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Bankruptcy and Voluntary Liquidation : Evidence for New Firms in East and West Germany after Unification Author info | Abstract | Publisher info | Download info | Related research | Statistics Prantl, Susanne
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.
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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number
03-72.
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Date of creation: 2003Date of revision:
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Keywords: Exit Bankruptcy Voluntary Liquidation Transition Economy Duration Analysis Find related papers by JEL classification: C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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