this study is ...

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23

The effects of financial development on income inequality and poverty

Kappel, Vivien

This paper examines the effects of financial development on income inequality and poverty. The results of both cross-country and panel data regressions suggest that inequality and poverty are reduced not only through enhanced loan markets, but also through more developed stock markets. We show that ...

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24

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and mixe...

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26

The cross-Section of German stock returns: New data and new evidence

Artmann, Sabine; Finter, Philipp; Kempf, Alexander; Koch, Stefan; Theissen, Erik

This paper serves two purposes. First, we introduce a new data set on the German stock market which is publicly available to all researchers. It comprises factor returns (a market factor, a size factor, a book-to-market factor, and a momentum factor) as well as returns of portfolios which are single...

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27

The cost efficiency of German banks: a comparison of SFA and DEA

Koetter, Michael; Karmann, Alexander; Fiorentino, Elisabetta

We investigate the consistency of efficiency scores derived with two competing frontier methods in the financial economics literature: Stochastic Frontier and Data Envelopment Analysis. We sample 34,192 observations for all German universal banks and analyze whether efficiency measures yield consist...

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30

The Tsunami and the Chit Fund- Evidence from the Indian Ocean Tsunami Hit on Credit Demand in South India

Czura, Kristina; Klonner, Stefan

We analyze the effects of the 2004 Indian Ocean Tsunami on credit demand in South India. Combining data from a semi-formal financial intermediary with geophysical data on the Tsunami, we estimate the extent to which the price of credit and the structure of credit flows changed in response to this sh...

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33

Taxation and capital structure choice: evidence from a panel of German multinationals

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; Wamser, Georg

This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals? foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the theoretical ...

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34

Taxation and Capital Structure Choice – Evidence from a Panel of German Multinationals

Buettner, Thiess; Overesch, Michael; Schreiber, Ulrich; Wamser, Georg

This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals’ foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the theoretical ...

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38

Short-Term Herding of Institutional Traders New Evidence from the German Stock Market

Kremer, Stephanie; Nautz, Dieter

This paper employs a new and comprehensive data set to investigate short-term herding behavior of institutional investors. Using data of all transactions made by financial institutions in the German stock market, we show that herding behavior occurs on a daily basis. However, in contrast to longer-t...

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42

Risk attitudes and investment decisions across European countries: are women more conservative investors than men?

Badunenko, Oleg; Barasinska, Nataliya; Schäfer, Dorothea

This study questions the popular stereotype that women are more risk averse than men in their financial investment decisions. The analysis is based on micro-level data from large-scale surveys of private households in five European countries. In our analysis of investment decisions, we directly acco...

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44

Relationship lending: empirical evidence for Germany

Schmieder, Christian; Memmel, Christoph; Stein, Ingrid

Relationship lending is a common practice in credit financing all over the world, particularly in Germany. On the basis of a comprehensive data set comprising information on firm-bank relationships for more than 16,000 observations, this study analyses the determinants of relationship lending in Ger...

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45

Recovery determinants of distressed banks: Regulators, market discipline, or the environment?

Kick, Thomas; Koetter, Michael; Poghosyan, Tigran

Based on detailed regulatory intervention data among German banks during 1994-2008, we test if supervisory measures affect the likelihood and the timing of bank recovery. Severe regulatory measures increase both the likelihood of recovery and its duration while weak measures are insignificant. Resul...

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46

Real-time price discovery in Stock, bond and foreign exchange markets

Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; Vega, Clara

We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean jumps; he...

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66

Money velocity and asset prices in the euro area

Dreger, Christian; Wolters, Jürgen

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the EC...

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70

Makroökonomische Rahmenbedingungen und die Einkommensverteilung: Welchen Einfluss hat die Finanzkrise?

Berthold, Norbert; Brunner, Alexander; Zenzen, Jupp

Ziel des vorliegenden Papiers ist es, den Einfluss makroökonomischer Größen auf die Einkommensungleichheit zu untersuchen. Auf Basis des sozio-ökonomischen Panels (SOEP) analysieren wir erstmalig diesen Zusammenhang für Deutschland. Dabei ist zu beobachten, dass die makroökonomischen Größen nur eine...

