Publications des institutions partenaires
Liquidity Constraints, Wealth Transfers and Home Ownership
We study the impact of liquidity constraints on home ownership by comparing the tenure and housing choice of households who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing annual information on household characteristics, wealth transfers, tenure status as well as changes in the size and quality of housing. Our...
Institution partenaire
English / 01/09/2016
Gauging Procurement Policy Change During the Crisis-Era: Evidence from the Global Trade Alert.
This paper summarises the principal findings of the data collection efforts by the independent Global Trade Alert team on public procurement policy changes undertaken since November 2008. A particular focus is on policy changes that alter the relative treatment of domestic firms vis-à-vis foreign rivals. The ultimate goal of this paper is to inform other, ongoing data collection...
Institution partenaire
English / 01/09/2016
Verbesserte Zugänglichkeit zu Gerichtsurteilen
Der Artikel «Der Richter und sein Publikum» hat eine Debatte zum Thema Urteilspublikation ausgelöst. Es bringt wenig, den Gerichten vorzuwerfen, sie seien zu wenig transparent - selbst wenn dies in vielen Fällen zutreffen sollte. Es gehört nicht zu den Kernaufgaben des Gerichts, seine Urteile einem grösstmöglichen Publikum zur Kenntnis zu bringen. Trotzdem muss der Zugang zu Urteilen...
Institution partenaire
Deutsch / 31/08/2016
Führung, Steuerung und Aufsicht von öffentlichen Unternehmen : Public Corporate Governance für die Praxis
Die Steuerung, Führung und Kontrolle von öffentlichen Unternehmen - auch bekannt unter dem Begriff «Public Corporate Governance» - ist ein aktuelles und wichtiges Thema. Dies zeigt schon die Tatsache,
dass die Kantone der Schweiz rund 1000 Beteiligungen an 600 Unternehmen halten. Wie sollen diese Beteiligungen beaufsichtigt und kontrolliert werden, ohne ihre unternehmerische...
Institution partenaire
Deutsch / 31/08/2016
Risiko im Anflug? Die Regulierung ziviler Drohnen
Institution partenaire
Deutsch / 29/08/2016
Banks and Sovereigns: A Model of Mutual Contagion
The recent crisis has revealed that bank and sovereign risks are inherently intertwined. This paper develops a model of the bank-sovereign nexus to identify the main spillovers and to study the implications of guarantees and capital regulation. We show how banks’ asset risk may trigger a sovereign default through taxation and deposit insurance. The latter can be contagious because of...
Institution partenaire
English / 01/08/2016
Unsere Welt kollabiert nicht, ganz im Gegenteil
Höchste Zeit für ein paar Zahlen und Fakten gegen die pessimistische Verklärung unserer Gegenwart
Institution partenaire
Deutsch / 01/08/2016
Unsecured and Secured Funding
We provide the first joint analysis of the secured and unsecured money markets of the euro area using bank-level data. After the Lehman crisis, two important substitution mechanisms emerge: banks with higher credit risk offset reductions of unsecured borrowing with secured funding. Riskier banks replace unsecured lending by granting more secured loans. However, high leverage and...
Institution partenaire
English / 01/08/2016
FDI Recovers? The 20th GTA Report
As global trade continues to stagnate, the spotlight has shifted during China’s G20 Presidency to foreign direct investment (FDI).Two recent developments have brought FDI to the forefront of international policy deliberations. First, at their annual meeting in July 2016, G20 trade ministers endorsed nine G20 Guiding Principles for Global Investment Policymaking. Second, in June 2016...
Institution partenaire
English / 01/08/2016
Pricing of Catastrophe Risk and the Implied Volatility Smile
Property-casualty (P&C) insurers are exposed to rare but severe natural disasters. This paper analyzes the relation between catastrophe risk and the implied volatility smile of insurance stock options. We find that the slope is significantly steeper compared to non-financials and other financial institutions. We show that this effect has increased over time, suggesting a higher...
Institution partenaire
English / 22/07/2016
Trust Processes in the Eye of the Storm: How Do We Cope with Salient Vulnerability?
Disruptive change has become a trademark of the post-financial crisis era. Many organisations are facing extremely challenging austerity-based situations, affecting and disrupting their business model and their institutional logic, and leaving employees vulnerable to job threat. The UK public sector is a particular case in point as it has already faced a series of dramatic budget...
Institution partenaire
English / 07/07/2016
Zur Rechtskraft der Unterschrift auf einem Touchscreen
Institution partenaire
Deutsch / 04/07/2016
Conditional Currency Hedging
This research proposes Conditional Currency Hedging based on FX risk factors to reduce total portfolio risk of given stock, bond or commodity portfolios. In our employed sample, a conditional currency hedging framework based on implied FX volatility results in lower variance of a global equity portfolio than achieved by either no, full or unconditional mean-variance hedging, both in...
Institution partenaire
English / 02/07/2016
Prediction of extreme price occurrences in the German day-ahead electricity market
Institution partenaire
English / 01/07/2016
Ein Vorrang für Inländer schadet der Schweiz
Unser Land steht heute deshalb so erfolgreich und innovativ da, weil es die Zuwanderung stets zugelassen hat
Institution partenaire
/ 01/07/2016
Immigration, Real Estate Prices and the Consumption Decisions of Native Households
Since house prices govern the consumption decisions of renters and owners alike, changing house prices can have far-reaching macroeconomic consequences. We analyze how the disposable income and consumption decisions of households are affected by exogenous house price changes in Switzerland. We look at consumption of both housing and non-durable goods to establish a comprehensive...
Institution partenaire
English / 01/07/2016
Toward Removal of Swiss Franc Cap: Market Expectations and Verbal Interventions
We ask whether the markets expected the Swiss National Bank (SNB) to discontinue the 1.20 cap on the Swiss franc against the euro in January 2015. In the run-up to the SNB announcement, neither options on the euro/Swiss franc nor FX liquidity indicated a significant shift in market expectations. Furthermore, we find that the SNB's verbal interventions during the period of cap...
Institution partenaire
English / 01/07/2016
Neue Wege für das Studium im Ausland
Der Aufsatz in Politorbis liefert einen Beitrag zu Modellen der temporären Migration. Die Frage lautet, wie Studierenden auch in einem Semester ein effizienter Studien- und Lernaufenthalt im Ausland ermöglicht werden kann, der in seiner Wirkung einem mehrjährigen Aufenthalt nicht nachsteht. Hierzu werden vier Modelle für das Studium im Ausland skizziert. Eine besondere Darstellung...
Institution partenaire
Deutsch / 01/07/2016
Global Trade Plateaus. The 19th GTA Report
This report demonstrates that talk of a global trade slowdown is misplaced. Since January 2015 world trade volumes have plateaued, which is unusual as pauses in trade growth are typically associated with global recessions. A global trade plateau is a major source of concern as it is likely to add to the temptation of governments to engage in zero-sum commercial policies that seek to...
Institution partenaire
English / 01/07/2016
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