Publications des institutions partenaires
Cash Holdings and the Performance of European Mutual Funds
We investigate the determinants and performance implications of cash holdings for a large sample of actively-managed equity funds domiciled in the European Union (EU). In line with recent evidence from the US, we observe that cash holdings are strongly inuenced by a fund's fee structure, past ows and ow volatility, and a fund's Investment strategy. EU Funds with cash…
Institution partenaire
English / 01/02/2018
Immigration and the Displacement of Incumbent Households
We make use of the universe of immigrants who arrived in Switzerland between 1992 and 2013, granular community level house price and wage data as well as detailed information on the Swiss population to study the effects of immigration on the location choice of incumbent households. Immigration influences a household’s location choice through three distinct channels: house price…
Institution partenaire
English / 01/02/2018
Ventral striatal dysfunction and symptom expression in individuals with schizotypal personality traits and early psychosis
Striatal abnormalities play a crucial role in the pathophysiology of schizophrenia. Growing evidence suggests an association between aberrant striatal activity during reward anticipation and symptom dimensions in schizophrenia. However, it is not clear whether this holds across the psychosis continuum. The aim of the present study was to investigate alterations of ventral striatal…
Institution partenaire
English / 13/01/2018
Balanced bootstrap joint confidence bands for structural impulse response functions
Constructing joint confidence bands for structural impulse response functions based on a VAR model is a difficult task because of the non-linear nature of such functions. We propose new joint confidence bands that cover the entire true structural impulse response function up to a chosen maximum horizon with a prespecified probability (1 − α), at least asymptotically. Such bands are…
Institution partenaire
English / 01/01/2018
International arbitrage and the extensive margin of trade between rich and poor countries
We incorporate consumption indivisibilities into the Krugman (1980) model and show that an importer’s per capita income becomes a primary determinant of “export zeros”. Households in the rich North (poor South) are willing to pay high (low) prices for consumer goods; hence unconstrained monopoly pricing generates arbitrage opportunities for internationally traded products. Export…
Institution partenaire
English / 01/01/2018
A dynamic North-South Model of Demand-induced Product Cycles
This paper presents a dynamic North-South general-equilibrium model where per capita incomes shape demand patterns across regions. Innovation takes place in a rich North while firms in a poor South imitate products manufactured in North. Allowing a role for per capita incomes in determining demand delivers a complete international product cycle as described by Vernon (1966), where…
Institution partenaire
English / 01/01/2018
In the Shadow of Sunshine Regulation: Considering Disclosure Biases
Institution partenaire
English / 01/01/2018
Democratic epistemology and democratic morality: the appeal and challenges of peircean pragmatism
Does the wide distribution of political power in democracies, relative to other modes of government, result in better decisions? Specifically, do we have any reason to believe that they are better qualitatively – more reasoned, better supported by the available evidence, more deserving of support – than those which have been made by other means? In order to answer this question we…
Institution partenaire
English / 01/01/2018
A computationally efficient framework for automatic inertial sensor calibration
The calibration of (low-cost) inertial sensors has become increasingly important over the past years since their use has grown exponentially in many applications going from unmanned aerial vehicle navigation to 3D-animation. However, this calibration procedure is often quite problematic since the signals issued from these sensors have a complex spectral structure and the methods…
Institution partenaire
English / 01/01/2018
The Choice of Interest Rate Models and Its Effect on Bank Capital Requirement Regulation and Financial Stability
According to the Basel regulation banks may use internal risk models to measure interest rate risk and calculate regulatory capital requirements. Under its pillar II the Basel framework grants leeway to banks in their choice of these models. We therefore focus on how well interest rate models describe real interest rate movements empirically and which impact the model choice has on…
Institution partenaire
English / 01/01/2018
Money vs. time: family income, maternal labor supply, and child development
We study the effect of family income and maternal hours worked on child development. Our instrumental variable analysis suggests different results for cognitive and behavioral development. An additional 1,000 USD in family income improves cognitive development by 4.4 percent of a standard deviation but has no effect on behavioral development. A yearly increase of 100 work hours…
Institution partenaire
English / 01/01/2018
Does altruism matter for remittances?
We provide a direct test of the impact of altruism on remittances. From a sample of Indian migrant workers in Qatar, we elicit the propensity to share with others from their responses in a dictator game and use it as a proxy for altruism. For the entire sample, we find that altruism does not seem to matter. However, we document a strong positive relationship between altruism and…
Institution partenaire
English / 01/01/2018
Redefine statistical significance
We propose to change the default P-value threshold for statistical significance from 0.05 to 0.005 for claims of new discoveries.
Institution partenaire
English / 01/01/2018
Citizens and the crisis: The Great recession as constraint and opportunity
We discuss a number of issues addressed in the volume. In particular, after an introduction about the capacity for resilience shown by European citizens, we summarize the volume’s content in terms of the economic crisis posing constraints to citizens, but also as opening up opportunities for change. Additionally, we discuss the intertwining of the economic and the political…
Institution partenaire
English / 01/01/2018
Demand forces of technical change evidence from the Chinese manufacturing industry
This paper investigates the effct of domestic market size on innovation activities across different durable good industries in the Chinese manufacturing sector. We address the endogeneity of market size by an IV strategy, based on a measure of potential market size, which is driven only by changes in the Chinese income distribution. This measure is exogenous to changes in prices and…
Institution partenaire
English / 01/01/2018
Unemployment insurance and the labor market
The existing literature assumes that unemployment insurance (UI) affects the labor market through the job finding rate of eligible workers. I argue that this focus is too narrow. I show evidence for UI effects through three other margins: (i) search externalities; (ii) takeup of other welfare state programs; and (iii) job separations. This suggests that the analysis of optimal UI…
Institution partenaire
English / 01/01/2018
Citizens and the crisis: Experiences, perceptions, and responses to the great recession in Europe
This volume presents evidence-based research on citizens’ experiences and reactions to the Great Recession in Europe. How did European citizen experience and react to the crisis? How are the experiences of crisis and political responses socially differentiated? Are some social classes and more deprived groups particularly hard hit? How did the crisis impact on political choices? What…
Institution partenaire
English / 01/01/2018
Intergenerational mobility in the 19th century: micro-level evidence from the city of Zurich
We analyze social mobility of decennial citizenry cohorts of Zurich born between 1780 and 1870. We categorize individuals according to their occupations and use different measures to show the level, change, and components of intergenerational mobility. Mobility was imperfect and weakly decreasing over time. Both level and change are driven by intergenerational persistence of…
Institution partenaire
English / 01/01/2018
Ventrolateral prefrontal cortex updates chosen value according to choice set size
Having chosen an item typically increases the subjective value of the chosen item, and people generally enjoy making choices from larger choice sets. However, having too many items to choose from can reduce the value of chosen items—for example, because of conflict or choice difficulty. In this study, we investigated the effects of choice set size on behavioral and neural value…
Institution partenaire
English / 01/01/2018
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