Publications des institutions partenaires

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Strategy processes and practices: Dialogues and intersection

Building on our review of the strategy process and practice research, we identify three ways to see the relationships between the two research traditions: complementary, critical, and combinatory views. We adopt in this special issue the combinatory view, in which activities and processes are seen as closely intertwined aspects of the same phenomena. It is this view that we argue…

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English / 01/03/2018

The climate for entrepreneurship at higher education institutions

While the importance of a supportive context for entrepreneurship is widely acknowledged, its antecedents are rarely investigated. We apply the concept of organizational climate to higher education institutions and examine the drivers of students’ perceptions of the entrepreneurial climate in their university. Combining data from two unique datasets and using multilevel techniques,…

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English / 19/02/2018

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…

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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…

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English / 01/02/2018

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…

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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…

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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…

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English / 01/01/2018

Overcoming constraints of collective imagination: An inquiry into activist entrepreneuring, disruptive truth-telling and the creation of ‘possible worlds’

This article introduces ‘activist entrepreneuring’ to suggest a fresh understanding of en- trepreneuring which foregrounds how constraints of imagination are removed through critical speech. Specifically, we link Michel Foucault's work on parrhesia, or courageous speech, and various literatures on (utopian) imagination to discuss ‘disruptive truth-telling’ as the generative…

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English / 01/01/2018

Efficiency Versus Effectiveness in Hospitals: A Dynamic Simulation Approach

Hospitals provide highly sophisticated services, but they are largely
steered by means of simplistic management models, which do not match the complexities faced by these organizations. The design of management models in hospitals and public organizations at large shows a bend toward reductionism. The reductionism of these models is rooted in their short-termism, and in the…

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English / 01/01/2018

Communication and attention dynamics: An attention-based view of strategic change

The attention-based view (ABV) has highlighted the role of organizational attention in strategic decision making and adaptation. The tendency to view communication channels as “pipes and prisms” for information processing has, however, limited its ability to address strategic change. We propose a broader role for communication as a process by which actors can attend to and engage…

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English / 01/01/2018

RWebData: A High-Level Interface to the Programmable Web

The rise of the programmable web offers new opportunities for the empirically driven sciences. The access to, compilation and preparation of data from the programmable web for statistical analysis can, however, involve substantial up-front costs for the practical researcher. The R-package RWebData provides a high-level framework that allows data to be easily collected from the…

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English / 01/01/2018

Payment Evasion

This paper shows that a firm can use the purchase price and the fine imposed on detected payment evaders to discriminate between unobservable consumer types. Assuming that consumers self-select into regular buyers and payment evaders, we show that the firm typically engages in second-degree price discrimination in which the purchase price exceeds the expected fine. In addition, we…

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English / 18/12/2017

Momentum and Crash Sensitivity

This paper proposes a risk-based explanation of the momentum anomaly on equity markets. Regressing the momentum strategy return on the return of a self-financing portfolio going long (short) in stocks with high (low) crash sensitivity in the USA from 1963 to 2012 reduces the momentum effect from a highly statistically significant 11.94% to an insignificant 1.84%. We find additional…

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English / 15/12/2017

Volatile Top Income Shares in Switzerland? Reassessing the Evolution Between 1981 and 2010

In the last 20 years, the share of top incomes in Switzerland has risen, while
exhibiting large variations. Switzerland is similar to European countries for the top
1% but closer to the U.S. for higher top income groups. With the synthetic control
method we close a time gap in the tax data, exploiting the fact that Swiss cantons
changed their tax system at…

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English / 01/12/2017

Europe Fettered: The impact of crisis-era trade distortions on exports from the European Union

Having grown in real terms by 60% between 2000 to 2008, extra-EU exports have since stagnated. Stripping out other determinants of EU export growth, the focus here is on the impact of trade distortions imposed by foreign governments since the global economic crisis began. Our econometric analysis implies that crisis-era trade distortions held back EU Member State export growth to…

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English / 01/12/2017

Effective Trust Management- An Evidence-based Practitioner‘s Guideline on how to Enable Stakeholders‘ Trust in Institutions

This infographic targets the debate on the dichotomy of trust and distrust, arguing in favor of trust and distrust being two seperate constructs, hence are not two opposite ends of the same continuum. Further, this infographic shows, that trust and distrust have different antecedents, distinct properties and disparate outcomes.

Given this, this infographic further summarizes…

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English / 09/11/2017

Third-Party Logistics Providers in the Digital Age: Towards a New Competitive Arena?

This paper looks at the impact of digitalization on third-party logistics (3PL) business models. An eclectic framework for the analysis of digital disruptions in service industries is elaborated by linking Porter’s five forces to insights from research on digitalization and innovation. Applying this framework to the business field of 3PL reveals that logistics service providers face…

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English / 04/11/2017

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…

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English / 01/11/2017

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