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72

Long memory and fractional integration in high frequency financial time series

Caporale, Guglielmo Maria; Gil-Alana, Luis A.

This paper analyses the long-memory properties of high frequency financial time series. It focuses on temporal aggregation and the influence that this might have on the degree of dependence of the series. Fractional integration or I(d) models are estimated with a variety of specifications for the er...

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73

Loan supply in Germany during the financial crisis

Busch, Ulrike; Scharnagl, Michael; Scheithauer, Jan

Distinguishing pure supply effects from other determinants of price and quantity in the market for loans is a notoriously difficult problem. Using German data, we employ Bayesian vector autoregressive models with sign restrictions on the impulse response functions in order to enquire the role of loa...

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77

Is data warehousing a solution to customer information systems?

Van Hoofstat, R.; European Financial Management and Marketing Association
1997-01-01

German National Library of Science and Technology (GetInfo) (German)

78

Investment, R&D and financial constraints in Britain and Germany

Bond, Stephen; Harhoff, Dietmar; Van Reenen, John

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79

Investeringar i kommunal infrastruktur: Förutsättningar för en målfokuserad investeringsverksamhet

Fjertorp, Jonas

Capital assets in local infrastructure constitute an overbearing concern for society, with the generation of benefits for the population being its prime purpose. Nevertheless, the conditions for the capital investment activities within local governments are diffuse. Which different kinds of investme...

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80

Intelligent Hybrid System for Data Mining

Hambaba, M.; IEEE; Neural Networks Council; International Association of Financial Engineers
1996-01-01

German National Library of Science and Technology (GetInfo) (German)

82

Inflation and Financial Development: Evidence from Brazil

Bittencourt, Manoel

We examine the impact of inflation on financial development in Brazil and the data available permit us to cover the period between 1985 and 2002. The results?based initially on time-series and then on panel time-series data and analysis, and robust for different estimators and financial development ...

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83

Incomes and inequality in the long run: the case of German elderly

Bönke, Timm; Schröder, Carsten; Schulte, Katharina

We employ German Sample Survey Income data to examine income inequality and the financial situation of elderly citizens for the period from 1978 to 2003, focussing on differences between retired and non-retired elderly and between elderly with residence in the Old and the New German Laender. Inter-t...

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84

Incomes and inequality in the long run: the case of German elderly

Bönke, Timm; Schröder, Carsten; Schulte, Katharina

We employ German Sample Survey Income data to examine income inequality and the financial situation of elderly citizens for the period from 1978 to 2003, focussing on differences between retired and non-retired elderly and between elderly with residence in the Old and the New German Laender. Inter-t...

DRIVER (German)

89

How will Basel II affect bank lending to emerging markets? An analysis based on German bank level data

Liebig, Thilo; Porath, Daniel; di Mauro, Beatrice Weder; Wedow, Michael

This paper investigates whether the new Basel Accord will induce a change in bank lending to emerging markets using a comprehensive new data set on German banks` foreign exposure. We test two interlinked hypotheses on the conditions under which the change in the regulatory capital would leave lendin...

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90

How do banks adjust their capital ratios? Evidence from Germany

Memmel, Christoph; Raupach, Peter

We analyze the dynamics of banks' regulatory capital ratios. Using monthly data of regulatory capital ratios for a subset of large German banks, we estimate the target level and the adjustment speed of the capital ratio for each bank separately. We find evidence that, first, there exists a target le...

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92

Hold-up in multiple banking: Evidence from SME lending

Brunner, Antje; Krahnen, Jan Pieter

This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish between r...

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94

Heterogeneity in lending and sectoral growth: evidence from German bank-level data

Schertler, Andrea; Buch, Claudia M.; von Westernhagen, Natalja

This paper studies the sectoral and geographical dimensions of the response of bank lending to sectoral growth. We use several bank-level datasets provided by the Deutsche Bundesbank for the 1996-2002 period. Our results show that bank heterogeneity affects how lending responds to domestic sectoral ...

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95

Herding of institutional traders: New evidence from daily data

Kremer, Stephanie

This paper sheds new light on herding of institutional investors by using a unique database that identifies every transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of institutions occurs daily. Second, replication of the analysis...

