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http://hdl.handle.net/10419/24022
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| Title: | | Bankruptcy and Voluntary Liquidation: Evidence for New Firms in East and West Germany after Unification  |
| Authors: | | Prantl, Susanne |
| Issue Date: | | 2003 |
| Series/Report no.: | | ZEW Discussion Papers 03-72 |
| 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 propor- tional 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. |
| Subjects: | | Exit Bankruptcy Voluntary Liquidation Transition Economy Duration Analysis |
| JEL: | | C14 L20 P30 P52 C41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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