Publications des institutions partenaires
The finite sample performance of estimators for mediation analysis under sequential conditional independence
Using a comprehensive simulation study based on empirical data, this paper investigates the finite sample properties of different classes of parametric and semi-parametric estimators of (natural or pure) direct and indirect causal effects used in mediation analysis under sequential conditional independence assumptions. The estimators are based on regression, inverse probability…
Institution partenaire
English / 01/02/2016
The Determinants of Efficiency and Productivity in the Swiss Insurance Industry
Using state-of-the-art frontier efficiency methodologies, we study the efficiency and productivity of Swiss insurance companies in the life, property/casualty, and reinsurance sectors from 1997-2013. In this context, we provide the first empirical analysis of internationalization strategies of insurance companies, a topic of high interest in the business and economics literature, but…
Institution partenaire
English / 16/01/2016
Basel III versus Solvency II: An Analysis of Regulatory Consistency under the New Capital Standards, Presentation at the 50th Annual Meeting of the Western Risk and Insurance Association (WRIA) (Maui, USA)
Institution partenaire
English / 03/01/2016
Moral Capabilities and Institutional Innovation - An Extended Transaction Cost Approach
When facing complex ethical problems, assigning responsibility is a difficult undertaking with far-reaching consequences. Chapter 3 by Thomas Beschorner and Martin Kolmar addresses this foundational issue by arguing for a multilevel approach that rejects this either/or thinking of moral actions versus institutions. It proposes using an extended transaction cost approach (inspired by…
Institution partenaire
English / 01/01/2016
The Swing Voter's Curse in Social Networks
We study private communication between jury members who have to decide
between two policies in a majority vote. While interests of all agents are perfectly aligned, only some agents ("experts") receive a private noisy signal about which policy is correct. Each expert can, but need not, recommend a policy to her audience of "non-experts" prior to the vote. We…
Institution partenaire
English / 01/01/2016
Employment and Earnings Effects of Awarding Training Vouchers in Germany
Participation in intensive training programs for the unemployed in Germany is allocated by awarding training vouchers. Using rich administrative data for all vouchers and actual program participation,
the authors provide first estimates of the short-run and long-run employment and earnings effects of receiving a training voucher award based on a selection-on-observables…
Institution partenaire
English / 01/01/2016
Characteristics-based Porfolio Choice with Leverage Constraints
We show that the introduction of a leverage constraint improves the practical implementation of characteristics-based portfolios. The addition of the constraint leads to significantly lower transaction costs, to a reduction of negative portfolio weights, and to a decrease in volatility and misspecification risk. Furthermore, it allows investors to implement any desired level of…
Institution partenaire
English / 01/01/2016
Experience and Brokerage in Asset Markets: Evidence from Art Auctions
Focusing on the art market, where auction houses act as brokers between art sellers and buyers, we investigate whether more experienced brokers achieve better performance as information providers. We use a unique data set of auctions of Italian paintings in various houses around the world, and we measure experience as the number of times an auctioneer has auctioned the artworks of a…
Institution partenaire
English / 01/01/2016
Crash Sensitivity and Cross-Section of Expected Stock Returns
This paper examines whether investors receive compensation for holding crash-sensitive stocks. We capture the crash sensitivity of stocks by their lower tail dependence (LTD) with the market based on copulas. We find that stocks with weak LTD serve as a hedge during crises, but, overall, stocks with strong LTD have higher average future returns. This effect cannot be explained by…
Institution partenaire
English / 01/01/2016
Fragility of Money Markets
We provide the first comprehensive theoretical model for money markets encompassing unsecured and secured funding, asset markets, and central bank policy. In our model, leveraged banks invest in assets and raise short-term funds by borrowing in the unsecured and secured money markets. We derive how funding liquidity across money markets is related, explain how a shock to asset values…
Institution partenaire
English / 01/01/2016
Crash Aversion and the Cross-Section of Expected Stock Returns Worldwide
This paper examines whether investors receive compensation for holding stocks with a strong sensitivity to extreme market downturns in a sample covering forty countries. Worldwide, stocks with strong crash sensitivity deliver average returns of more than 7% p.a. higher than stocks with weak crash sensitivity. The effect is robust across geographical subsamples and is not explained by…
Institution partenaire
English / 01/01/2016
Is Director Industry Experience Valuable?
