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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Prantl, Susanne (2003) Bankruptcy and Voluntary Liquidation : Evidence for New Firms in East and West Germany after Unification.

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