Publications des institutions partenaires
Size effects and integrated business models in private banking
Institution partenaire
English / 01/01/2008
The Swiss Financial Center as a value added system 2007: Monitoring report
Institution partenaire
English / 01/01/2008
Handbook of research on global corporate citizenship
The Handbook of Research on Global Corporate Citizenship identifies and fosters key interdisciplinary research on corporate citizenship and provides a framework for further academic debate on corporate responsibility in a global society. This exciting and important Handbook provides a unique forum to discuss the consequences of the social and political mandate of business firms and…
Institution partenaire
English / 01/01/2008
Monetary rewards and faculty behaviour: how economic incentives drive publish or perish
Higher education institutions are increasingly emulating research institutions and concentrate their financial rewards on research output (Melguizo/Strober 2007). We investigate whether faculty members strongly react to such financial rewards. We focus on monetary rewards originating from promotions. Based on economic theories we derive three hypotheses. We test them with data from…
Institution partenaire
English / 01/01/2008
Tax-adjusted discount rates with investor taxes and risky debt
This paper derives a tax-adjusted discount rate formula with a constant proportion leverage policy, investor taxes, and risky debt. The result depends on an assumption about the treatment of taxlosses in default. We identify the assumption that justiftes the textbook approach of discounting interest tax shields at the cost of debt. We contrast this with an alternative assumption that…
Institution partenaire
English / 01/01/2008
Learning and Asset Pricing under Uncertainty
We propose a new modeling framework to study the asset pricing implications of learning under ambiguity aversion. In a continuous time partial information Lucas economy, we characterize analytically equilibrium equity returns and make the following observations. First, learning under ambiguity aversion implies an equilibrium discount for ambiguity, if and only if relative risk…
Institution partenaire
English / 01/01/2008
Efficient Investment Portfolios for the Swiss Electricity Supply Sector
Institution partenaire
English / 01/01/2008
Internationalization School
Management literature has developed several theories that focus on the activities of business firms in foreign markets. The International School is an important part of this literature. This school of thought tries to explain the phenomenon of internationalization of production and trade (e.g., Hennart, 2001). The most important questions this school asks are: Why are firms leaving…
Institution partenaire
English / 01/01/2008
Paradigms
A paradigm labels the basic assumptions about a researcher´s purpose, the character of the examined object (ontology), and the suitable methodology for examining the object. Therefore a paradigm gives the answer to the basic questions of the philosophy of science: (1) What is the purpose of research? and (2) By what means and methodologies can this purpose be achieved? Scherer…
Institution partenaire
English / 01/01/2008
Are Top executives paid too much? Determinants of directors’ pay in Switzerland
Institution partenaire
English / 01/01/2008
CEO appointments and the loss of firm-specific knowledge - Putting integrity back into hiring decisions
A rarely studied trend in corporate governance is the increasing tendency to fill CEO openings through external hires rather than through internal promotions: Kevin J. Murphy and Jan Zabojnik (2004) show that the proportion of outside hires has doubled and their pay premium almost quadrupled over the last thirty years. Assuming that general managerial skills are becoming more…
Institution partenaire
English / 01/01/2008
The Dark Side of the Moon: Structured Products from the Customers' Perspective
Structured financial products have gained more and more popularity in recent years, but nevertheless has their success so far not thoroughly been analyzed. In this article we develop a theoretical framework for the design of optimal structured products and analyze the maximal utility gain for an investor that can be achieved by introducing structured products. We demonstrate that…
Institution partenaire
English / 01/01/2008
Anticipating critique and occasional reason: Modes of reasoning in the face of a radically open future
Institution partenaire
English / 01/01/2008
Legal and economic aspects of best execution in the context of the Markets in Financial Instruments Directive (MiFID)
This paper explores the implications for investment firms and clients that arise out of an interpretation of the Market in Financial Instruments Directive (MiFID) best execution requirements from a law and economics perspective. While best execution is often framed as a matter of investor protection, research on market microstructure suggests that there is, in fact, an efficiency…
Institution partenaire
English / 01/07/2007
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