Publications des institutions partenaires
1 - 20 of 275
Heterogeneity and international economics
In the first chapter of this chapter we explore the heterogeneity in returns to export promotion across countries using a semi-parametric varying coefficient model. In the second chapter we evaluate the impact of terrorist attacks on economic growth while taking into account the mitigating effect of counter-terrorism through a set of strategies and policies deemed to influence the…
Institution partenaire
English / 01/01/2018
Are Correlations Constant? Empirical and Theoretical Results on Popular Correlation Models in Finance
Multivariate GARCH models have been designed as an extension of their univariate counterparts. Such a view is appealing from a modeling perspective but imposes correlation dynamics that are similar to time-varying volatility. In this paper, we argue that correlations are quite different in nature. We demonstrate that the highly unstable and erratic behavior that is typically observed…
Institution partenaire
English / 01/11/2017
Shirk or Work? On How Legislators React to Monitoring
In 2014 the Swiss Upper House introduced an electronic voting system, which would make it easier to monitor the voting behavior of its legislators. In this system, individual decisions on specific exogenously defined vote types are published automatically, while all other votes are not publicly disclosed. The present paper uses this institutional change to determine, in a quasi-…
Institution partenaire
English / 01/11/2017
Something in the Air: Information Density, News Surprises, and Price Jumps
This paper introduces a new information density indicator to provide a more comprehensive understanding of price reactions to news and, more specifically, to the sources of jumps in financial markets. Our information density indicator, which measures the abnormal amount of noisy "ticker" news before scheduled macroeconomic announcements, is significantly related to the…
Institution partenaire
English / 20/09/2017
Do Local Governments Tax Homeowner Communities Differently?
This paper investigates whether and how strongly the share of homeowners in a community affects residential property taxation by local governments. Different from renters, homeowners bear the full property tax burden irrespective of local market conditions, and the tax is more salient to them. "Homeowner communities" may hence oppose high property taxes in order to protect…
Institution partenaire
English / 01/09/2017
Numeracy and the quality of on-the-job decisions: Evidence from loan officers
We examine how the numeracy level of employees influences the quality of their on-the-job decisions. Based on an administrative dataset of a retail bank we relate the performance of loan officers in a standardized math test to the accuracy of their credit assessments of small business borrowers. We find that loan officers with a high level of numeracy are more accurate in assessing…
Institution partenaire
English / 01/07/2017
Best Land Use with Negative Externalities: Determining Land Values from Residential Rents
When land regulations are binding, then the land price per m2 is determined by the attractiveness of the location and the restrictiveness of the regulation. In the case of a maximum oor area ratio (FARmax) restriction, the best use land price can be directly expressed as a function of the FARmax and local amenities. We show theoretically and empirically how this approach can be used…
Institution partenaire
English / 01/04/2017
Culture and Financial Literacy
We study the effect of culture on financial literacy by comparing secondary-school students along the German-French language border within Switzerland. We find that students in the Frenchspeaking
area have a lower level of financial literacy than students in the German-speaking area. The difference in financial literacy across the language groups is mainly observed for native…
Institution partenaire
English / 03/02/2017
Explaining the phenomenon of waste allocation among waste treatment operations: case studies, concepts & methods
Cette thèse aborde principalement le phénomène de l'allocation des déchets entre filières de traitement des déchets. Les connaissances obtenues d'une étude de cas exploratoire sur la gestion du déchet de bois en Suisse et d'une revue de la littérature scientifique ont conduit à développer la méthode analytique du processus d'allocation des déchets. Cette méthode…
Institution partenaire
English / 01/01/2017
Why does the Job Corps increase gender earnings inequality?
Several studies considering the Job Corps find more positive earnings effects for males than for females. This effect heterogeneity in favor of males contrasts with the results of the majority of other training program evaluations. Applying the translated quantile approach of Bitler, Hoynes, and Domina (2014), I show that the main mechanism behind the surprising findings for the Job…
Institution partenaire
English / 30/11/2016
What effect do vocational training vouchers have on the unemployed?
