Cross-border Interbank Networks, Banking Risk and Contagion
Lena Tonzer
Journal of Financial Stability,
2015
Abstract
Recent events have highlighted the role of cross-border linkages between banking systems in transmitting local developments across national borders. This paper analyzes whether international linkages in interbank markets affect the stability of interconnected banking systems and channel financial distress within a network consisting of banking systems of the main advanced countries for the period 1994–2012. Methodologically, I use a spatial modeling approach to test for spillovers in cross-border interbank markets. The results suggest that foreign exposures in banking play a significant role in channeling banking risk: I find that countries that are linked through foreign borrowing or lending positions to more stable banking systems abroad are significantly affected by positive spillover effects. From a policy point of view, this implies that in stable times, linkages in the banking system can be beneficial, while they have to be taken with caution in times of financial turmoil affecting the whole system.
Read article
Cooperation Patterns of Incubator Firms and the Impact of Incubator Specialization: Empirical Evidence from Germany
Michael Schwartz, Christoph Hornych
Technovation,
2010
Abstract
The article examines cooperation patterns of 150 firms located in German business incubators (BIs). More specifically, this study distinguishes between networking within the tenant portfolio and the academic-industry linkages of the tenant firms. We further contribute to the relevant literature by explicitly considering differences in cooperation patterns between firms located on diversified and specialized incubator facilities. Empirical results do not support the common assumption that specialized incubation strategies increase the effectiveness of incubator-internal networking compared to diversified BIs. Also, incubator specialization is not superior to diversified incubators with respect to the promotion of linkages of their tenants with academic institutions. For academic linkages, industry effects matter more than incubator characteristics.
Read article
Determinants of Academic-Industry Linkages and Incubator-internal Cooperation Patterns of Incubator Firms: Empirical Evidence from Germany
Michael Schwartz, Christoph Hornych
IWH Discussion Papers,
No. 2,
2009
Abstract
The article examines cooperation patterns of firms located in German business incubators (BIs) and technology centers. Based on cross-sectional data, the study explores the network activities within the tenant portfolio and the academic-industry linkages of the tenant firms. In this respect, we contribute to the literature on the impact of business incubation by explicitly considering differences regarding cooperation patterns between diversified and specialized incubator facilities. Contrary to common assumptions, we do not find a higher propensitiy for incubator-internal cooperation activities for firms located in specialized BIs. However, firms located in specialized BIs show significantly higher propensity to engage in academic-industry linkages compared to firms located in diversified incubators.
Read article
Specialization as Strategy for Business Incubators: An Assessment of the Central German Multimedia Center
Michael Schwartz, Christoph Hornych
Technovation,
No. 7,
2008
Abstract
The literature on business incubators (BIs) mainly discusses findings of incubators that do not restrict themselves to specific sectors (diversified incubators). There is a strong disregard of the possible benefits arising from the concept of a sector-specialized business incubator (SBI), although this concept has become more important in recent years. In Germany, about 19% of the incubators can be characterized as being specialized. Since 1999, nearly one-third of all new BIs in Germany opened with a sector-specific focus. This study attempts to approach this research question by examining the advantages and deficiencies of this concept and to address them with empirical observations from an SBI in the city of Halle (Germany), which has an explicit sector-focus on the media industry (MI). We identify key benefits arising from such an incubator concept: (1) high quality premises and equipment, (2) improvement of service and consultancy offerings and (3) image effects for the location. We also find deficiencies of an SBI especially regarding internal networking activities and promotion of linkages to universities. Furthermore a negative working climate impedes interaction. This study offers implications for firms, incubator managers and local policy-makers who are concerned with the instrument of an SBI.
Read article