Publications des institutions partenaires
Dyadic Value Distance: Determinants and Consequences
This paper establishes a measure of bilateral differences in values using 857 questions from the World Values Survey. We explore the determinants of value distance, linking it to geography as well as the historical relatedness of populations across 90 countries. Furthermore, we explore the explanatory power of value distance for the diffusion of technological development.
Institution partenaire
English / 27/10/2017
Winning a Deal in Private Equity: Do Educational Networks Matter?
Networks can establish business connections and facilitate information flows; but how valuable are they in competitive settings, such as in the deal generation of private equity funds? We find that educational ties between management teams of acquiring fund and target company are frequent (around 15%) and increase the odds of winning a deal (by 79%). When competing with other funds,...
Institution partenaire
English / 01/10/2017
Konsequenzen einer missbräuchlichen Kündigung
Die Kündigungsfreiheit wird durch eine Reihe von zeitlichen und sachlichen Vorschriften beschränkt. Die interessierenden Art. 336–336b OR befassen sich mit dem sachlichen Kündigungsschutz. Dieser bleibt unter dem europäischen Standard. Untersagt ist lediglich die missbräuchliche Kündigung. Wer das Arbeitsverhältnis aus Gründen kündigt, die das Gesetz als missbräuchlich bezeichnet,...
Institution partenaire
Deutsch / 01/10/2017
Book Review: Lucas Bergkamp/Michael Faure/Monika Hinteregger/Niels Philipsen (ed.), Civil Liability in Europe for Terrorism-Related Risk
Institution partenaire
English / 01/10/2017
Big Data or Big Brother - HR Analytics and Employee Attitudes inside Swiss Companies
Institution partenaire
/ 27/09/2017
Something in the Air: Information Density, News Surprises, and Price Jumps
This paper introduces a new information density indicator to provide a more comprehensive understanding of price reactions to news and, more specifically, to the sources of jumps in financial markets. Our information density indicator, which measures the abnormal amount of noisy "ticker" news before scheduled macroeconomic announcements, is significantly related to the...
Institution partenaire
English / 20/09/2017
Something in the Air : Information Density, News Surprises, and Price Jumps
This paper introduces a new information density indicator to provide a more comprehensive understanding of price reactions to news and, more specifically, to the sources of jumps in financial markets. Our information density indicator, which measures the abnormal amount of noisy "ticker" news before scheduled macroeconomic announcements, is significantly related to the...
Institution partenaire
English / 20/09/2017
Settling the Staggered Board Debate
We address the heated debate over the staggered board. One theory claims that a staggered board facilitates entrenchment of inefficient management and thus harms corporate value. Consequently, some institutional investors and shareholder rights advocates have argued for the elimination of the staggered board. The opposite theory is that staggered boards are value enhancing since they...
Institution partenaire
/ 08/09/2017
Recht der Luftfahrt - Luftrecht in Theorie und Praxis
In dieser 12. Auflage sind alle für die Schweiz relevanten Neuerungen im internationalen und nationalen Luftrecht bis zum April 2017 berücksichtigt. Eingearbeitet sind insbesondere die EU-VO Nr. 923/2012 der Kommission zur Festlegung gemeinsamer Luftverkehrsregeln und Betriebsvorschriften für Dienste und Verfahren der Flugsicherung (European Rules of the Air oder kurz SERA) und damit...
Institution partenaire
Deutsch / 01/09/2017
Droit Aérien - Droit aérien theorie et pratique
Cette 6e édition tient compte de toutes les modifications pertinentes pour la Suisse apportées au droit aérien international e national, jusqu'à avril 2017. Sont traites en particulier le Règlement (UE) n°923/2012 de la Commission européenne, qui définit des règles de l'air communes, des prescriptions et des procédures d'exploitation pour les services de contrôle du...
Institution partenaire
Français / 01/09/2017
Ein europäisches Roboterrecht – überfällig oder überflüssig?
Das EU-Parlament hat Empfehlungen zu zivilrechtlichen Regelungen im Bereich Robotik ausgesprochen und die EU-Kommission aufgefordert, einen Legislativvorschlag für den Bereich Robotik mit besonderem Blick auf zivilrechtliche Haftungsfragen auszuarbeiten. Zweifelhaft ist, ob eine Europäische Roboter-Richtlinie notwendig und zweckmäßig ist.
Institution partenaire
Deutsch / 01/09/2017
Tail Risk in Hedge Funds : A Unique View from Portfolio Heldings
We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tail-sensitive stocks as well as options, drive tail risk. Moreover, managerial incentives and discretion as well as exposure to...
Institution partenaire
English / 01/09/2017
Do Local Governments Tax Homeowner Communities Differently?
This paper investigates whether and how strongly the share of homeowners in a community affects residential property taxation by local governments. Different from renters, homeowners bear the full property tax burden irrespective of local market conditions, and the tax is more salient to them. "Homeowner communities" may hence oppose high property taxes in order to protect...
Institution partenaire
English / 01/09/2017
The impact of CSR reporting quality on analyst forecast accuracy
We investigate the impact of the quality of corporate social responsibility (CSR) reports on sell-side analyst forecast accuracy. The sample comprises 506 large companies that were selected according to the CSR-Sustainability Monitor, which was used to measure the quality of CSR reports issued in 2012 by the members listed in Fortune 500 US and the Global Index. Forecast error is...
Institution partenaire
English / 08/08/2017
Was ist Arbeitszeit?
Mit zunehmender Digitalisierung, Mobilität und Globalisierung der Arbeitswelt wird die Grenzziehung zwischen Arbeitszeit und Freizeit schwieriger. Eine einheitliche und klare Definition, was genau unter "Arbeitszeit" zu verstehen ist, existiert weder auf nationaler noch auf kantonaler Ebene. Für privatrechtliche Anstellungsverhältnisse, welche unter das Arbeitsgesetz fallen...
Institution partenaire
Deutsch / 01/08/2017
Numeracy and the quality of on-the-job decisions: Evidence from loan officers
We examine how the numeracy level of employees influences the quality of their on-the-job decisions. Based on an administrative dataset of a retail bank we relate the performance of loan officers in a standardized math test to the accuracy of their credit assessments of small business borrowers. We find that loan officers with a high level of numeracy are more accurate in assessing...
Institution partenaire
English / 01/07/2017
Investor Attention and Sentiment: Risk or Anomaly?
Are stocks' varying sensitivies to changing investor attention and sentiment priced? Employing internet search-based proxies for both, I find novel results that are consistent with theory. Stocks that co-vary negatively with increased investor attention to the stock market outperform in the following months in a behavior consistent with a risk premium. The pricing of co-...
Institution partenaire
English / 01/07/2017
The Return of the Leviathan: Public Policy and Evoluting Corporate Strategy�
Institution partenaire
/ 01/07/2017
Will Awe Trump Rules? The 21st GTA Report
Not since the London Summit of in April 2009 has protectionism had such a high profile in the run-up to a G20 Leader’s Summit. President Trump’s America First policies have drawn sharp criticism from leaders of other G20 governments. Accusations and counter-accusations of unfair trading practices have become a regular occurrence. So as to shed light on competing claims, this Global...
Institution partenaire
English / 01/07/2017
The Return of the Leviathan: Public Policy and Evoluting Corporate Strategy
Institution partenaire
/ 01/07/2017
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