Financial constraints for investors and the speed of adaptation: are innovators special?
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Frankfurt am Main
Dt. Bundesbank
2004
|
| Series: | Discussion paper / Deutsche Bundesbank : Series 1, Studies of the Economic Research Centre
2004,20 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Zsfassung in dt. Sprache |
| Physical Description: | 69 S. graph. Darst. |
| ISBN: | 3865580068 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
1 Introduction 1
2 Optimal investment under financial constraints 7
3 The data 10
4 Estimation and results 14
4.1 Estimation strategy 14
4.2 Results 18
5 Conclusions 24
References 26
Appendix A: Optimal capacity adjustment under financial constraints 30
Appendix B: Deriving the basic error correction specification 47
Appendix C: The sample 50
Lists of Tables and Figures
Table Cl Industry composition of the ECM sample and innovator status of 50
sectors
Table C2 Size class and product innovator status 51
Table C3 Descriptive statistics of principal regression variables 51
Table 1 Frequency of innovations and financing conditions for investment 53
Table 2 Financing conditions and dependence on external finance 53
Table 3 Fixed effects (mean deviation) estimation for the reduced form 54
investment factor model
Table 4 Basic error correction model without time varying financing con 55
ditions, GMM first difference and system estimates.
Table 5 Error correction model with time varying financing conditions 56
and sales expectations, GMM first difference estimates
Table 6 Error correction model with time varying financing conditions 57
and sales expectations, GMM system estimates
Table 7 Financial constraints and the speed of adaptation using the me 58
dian of average financial position as a cutoff value, GMM first
difference estimates
Table 8 Financial constraints and the speed of adaptation using the 65% 59
quantile of average financial position as a cutoff value, GMM
first difference estimates
Table 9 Financial constraints and the speed of adaptation using the me 60
dian of average financial position as a cutoff value, GMM system
estimates
Table 10 Financial constraints and the speed of adaptation using the 65% 61
quantile of average financial position as a cutoff value, GMM
system estimates
Graph 1 The clockwork 9
Graph 2 Mean number of product innovations by size category 13
Graph Al External financing costs function 30
Graph A2 Adjustment paths for capital stock, equity and financial 38
status
Graph A3 Phase space analysis 39
Graph A4 The significance of initial equity 40
Graph A5 The effect of project size 41
Graph A6 Severe (high y) and less severe (low y) financial con 44
straints
|
| any_adam_object | 1 |
| author | Kalckreuth, Ulf von 1963- |
| author_GND | (DE-588)120766523 |
| author_facet | Kalckreuth, Ulf von 1963- |
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| author_sort | Kalckreuth, Ulf von 1963- |
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| building | Verbundindex |
| bvnumber | BV019425801 |
| classification_rvk | QB 910 |
| ctrlnum | (OCoLC)76528276 (DE-599)BVBBV019425801 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV019425801 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:00:03Z |
| institution | BVB |
| isbn | 3865580068 |
| language | English |
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| physical | 69 S. graph. Darst. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
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| series2 | Discussion paper / Deutsche Bundesbank : Series 1, Studies of the Economic Research Centre |
| spelling | Kalckreuth, Ulf von 1963- Verfasser (DE-588)120766523 aut Financial constraints for investors and the speed of adaptation are innovators special? Ulf von Kalckreuth Frankfurt am Main Dt. Bundesbank 2004 69 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper / Deutsche Bundesbank : Series 1, Studies of the Economic Research Centre 2004,20 Zsfassung in dt. Sprache Industriebetrieb (DE-588)4026813-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Investitionsverhalten (DE-588)4114046-1 gnd rswk-swf Innovation (DE-588)4027089-0 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Deutschland (DE-588)4011882-4 g Industriebetrieb (DE-588)4026813-5 s Innovation (DE-588)4027089-0 s Investitionsverhalten (DE-588)4114046-1 s Finanzierung (DE-588)4017182-6 s DE-604 Deutsche Bundesbank <Frankfurt, Main> Discussion paper 1 Series 1, Studies of the Economic Research Centre 2004,20 (DE-604)BV017594637 2004,20 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012887348&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kalckreuth, Ulf von 1963- Financial constraints for investors and the speed of adaptation are innovators special? Industriebetrieb (DE-588)4026813-5 gnd Finanzierung (DE-588)4017182-6 gnd Investitionsverhalten (DE-588)4114046-1 gnd Innovation (DE-588)4027089-0 gnd |
| subject_GND | (DE-588)4026813-5 (DE-588)4017182-6 (DE-588)4114046-1 (DE-588)4027089-0 (DE-588)4011882-4 |
| title | Financial constraints for investors and the speed of adaptation are innovators special? |
| title_auth | Financial constraints for investors and the speed of adaptation are innovators special? |
| title_exact_search | Financial constraints for investors and the speed of adaptation are innovators special? |
| title_full | Financial constraints for investors and the speed of adaptation are innovators special? Ulf von Kalckreuth |
| title_fullStr | Financial constraints for investors and the speed of adaptation are innovators special? Ulf von Kalckreuth |
| title_full_unstemmed | Financial constraints for investors and the speed of adaptation are innovators special? Ulf von Kalckreuth |
| title_short | Financial constraints for investors and the speed of adaptation |
| title_sort | financial constraints for investors and the speed of adaptation are innovators special |
| title_sub | are innovators special? |
| topic | Industriebetrieb (DE-588)4026813-5 gnd Finanzierung (DE-588)4017182-6 gnd Investitionsverhalten (DE-588)4114046-1 gnd Innovation (DE-588)4027089-0 gnd |
| topic_facet | Industriebetrieb Finanzierung Investitionsverhalten Innovation Deutschland |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012887348&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV017594637 |
| work_keys_str_mv | AT kalckreuthulfvon financialconstraintsforinvestorsandthespeedofadaptationareinnovatorsspecial |