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96

German bank lending during emerging market crises: A bank level analysis

Heid, Frank; Nestmann, Thorsten; di Mauro, Beatrice Weder; von Westernhagen, Natalja

This paper studies German bank lending during the Asian and Russian crises, using a bank level data set, which has been compiled from credit data at the Deutsche Bundesbank. Our aim is to gain more insight into the pattern of German bank lending during financial crises in emerging markets. We find t...

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97

Forecasting the fragility of the banking and insurance sector

Bernoth, Kerstin; Pick, Andreas

This paper considers the issue of forecasting financial fragility of banks and insurances using a panel data set of performance indicators, namely distance-to- default, taking unobserved common factors into account. We show that common factors are important in the performance of banks and insurances...

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99

Financing constraints and the timing of innovations in the German services sector

Kukuk, Martin; Stadler, Manfred

Using newly available data at the firm level, this study provides convincing evidence of the importance of financial constraints in explaining the timing of innovations in the German services sector. Based on a dynamic model of firms' optimal R&D behavior under financial constraints, we estimate var...

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101

Financial leverage and corporate taxation: evidence from German corporate tax return data

Dwenger, Nadja; Steiner, Viktor

We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial levera...

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102

Financial leverage and corporate taxation: Evidence from German corporate tax return data

Dwenger, Nadja; Steiner, Viktor

We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial levera...

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106

Financial constraints for investors and the speed of adaptation: Are innovators special?

von Kalckreuth, Ulf

This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that avoids t...

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108

Financial advisors: A case of babysitters?

Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio

We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance across...

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109

Financial Market Imperfections and the impact of exchange rate movements on exports

Berthou, Antoine; Berman, Nicolas

This paper studies the role of financial market imperfections in the way countries' exports react to a currency depreciation. Using quarterly data for 27 developed and developing countries over the period 1990-2005, we show that the impact of a depreciation will be less positive - or even negative -...

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110

Financial Development and Inequality: Brazil 1985-99

Meyer Bittencourt, Manoel F. Meyer

We examine the impact that financial development had on earnings inequality in Brazil in the 1980?s and 90?s. The empirical evidence, based on panel time series and time series data, shows that more broad access to financial and credit markets had a significant and robust effect in reducing inequali...

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111

Financial Advice: An Improvement for Worse?

Karabulut, Yigitcan

Using a unique administrative data set from a large German commercial bank, this paper aims to ascertain the role of financial advisors in individual portfolios. Following on the heels of the ongoing regulatory and political debate as to the merits of financial advice, we focus in this paper on thre...

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114

Error Estimation and Model Consolidation for Time Series Data

Bartlett, E. B.; Abbound, R.; Institution of Electrical and Electronics Engineers
2000-01-01

German National Library of Science and Technology (GetInfo) (German)

115

Entrepreneurs' gender and financial constraints: evidence from international data

Muravyev, Alexander; Schäfer, Dorothea; Talavera, Oleksandr

This paper studies gender discrimination against entrepreneurs by financial institutions. Based on the Business Environment and Enterprise Performance Survey (BEEPS) that covers firms in several countries of Western Europe as well as in the transition countries of Eastern Europe, our analysis sugges...

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122

Does accounting for taxes on income provide information about tax planning performance? Evidence from German multinationals

Overesch, Michael; Schreiber, Ulrich

This paper investigates the quality of information on tax planning performance which is provided by financial accounting based on IAS 12 (Income taxes). A simple theoretical investment model is used to show that reported tax expenses can be misleading as an indicator of tax planning performance, sin...

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123

Does Accounting for Taxes on Income Provide Information about Tax Planning Performance? – Evidence from German Multinationals

Overesch, Michael; Schreiber, Ulrich

This paper investigates the quality of information on tax planning performance which is provided by financial accounting based on IAS 12 (Income taxes). A simple theoretical investment model is used to show that reported tax expenses can be misleading as an indicator of tax planning performance, sin...

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124

Dips and floors in workplace training: Using personnel records to estimate gender differences

Fitzenberger, Bernd; Muehler, Grit

Using personnel records from a single large German firm in the financial industry, this paper provides detailed evidence on the effect of age and the supervisor's gender on gender differences in workplace training, holding constant various workplace characteristics. We implement an age-specific deco...