We investigate whether investor reactions to the announcement of a new outside director appointment significantly depend upon the director's experience in the appointing firm's industry. Our sample includes 688 outside director appointments to boards of S&P 500 companies from 2005 to 2010. We find significantly higher announcement returns upon appointments of…
Institution partenaire
English / 01/01/2016
Is inequality harmful for Innovation and Growth? Price versus Market Size Effects
We introduce non-homothetic preferences into an R&D based growth model to study how demand forces shape the impact of inequality on innovation and growth. Inequality affects the incentive to innovate via a price effect and a market size effect. When innovators have a large productivity advantage over traditional producers a higher extent of inequality tends to increase innovators…
Institution partenaire
English / 01/01/2016
The Roles of Industry Idiosyncrasy, Cost Efficiency, and Risk in Internationalization: Evidence From the Insurance Industry
A central matter of dispute in the internationalization literature is the existence and shape of a systematic relationship between the degree of internationalization and firm performance (I-P relationship). Considering the global insurance industry, we show that the I-P relationship depends on the industry's idiosyncrasies and on the geographical scope of internationalization.…
Institution partenaire
English / 01/01/2016
Bring Your Own Device - Wie man den Einsatz privater mobiler Geräte im beruflichen Umfeld gestaltet, damit er nicht zum "Bring Your Own Desaster" wird
BYOD ist die geschäftliche Nutzung eines mobilen privaten Gerätes. Der Nutzeffekt von Privatgeräten am Arbeitsplatz ist unbestritten. Gleichzeitig gilt es, die Sicherheit und Informationsgüter sowie die Privatsphäre der Arbeitnehmer zu gewährleisten. Dazu werden immer öfter entsprechende Nutzungsrichtlinien festgelegt. Ist in gewissen Branchen die Datensicherheit sehr wichtig, ist…
Institution partenaire
English / 01/01/2016
Corruption and Contests: Cross-Country Evidence from Sensitive Soccer Matches
Institution partenaire
English / 01/01/2016
Paper Tiger? EU Trade Enforcement as if Binding Pacts Mattered.
A ground-breaking report by New Direction, the Foundation for European Reform, highlights the poor track record of the European Commission in holding trading partners to account.
The report's author, Professor Simon Evenett of the University of St. Gallen, Switzerland, found that the Commission only attempt to tackle 20 percent of complaints reported by European industry…
Institution partenaire
English / 01/01/2016
Normal Value in Anti-Dumping Proceedings against China Post-2016: Are Some Animals Less Equal Than Others?
This article attempts to show that from 12 December 2016, WTO Members can no longer use the analogue country or similar methodologies as the basis for normal value calculations in anti-dumping proceedings targeting China and should rather use Chinese domestic prices or costs. However, contrary to what some would like decision-makers to believe, this does not mean that the EU or other…
Institution partenaire
English / 01/01/2016
RWebData: A High-Level Interface to the Programmable Web
The rise of the programmable web offers new opportunities for the empirically driven social sciences. The access, 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…
Institution partenaire
English / 01/01/2016
Precise Control Over Legislative Vote Outcomes: A Forensic Approach to Political Economics
We propose a forensic approach to investigate the politico-economic forces that influence narrow vote outcomes in legislative assemblies. Applying nonparametric estimation techniques to a data set covering all roll call votes between 1990 and 2014, we can identify the existence of precise control over legislative vote outcomes in the U.S. House of Representatives. Several pieces of…
Institution partenaire
English / 01/01/2016
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