The objective of providing vocational training for the unemployed is to increase their chances of re-employment and human capital accumulation. In comparison to mandatory course assignment by case workers, the awarding of vouchers increases recipients’ freedom to choose between different courses and makes non-redemption a possibility. In addition, vouchers may introduce market…
Institution partenaire
English / 01/11/2016
The Earned Income Tax Credit:Targeting the Poor but Crowding Out Wealth
In this paper, we quantify the effects of the Earned Income Tax Credit (EITC) from a macroeconomic perspective. We analyze jointly the labor supply and saving responses to changes in tax credit generosity and their aggregate and distributional implications. Our results show that the EITC raises labor force participation, provides insurance to working poor households but also…
Institution partenaire
English / 01/09/2016
Communal Land and Agricultural Productivity
Communal land tenure is a typical feature of many developing countries. Such tenure regimes implement a “use it or lose it” principle by imposing restrictions to land transferability that are enforced via the threat of expropriation. This paper measures the distortionary impact of communal land in a dynamic general equilibrium model of occupational selection, calibrated to Ethiopia.…
Institution partenaire
English / 01/09/2016
Estimating Preferences from Referendum Votes: the Case of the Performing Arts
This paper studies the electoral connection in the domain of cultural policy spending by analyzing direct democratic referendums on financing of the performing arts. Previous empirical investigations into voter preferences for the arts are based on the (strong) assumption of full voter turnout. I show theoretically and empirically that capturing the turnout decision leads to a…
Institution partenaire
English / 21/06/2016
Determinants of Liquidity (Re-)Allocation and the Decision to Cross-List or Cross-Delist
This paper examines the factors influencing the liquidity allocation between local and foreign dual listings. Based on a comprehensive data set covering the period between 2001 and 2011, empirical results suggest that the fraction of trading in the foreign listing decreases with a higher degree of stock market Integration measured as the stock price correlation with the world market…
Institution partenaire
English / 06/06/2016
Changing Risk Perception and the Time-Varying Price of Risk
This paper investigates the impact of changes in risk perception on bond markets triggered by the 2007-08 financial crisis. Using a methodology novel to empirical finance, we quantify the increase in credit spreads caused by changes in risk pricing and changes in risk factors. The lasting increase in credit spreads is almost exclusively due to time-varying prices of risk. We…
Institution partenaire
English / 01/06/2016
The Economic Drivers of Differences in House Price Inflation Rates across MSAs
This study examines why monetary policy at the national level can have vastly different effects on appreciation rates of single family houses across metropolitan statistical areas (MSAs). The study employs Case/Shiller monthly house price index data for 19 MSAs from 1992:06 to 2014:12 and FHFA quarterly house price index data for 94 MSAs from 1992:3 to 2014:4. We model the importance…
Institution partenaire
English / 01/03/2016
Essays in financial econometrics
The recent events since the onset of the subprime crisis in 2007 have put forward the central role of the financial market in developed economies and its close linkages with other markets, such as the sovereign one. The extreme (co)variations in the financial market are difficult to explain by the value of the fundamentals, and factors like investor sentiment, liquidity and…
Institution partenaire
English / 01/01/2016
Beyond tariffs: three essays on non-conventional impediments to trade
This thesis explores the impact that two types of non-conventional barriers - non-tariff measures (NTMs) and cultural traits - have on trade. The first essay deals with the asymmetric impact that NTMs can have on trading partners and provides estimates of the bilateral effects of NTMs (in terms of ad valorem equivalents) across exporter-importer pairs. The second essay finds support…
Institution partenaire
English / 01/01/2016
Three important financial stability issues in banking
In his presidential address, Zingales (2015) observes that large parts of society perceive finance as a rent-seeking activity and that complex financial regulation is prone to arbitrage and capture. In my dissertation, I investigate whether there is some truth in these allegations. In Chapter 1, I estimate the extent of regulatory arbitrage by banks in the securitization market. In…
Institution partenaire
English / 01/01/2016
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