Publications des institutions partenaires
Uniform-Price Auctions for Swiss Government Bonds: Origin and Evolution
The Swiss Treasury has used the sealed-bid, uniform-price auction format for allocating government bonds since 1980. In this study, we examine the authorities’ motivation for choosing the uniform-price auction. In addition, we describe how the institutional set-up evolved over time. It includes bidding requirements, class of bidders, pre-auction information, the bidding process, the…
Institution partenaire
English / 01/03/2016
Could the Recently Enacted Data Localization Requirements in Russia Backfire?
In the wake of ex-NSA contractor Edward Snowden's surveillance revelations to the global public, and despite an unimpeded cross-border data flow and knowledge transfer being a pre-requisite for the development of the digital economy, governments around the world are increasingly tending to resort to mandatory local data storage and to restrictions and bans on data transfers in a…
Institution partenaire
English / 22/02/2016
Intention to re-exhibit -- when does it translate to actual trade fair attendance? : Analyzing the Organizer - Exhibitor Relationship
The purpose of this study is to enhance the knowledge base about rebuying decision processes in B2B-service industries. The professional organization and realization of trade shows and exhibitions is an important service industry globally with over 31'000 exhibitions taking place annually (UFI, 2014). Business with exhibitions is flourishing for a long time not only for…
Institution partenaire
English / 17/02/2016
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
How and when customer feedback influences organizational health
Purpose
– The purpose of this paper is to explore how and when customers influence organizational climate and organizational health through their feedback. Based on affective events theory, the authors classify both positive and negative customer feedback (PCF and NCF) as affective work events. The authors expect that these events influence the positive affective climate of…
Institution partenaire
English / 01/01/2016
What’s in the Box? Risk in Surprise Subscription Models.
Assessing subscription models in retailing, we seek to identify the drivers that influence consumers’ attitude towards product
subscriptions. Using Prospect Theory, we find that consumers prefer subscription boxes with surprise content in lower frequencies and
subscription boxes with predefined content in higher frequencies.
Institution partenaire
English / 01/01/2016
What is it that Design Thinking and Marketing Management can learn from each other?
Marketing and Design Thinking are rarely associated with each other because they stem from very different fields of science and application sources: thus, different paradigms. In this paper, fundamental similarities between the two approaches are discussed and it is shown systematically how the two points of view can benefit from each other. Design Thinking can effectively help…
Institution partenaire
English / 01/01/2016
Age and Acceptance Of Workplace Accommodations : The Role of the Employee Social Context
In most developed countries, the workforce is aging. With increasing individual age, there is a higher chance to acquire health restrictions. Organizations typically react to these circumstances by providing health-related workplace accommodations. Prior research indicates that the effectiveness of workplace accommodations strongly relies upon stakeholders such as coworkers and their…
Institution partenaire
English / 01/01/2016
Financial work incentives for disability benefit recipients: Lessons from a randomized field experiment
The high implicit taxation of employment income (i.e. disabled lose benefits if labor incomes exceed a certain threshold) is considered one of the prime reasons for the low outflow from disability insurance. This paper presents the short-term results of a conditional cash program that financially incentivizes work related reduction of disability benefits. A randomized group of…
Institution partenaire
English / 01/01/2016
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
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