Specialization versus Diversification: Perceived Benefits of Different Incubation Models
Michael Schwartz, Christoph Hornych
International Journal of Entrepreneurship and Innovation Management,
No. 3,
2012
Abstract
Business incubator initiatives are a widespread policy instrument for the promotion of entrepreneurship, innovation and the development of new technology-based firms. Recently, there has been an increasing tendency for the more traditional diversified incubators to be superseded by incubators focusing their support elements, processes and selection criteria on firms from one specific sector, and its particular needs. Despite the increasing importance of such specialized incubators in regional innovation strategies, the question of whether they are advantageous has neither been investigated empirically nor discussed theoretically in detail. Drawing on large-scale survey data from 161 firms incubated in either diversified or specialized incubators in Germany, we investigate the benefits to firms of being part of a specialized business incubator as opposed to being part of a generalized business incubator. The investigation of the value-added contribution of specialized incubators, in particular regarding hardware components, business assistance, networking and reputation gains, reveals considerable differences compared to the more diversified incubation model.
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An Options-based Approach to Forecast Competing Bids: Evidence for Canadian Takeover Battles
Stefan Eichler, Dominik Maltritz
Applied Economics,
No. 34,
2013
Abstract
During takeover battles, a tender offer provides a call option right to the target’s shareholders: it guarantees the offered price but maintains the chance of a higher offer. We present an options-based approach to estimate the probability and expected value of higher competing takeover bids using target stock price data. Analysing Canadian takeover battles in the period 1997 to 2007 we find that during the 5 trading days prior to the occurrence of an increased takeover bid, the estimated probability of a higher bid exceeds 80% on average and the expected value of a potential competing bid almost matches the realized value.
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The Role of the Intellectual Property Rights Regime for Foreign Investors in Post-Socialist Economies
Benedikt Schnellbächer, Johannes Stephan
IWH Discussion Papers,
No. 4,
2009
Abstract
We integrate international business theory on foreign direct investment (FDI) with institutional theory on intellectual property rights (IPR) to explain characteristics and behaviour of foreign investment subsidiaries in Central East Europe, a region with an IPR regime-gap vis-à-vis West European countries. We start from the premise that FDI may play a crucial role for technological catch-up development in Central East Europe via technology and knowledge transfer. By use of a unique dataset generated at the IWH in collaboration with a European consortium in the framework of an EU-project, we assess the role played by the IPR regimes in a selection of CEE countries as a factor for corporate governance and control of foreign invested subsidiaries, for their own technological activity, their trade relationships, and networking partners for technological activity. As a specific novelty to the literature, we assess the in influence of the strength of IPR regimes on corporate control of subsidiaries and conclude that IPR-sensitive foreign investments tend to have lower functional autonomy, tend to cooperate more intensively within their transnational network and yet are still technologically more active than less IPR-sensitive subsidiaries. In terms of economic policy, this leads to the conclusion that the FDI will have a larger developmental impact if the IPR regime in the host economy is sufficiently strict.
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On the Trail of Core–periphery Patterns in Innovation Networks: Measurements and New Empirical Findings from the German Laser Industry
Wilfried Ehrenfeld, Toralf Pusch, Muhamed Kudic
Annals of Regional Science,
No. 1,
2015
Abstract
It has been frequently argued that a firm’s location in the core of an industry’s innovation network improves its ability to access information and absorb technological knowledge. The literature has still widely neglected the role of peripheral network positions for innovation processes. In addition to this, little is known about the determinants affecting a peripheral actors’ ability to reach the core. To shed some light on these issues, we have employed a unique longitudinal dataset encompassing the entire population of German laser source manufacturers (LSMs) and laser-related public research organizations (PROs) over a period of more than two decades. The aim of our paper is threefold. First, we analyze the emergence of core–periphery (CP) patterns in the German laser industry. Then, we explore the paths on which LSMs and PROs move from isolated positions toward the core. Finally, we employ non-parametric event history techniques to analyze the extent to which organizational and geographical determinates affect the propensity and timing of network core entries. Our results indicate the emergence and solidification of CP patterns at the overall network level. We also found that the paths on which organizations traverse through the network are characterized by high levels of heterogeneity and volatility. The transition from peripheral to core positions is impacted by organizational characteristics, while an organization’s geographical location does not play a significant role.
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Does Temporary Employment Affect the Work-related Training of Low-skilled Employees?
Eva Reinowski, Jan Sauermann
Zeitschrift für Arbeitsmarktforschung,
No. 4,
2008
Abstract
Using the German Mikrozensus 2004, this paper analyses the effect of temporary contracts on work-related training for low-skilled workers. To take systematic differences between temporary and permanent employees into account, we estimate a bivariate probit model for whether fixed-term employment affects participation in work-related training. We conclude that holding a temporary contract does not have systematic disadvantages in access to further training.
