Publications des institutions partenaires
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
Die Roboter kommen - Konsequenzen für Arbeit und Arbeitsrecht
Dieser Aufsatz will aufzeigen, dass es heute schon viele Roboter gibt, die an Arbeitsplätzen weltweit im Einsatz stehen. Die Roboter sind schon mitten unter uns. Wir befinden uns im sog. Second Machine Age, zu Deutsch oft das Vierte Industrielle Zeitalter genannt. In der Einleitung wird zuerst definiert, was unter einem Roboter zu verstehen ist (nachfolgend I.), sodann wird…
Institution partenaire
Deutsch / 01/01/2016
Arbeitsrechtliche Fallstricke beim Jobsharing
Jobsharing ist eine Arbeitsform, die sich zunehmender
Beliebtheit erfreut. Der vorliegende Artikel
stellt die verschiedenen Formen von Jobsharing vor,
zeigt deren rechtliche Besonderheiten auf und diskutiert
die aus praktischer Sicht relevanten Fallstricke
in der vertraglichen Reglementierung von
Jobsharing.
Institution partenaire
Deutsch / 01/01/2016
Job Sharing ohne Sorgen um rechtliche Probleme
Institution partenaire
Deutsch / 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
Streitpunkt Arbeitszeugnis
Arbeitszeugnisse sind in der Schweiz wichtige Bestandteile des Berufslebens. Alle Arbeitnehmer haben jederzeit Anspruch auf ein Arbeitszeugnis und sind für Bewerbungen in den allermeisten Fällen auch auf ein solches angewiesen. Daher erstaunt es nicht, dass in der Schweiz über eine Million Arbeitszeugnisse pro Jahr ausgestellt werden und es dabei in vielen Fällen zu…
Institution partenaire
Deutsch / 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
Target Capital Structure Determinants and Speed of Adjustment Analysis to Address the Keynes-Hayek Debate
According to F. A. Hayek, Keynes' General Theory neglects an analysis of the production structure. As a contribution to this research gap, we look at companies' decisions to finance investments and at their agility to adjust their capital structure. We thus study the relationship between capital structure to finance corporate production and shifts in aggregate demand.…
Institution partenaire
English / 14/12/2015
Die Ökonomik und ihre Schwierigkeiten mit der Moral
Vor dem Hintergrund einer kontroversen Diskussion auf der Plattform "Ökonomenstimme" zu "Schwierigkeiten mit der Moral" in der Wirtschaftspraxis diskutiert der vorliegende Beitrag Probleme der traditionellen Wirtschaftswissenschaften hinsichtlich der Konzeptualisierung moralischer Dimensionen in ökonomischen Theorien. Die Autoren zeigen, dass eine reine…
Institution partenaire
Deutsch / 13/12/2015
Staatliche Überwachungsmassnahmen im digitalen Zeitalter
Institution partenaire
English / 08/12/2015
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