Publications des institutions partenaires
Touchstone of Trust inside Organizations: Antecedents of high-trust manager-employee relationships
Using qualitative and set theoretic methods, we target cognitive processes of why managers install high-trust relationships with their employees, focusing on the leap of faith as the irra-tional touchstone of such trust relationships. In a first step we ‘open the managers’ heads’, as results of our semi-structured expert-interviews reveal five cues prompting them to leap: (1)…
Institution partenaire
English / 16/11/2016
Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets
This paper empirically analyzes the relation between local liquidity in rental housing markets and urban agglomeration e�ects. Using listed rent o�ers from online market platforms, I study the cross-sectional variation of rental market liquidity. Local liquidity is negatively related to the distance to nearby located urban Agglomeration centers, manifesting in a decreasing liquidity…
Institution partenaire
English / 16/11/2016
Individual Investor Activity and performance
We examine the daily activity and performance of a large panel of individual investors in Sweden's Premium Pension System. We find that active investors earn higher returns and risk-adjusted returns than inactive investors. A performance decomposition analysis reveals that most of the outperformance of active investors is the result of these investors successfully timing mutual…
Institution partenaire
English / 07/11/2016
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 role of spatial and temporal structure for residential rent predictions
This paper examines the predictive power of five linear hedonic pricing models for the residential market with varying levels of complexity in their spatial and temporal structures. Unlike similar studies, we extend the out-of-sample forecast evaluation to one-day-ahead predictions with a rolling estimation window, which is a reasonable setting for many practical applications. We…
Institution partenaire
English / 01/10/2016
Direct Democracy, Postal Voting, and the Composition of Turnout
Existing work on the effects of electoral reforms suggests that decreasing the costs of voting may exacerbate rather than reduce representational biases in turnout. We argue that some electoral institutions may have more uniform mobilization effects than previously thought and exploit the sequential introduction of postal voting in Switzerland to analyze how an exogenous decrease in…
Institution partenaire
English / 01/10/2016
Publishing Open Access from a researchers’ point of view
Institution partenaire
English / 07/09/2016
Is Governance Related to Investment Performance and Asset Allocation? Empirical Evidence from Swiss Pension Funds
This study investigates the relationship between governance, investment performance and asset allocation of pension funds in Switzerland. Our sample includes survey data from 139 Swiss occupational pension plans for which we develop a governance metric comprising attributes of organisational design, management incentives, target setting, investment strategy, investment processes,…
Institution partenaire
English / 05/09/2016
Growth accounting and endogenous technical change.
This study explores growth accounting under endogenous technological progress. It is well known that the Solow approach overstates (understates) the contribution of capital accumulation (technological progress) to economic growth and that the Mankiw-Romer-Weil approach addresses this issue. However, we find that the Mankiw-Romer-Weil approach is inconsistent (consistent) with the lab…
Institution partenaire
English / 01/09/2016
Decision rights: freedom, power, and interference
We propose a general theoretical model of decision‐rights allocation and choice, formulated in the context of a dynamic psychological game. Decision rights are valued not only instrumentally, i.e. according to the expected utility associated with the achieved outcomes, but also intrinsically, i.e. according to the procedure by which outcomes are achieved. As such procedural…
Institution partenaire
English / 01/09/2016
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
Liquidity Constraints, Wealth Transfers and Home Ownership
We study the impact of liquidity constraints on home ownership by comparing the tenure and housing choice of households who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing annual information on household characteristics, wealth transfers, tenure status as well as changes in the size and quality of housing. Our…
Institution partenaire
English / 01/09/2016
Gauging Procurement Policy Change During the Crisis-Era: Evidence from the Global Trade Alert.
This paper summarises the principal findings of the data collection efforts by the independent Global Trade Alert team on public procurement policy changes undertaken since November 2008. A particular focus is on policy changes that alter the relative treatment of domestic firms vis-à-vis foreign rivals. The ultimate goal of this paper is to inform other, ongoing data collection…
Institution partenaire
English / 01/09/2016
Banks and Sovereigns: A Model of Mutual Contagion
The recent crisis has revealed that bank and sovereign risks are inherently intertwined. This paper develops a model of the bank-sovereign nexus to identify the main spillovers and to study the implications of guarantees and capital regulation. We show how banks’ asset risk may trigger a sovereign default through taxation and deposit insurance. The latter can be contagious because of…
Institution partenaire
English / 01/08/2016
Unsecured and Secured Funding
We provide the first joint analysis of the secured and unsecured money markets of the euro area using bank-level data. After the Lehman crisis, two important substitution mechanisms emerge: banks with higher credit risk offset reductions of unsecured borrowing with secured funding. Riskier banks replace unsecured lending by granting more secured loans. However, high leverage and…
Institution partenaire
English / 01/08/2016
FDI Recovers? The 20th GTA Report
As global trade continues to stagnate, the spotlight has shifted during China’s G20 Presidency to foreign direct investment (FDI).Two recent developments have brought FDI to the forefront of international policy deliberations. First, at their annual meeting in July 2016, G20 trade ministers endorsed nine G20 Guiding Principles for Global Investment Policymaking. Second, in June 2016…
Institution partenaire
English / 01/08/2016
Pricing of Catastrophe Risk and the Implied Volatility Smile
Property-casualty (P&C) insurers are exposed to rare but severe natural disasters. This paper analyzes the relation between catastrophe risk and the implied volatility smile of insurance stock options. We find that the slope is significantly steeper compared to non-financials and other financial institutions. We show that this effect has increased over time, suggesting a higher…
Institution partenaire
English / 22/07/2016
Trust Processes in the Eye of the Storm: How Do We Cope with Salient Vulnerability?
Disruptive change has become a trademark of the post-financial crisis era. Many organisations are facing extremely challenging austerity-based situations, affecting and disrupting their business model and their institutional logic, and leaving employees vulnerable to job threat. The UK public sector is a particular case in point as it has already faced a series of dramatic budget…
Institution partenaire
English / 07/07/2016
Conditional Currency Hedging
This research proposes Conditional Currency Hedging based on FX risk factors to reduce total portfolio risk of given stock, bond or commodity portfolios. In our employed sample, a conditional currency hedging framework based on implied FX volatility results in lower variance of a global equity portfolio than achieved by either no, full or unconditional mean-variance hedging, both in…
Institution partenaire
English / 02/07/2016
Seiten
Le portail de l'information économique suisse
© 2016 Infonet Economy