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1998-03-01Buch DOI: 10.18452/3741
Finance, Investment, and Firm Value in Germany and the US
dc.contributor.authorNowak, Eric
dc.date.accessioned2017-06-15T21:58:34Z
dc.date.available2017-06-15T21:58:34Z
dc.date.created2006-02-02
dc.date.issued1998-03-01
dc.identifier.issn1436-1086
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4393
dc.description.abstractGermany and the United States are generally seen as the two competing systems of corporate governance. In search for a comparative welfare analysis of the financial systems, we are interested in (i) the aggregate value-added of corporate investments in the two countries and in (ii) the interaction of investment and financing decisions. This paper investigates the impact of financing, investment, and dividend decisions on the value of stock corporations in Germany and the US. The methodology is based on a cross-sectional approach proposed by Fama and French. In general, the evidence shows that relations for the German firms are statistically similar to those found for their US counterparts. In both countries, corporate investment creates value in excess of cost, but the US industrial sector seems to be more efficient in making value-enhancing investments. Robust statistical methods are applied to verify the results. They do not change the main conclusions.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subject.ddc330 Wirtschaft
dc.titleFinance, Investment, and Firm Value in Germany and the US
dc.typebook
dc.subtitleA Comparative Analysis
dc.identifier.urnurn:nbn:de:kobv:11-10057024
dc.identifier.doihttp://dx.doi.org/10.18452/3741
dc.subject.dnb17 Wirtschaft
local.edoc.container-titleSonderforschungsbereich 373: Quantification and Simulation of Economic Processes
local.edoc.pages38
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume1998
local.edoc.container-issue49
local.edoc.container-year1998
local.edoc.container-erstkatid2135319-0

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