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Analyse der Handelsströme und Direktinvestitionen zwischen deutschland und ausgewählten mittel- und osteuropäischen Ländern im Hinblick auf die Umweltintensität der Produkte
Klaus Holst, Peter Voigt, Thomas Meißner
One-off Publications,
No. 1,
1998
Abstract
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Erweiterung des Investitionskonzepts in der Volkswirtschaftlichen Gesamtrechnung
Axel Lindner, Brigitte Loose
Wirtschaftsdienst,
No. 11,
2014
Abstract
Das Statistische Bundesamt hat im Sommer 2014 eine Generalrevision der Volkswirtschaftlichen Gesamtrechnungen (VGR) durchgeführt. Neben der turnusmäßigen Einbeziehung aktueller Datengrundlagen wurde das EU-weit rechtsverbindliche Europäische System Volkswirtschaftlicher Gesamtrechnungen 2010 (ESVG 2010) umgesetzt. Am wichtigsten ist wohl die Erweiterung des Investitionsbegriffs: Aufwendungen für Forschung und Entwicklung (F&E) werden nunmehr als Geistiges Eigentum den sonstigen Anlageinvestitionen zugerechnet und erhöhen auch das Bruttoanlagevermögen. Das ist immer dann der Fall, wenn ein ökonomischer Nutzen dadurch generiert wird, dass Ergebnisse der Forschung und Entwicklung wiederholt im Produktionsprozess eingesetzt oder angewandt werden. Entsprechend der Nutzung werden über den jeweiligen Zeitraum anteilige Abschreibungen auf das Geistige Eigentum vorgenommen. Betroffen sind gleichermaßen erworbene wie auch selbst erstellte F&E-Leistungen. Nach alter Konzeption wurde Forschung und Entwicklung von Marktproduzenten als Vorleistungsgut von der Summe aller Produktionswerte abgezogen; sie ging damit nicht in die Bruttowertschöpfung ein. Als Investitionsgut ist sie nun Teil der Wertschöpfung und wirkt in den Volkswirtschaftlichen Gesamtrechnungen für den Marktproduzenten gewinnerhöhend. Auch F&E von Nicht-Marktproduzenten zählt zu den Bruttoanlageinvestitionen, sie trug aber schon nach dem alten Konzept zur Wertschöpfung bei, denn sie wurde als Konsum des Staates oder von Organisationen ohne Erwerbszweck gebucht. Konsequenz der jetzigen Buchung als Investitionen ist allerdings, dass die F&E-Aufwendungen von Nicht-Marktproduzenten in den Folgejahren zu einer höheren Bruttowertschöpfung als nach der alten Regelung führen: Die Bruttowertschöpfung erhöht sich nun um den Betrag der Abschreibungen auf die durch F&E erzeugten geistigen Güter. Alles in allem führt die Verbuchung von F&E-Leistungen als Investitionen zu einer deutlichen Niveauerhöhung des deutschen Bruttoinlandsprodukts (um 2,5 Prozentpunkte 2013). Der Anteil der Bruttoanlageinvestitionen am BIP (die Investitionsquote) erhöht sich wesentlich auf 19,7% 2013 statt 17,2% vor der Revision.
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Endogenous Selection of Comparison Groups, Human Capital Formation, and Tax Policy
Oded Stark, Walter Hyll, Y. Wang
Economica,
No. 313,
2012
Abstract
We consider a setting in which the acquisition of human capital entails a change of location in social space that causes individuals to revise their comparison groups. Skill levels are viewed as occupational groups. Moving up the skill ladder by acquiring additional human capital, in itself rewarding, leads to a shift in the individual’s inclination to compare himself with a different, and on average better-paid, comparison group, in itself penalizing. We shed new light on the dynamics of human capital formation, and suggest novel policy interventions to encourage human capital formation in the aggregate and reduce inter-group income inequality.
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Effects of Urban Renewal on Non-subsidised Property Owners: Evidence from East Germany
Martin T. W. Rosenfeld, Dominik Weiß
Town Planning Review,
No. 3,
2015
Abstract
Urban renewal programmes intervene in the housing market by offering different kinds of subsidies that support the improvement of public spaces or selective demolition. The central aim of this paper is to disentangle the economic impact of these subsidies on property owners and investors by exploring the value of residential real estate. There is limited knowledge as to which type of owners benefit from such actions and whether they even benefit at all. One may expect that the indirect effects of a regime of regulation inspire more confidence in market recovery from the perspective of property owners. By using the theory of real options it is assumed that urban renewal raises the option premium of a property which in turn represents an opportunity to the owners to use and develop their property. This opportunity is based on expectations of higher revenues in the future. The hypothesis of an increasing option premium is explored using data from a large urban renewal programme in East Germany.
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Does the ECB Act as a Lender of Last Resort During the Subprime Lending Crisis?: Evidence from Monetary Policy Reaction Models
Stefan Eichler, K. Hielscher
Journal of International Money and Finance,
No. 3,
2012
Abstract
We investigate whether the ECB aligns its monetary policy with financial crisis risk in EMU member countries. We find that since the outbreak of the subprime crisis the ECB has significantly increased net lending and reduced interest rates when banking and sovereign debt crisis risk in vulnerable EMU countries (Greece, Ireland, Italy, Portugal, and Spain) increases, while no significant effect is identified for the pre-crisis period and relatively tranquil EMU countries (Austria, Belgium, France, Germany, and the Netherlands). These findings suggest that the ECB acts as a Lender of Last Resort for vulnerable EMU countries.
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