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125

Determinants of savings and remittances: empirical evidence from immigrants to Germany

Sinning, Mathias

This paper investigates the determinants of migrants' financial transfers to their home country using German data. A double-hurdle model is applied to analyze the determinants of the propensity to send transfers abroad and the amount of transfers. The findings reveal that return intentions positivel...

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126

Determinants of savings and remittances: empirical evidence from immigrants to Germany

Sinning, Mathias

This paper investigates the determinants of migrants financial transfers to their home country using German data.A double-hurdle model is applied to analyze the determinants of the propensity to send transfers abroad and the amount of transfers.The findings reveal that return intentions positively ...

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130

Crowding out or crowding in? Public and private transfers in Germany

Reil-Held, Anette

Intergenerational support regains attention in course of population aging. This paper focuses on the relationship between private and public financial transfers to and from the elderly. Based on German data we find that the giving of private transfers is influenced by public transfers. The close lin...

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131

Cost Efficiency of Domestic and Foreign Banks in Thailand: Evidence from Panel Data

Chantapong, Saovanee; Menkhoff, Lukas

The paper estimates and compares cost efficiency of domestic and foreign banks in Thailand by using bank-panel data between 1995 and 2003. It also examines the effect of foreign bank entry on banking efficiency in Thailand since the significant acquisitions by foreign banks after the 1997 financial ...

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132

Corporate restructuring and firm performance of British and German non-financial firms

Kirchmaier, Thomas

This paper examines the ongoing changes in strategy, structure, and performance of the largest 250 non-financial firms in both Britain and Germany. To this end, publicly available firm-level data is presented at first and supplemented by the results of a questionnaire survey that was sent to the chi...

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134

Contagion at the interbank market with stochastic LGD

Memmel, Christoph; Sachs, Angelika; Stein, Ingrid

This paper investigates contagion at the German interbank market under the assumption of a stochastic loss given default (LGD). We combine a unique data set about the LGD of interbank loans with data about interbank exposures. We find that the frequency distribution of the LGD is u-shaped. Under the...

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140

Business closure and financial loss: Who foots the bill? Evidence from German small business closures

Metzger, Georg

This paper explores how different reasons for business closure impact the probability that financial loss will be suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is strongly correlated with a likelihood of financial loss. By co...

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141

Business closure and financial loss : who foots the bill? Evidence from German small business closures

Metzger, Georg

This paper explores how different reasons for business closure impact the probability that financial loss will be suffered by creditors. Using German small business data, the study finds that business closure due to financial problems is strongly correlated with a likelihood of financial loss. By co...

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142

Banking with data networks

Kontinen, K.; European Financial Management and Marketing Association
1997-01-01

German National Library of Science and Technology (GetInfo) (German)

144

Antimicrobial and anti-inflammatory activity of four known and one new triterpenoid from Combretum imberbe (Combretaceae)

Angeh, Jeremiah E.; Huang, Xueshi; Sattler, Isabel; Swan, Gerry E.; Dahse, H.; Hartl, A.; Eloff, J.N.

DRIVER (German)

145

Analyzing the interest rate risk of banks using time series of accounting-based data: evidence from Germany

Wilkens, Marco; Memmel, Christoph; Entrop, Oliver; Zeisler, Alexander

This paper describes the first thorough analysis of the interest risk of German banks on an individual bank level. We develop a new method that is based on time series of accountingbased data to quantify the interest risk of banks and apply it to analyze the German banking system. We find evidence t...

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148

Algorithms for Filtering Market Price Data

Green, H.; IEEE; Neural Network Council; International Association of Financial Engineers
1997-01-01

German National Library of Science and Technology (GetInfo) (German)

150

A Vectorautoregressive Investment Model (VIM) and Monetary Policy Transmission: Panel Evidence from German Firms

von Kalckreuth, Ulf; Chirinko, Robert S.; Breitung, Jörg

This paper proposes a new framework for studying the effects of monetary policy on business investment. Important ambiguities with the modeling of investment dynamics and interactions between real and financial decisions suggest modeling investment spending as a VAR. Based on a panel of financial st...

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