Bankruptcy and Voluntary Liquidation : Evidence for New Firms in East and West Germany after Unification


Prantl, Susanne


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URL: http://ub-madoc.bib.uni-mannheim.de/148
URN: urn:nbn:de:bsz:180-madoc-1486
Document Type: Working paper
Year of publication: 2003
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: P52 P30 L20 C14 C41 ,
Subject headings (SWD): Deutschland / Vereinigung , Firma , Konkurs
Abstract: Exploiting the unique economic situation after German unification, I investigate how exit decisions deviate between new firms in a transition and a comparatively stable market environment. Two competing exit mechanisms are considered: entrepreneurial self-selection via voluntary liquidation and external selection based on insolvency regulation. Distinguishing between the competing exit modes proves to be crucial in semi-parametric proportional hazard-rate estimations. Comparing East and West Germany, I find distinct education and size effects and a higher share of bankruptcy-related liquidations in East Germany. These results are argued to reflect different industry structures, capital and labor market conditions in both parts of Germany.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Prantl, Susanne (2003) Bankruptcy and Voluntary Liquidation : Evidence for New Firms in East and West Germany after Unification. Open Access [Working paper]
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