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The paper explores the investment behaviour of German firms in the context of the Qapproach, which plays a dominant role in empirical investment research. The analysis is based on the Deutsche Bundesbank's corporate balance sheet statistics. The panel data set contains some 2,300 German firms' balance sheet data covering the years 1988-1998. While the Q-theory is mainly applied on the basis of stock market data, which facilitates the exploitation of market expectations and the calculation of average Q, the direct forecasting approach (Chirinko 1993) suggested by Abel and Blanchard (1986) and extended to panel data by Gilchrist and Himmelberg (1995, 1998) enables the Q-theory to be applied to non-quoted firms which are by far the majority in Germany. One of the key variables when using balance sheet data, which has attracted much detailed research, is firms' net capital stock at replacement costs. The challenge is to transform historical cost data, depreciated at non-economic, tax-oriented depreciation rates, into unreported and probably unknown economically meaningful data at actual replacement values. We suggest a complex procedure for calculating reliable replacement values of a firm's capital stock. To calculate Q we follow two different operationalisation strategies. First we estimate average Q based on balance sheet data by forecasting the present value of future profits using a VAR model. Second, we estimate marginal Q following the approach suggested by Gilchrist and Himmelberg. We compare the results from two different estimation techniques for dynamic investment models, GMM and direct bias correction. The results show that marginal as well as average Q influence investment significantly. When classifying the firms by size, we find that smaller firms react more strongly to Q and, to a lesser extent, to lagged investment.

The database of the Corporate Balance Sheets (Ustan) comprises annual financial statements of non-financial corporations and is formed in the context of the refinancing business.
In discharging her monetary policy duty the Deutsche Bundesbank grants refinancing loans to domestic credit institutions. But there are collaterals eligible for refinancing at the central bank required as a prerequisite, like book credits to domestic non-financial enterprises. In order to control the intrinsic value of the securities the annual financial statements of the non-financial enterprises have to be submitted to the Bundesbank where they serve as a fundament for credit rating.
The data flows into the Financial Statements Data Pool, which is the database used for regular statistical analyses of German companies' earnings and financing situation. Results are published in the Special Statistical Publication 5 and 6.
This Ustan database comprises the years from 1987 to 2016 and can be used as a panel dataset for research purposes. Besides the balance sheet data, the profit and loss account and the asset history sheet (if any) additional information about the firm are available, like the branch of industry or the legal form.

The database of the Corporate Balance Sheets (Ustan) comprises annual financial statements of non-financial corporations and is formed in the context of the refinancing business.
In discharging her monetary policy duty the Deutsche Bundesbank grants refinancing loans to domestic credit institutions. But there are collaterals eligible for refinancing at the central bank required as a prerequisite, like book credits to domestic non-financial enterprises. In order to control the intrinsic value of the securities the annual financial statements of the non-financial enterprises have to be submitted to the Bundesbank where they serve as a fundament for credit rating.
The data flows into the Financial Statements Data Pool, which is the database used for regular statistical analyses of German companies' earnings and financing situation. Results are published in the Special Statistical Publication 5 and 6.
This Ustan database comprises the years from 1999 to 2015 and can be used as a panel dataset for research purposes. Besides the balance sheet data, the profit and loss account and the asset history sheet (if any) additional information about the firm are available, like the branch of industry or the legal form.

The USTAN dataset contains annual financial statements of German non-financial corporations which are sent to the Bundesbank first in the context of refinancing operations and later for credit assessment purposes.
USTAN data for the 1987-2017 accounting years can be used as panel data by researchers, who can access items of the balance sheet, income statement and, where applicable, the statement of changes in tangible fixed assets (property, plant and equipment) as well as other firm variables such as economic sector and legal form.
These data flow into the Financial Statements Data Pool, which is the database used for regular statistical analyses of German firms' profitability and financing situation. The results of these analyses can be found in the Bank's Special Statistical Publications 5 and 6.

The USTAN dataset contains annual financial statements of German non-financial corporations which are sent to the Bundesbank first in the context of refinancing operations and later for credit assessment purposes.
USTAN data for the 1987-2019 accounting years can be used as panel data by researchers, who can access items of the balance sheet, income statement and, where applicable, the statement of changes in tangible fixed assets (property, plant and equipment) as well as other firm variables such as economic sector and legal form.
These data flow into the Financial Statements Data Pool, which is the database used for regular statistical analyses of German firms' profitability and financing situation. The results of these analyses can be found in the Bank's Special Statistical Publications 5 and 6.
Please note, that the current dataset is not complete for the year 2019.

The database of the Corporate Balance Sheets (Ustan) comprises annual financial statements of non-financial corporations and is formed in the context of the refinancing business.
In discharging her monetary policy duty the Deutsche Bundesbank grants refinancing loans to domestic credit institutions. But there are collaterals eligible for refinancing at the central bank required as a prerequisite, like book credits to domestic non-financial enterprises. In order to control the intrinsic value of the securities the annual financial statements of the non-financial enterprises have to be submitted to the Bundesbank where they serve as a fundament for credit rating.
The data flows into the Financial Statements Data Pool, which is the database used for regular statistical analyses of German companies' earnings and financing situation. Results are published in the Special Statistical Publication 5 and 6.
This Ustan database comprises the years from 1999 to 2014 and can be used as a panel dataset for research purposes. Besides the balance sheet data, the profit and loss account and the asset history sheet (if any) additional information about the firm are available, like the branch of industry or the legal form.

The UK is commonly viewed as having a 'market oriented' financial system, in contrast to other European countries which are seen as 'bank dominated'. In the light of this supposition, we investigate sectoral balance sheet data for evidence of differences in financial structure between the UK and other major EU countries. It is found that the UK has much in common with Continental countries, in particular France, and they are themselves markedly heterogeneous. There is also some evidence of convergence towards a more market-oriented financial system, even in the most bank-dominated economy, Germany.