Publications des institutions partenaires
Corporate Goodness and Shareholder Wealth
Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do value "offsetting CSR", that is positive CSR news concerning firms with a...
Institution partenaire
English / 01/01/2015
Multifamily residential asset and space markets and linkages with the economy
This paper analyzes the linkages between the commercial real estate market and the economy. We maintain that a proper assessment of those linkages requires state of the art modeling techniques which treat economic variables endogenously and allow for a number of long-run relationships. We therefore use a long-run structural modeling approach, which incorporates equilibrium...
Institution partenaire
English / 01/01/2015
Incentive pay and bank risk-taking: evidence from austrian, german, and swiss banks
We use payroll data in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 67 banks. We document an economically significant correlation of incentive pay with both the level and volatility of bank trading income - particularly for the pre-crisis period 2003 – 2007,...
Institution partenaire
English / 01/01/2015
Beta-arbitrage strategies: when do they work, and why?
Contrary to what traditional asset pricing would imply, a strategy that bets against beta, by going long in low beta stocks and short in high beta stocks, tends to outperform the market. We consider a market in which diversity is maintained, i.e. no single stock can dominate the entire market, and we show that beta-arbitrage strategies mechanically out-perform the market portfolio....
Institution partenaire
English / 01/01/2015
Apathy and noradrenaline; silent partners to mild cognitive impairment in parkinsons's disease?
The search for PD-MCI biomarkers has employed an array of neuroimaging techniques, but still yields divergent findings. This may be due in part to MCI's broad definition, encompassing heterogeneous cognitive domains, only some of which are affected in Parkinson's disease. Most domains falling under the MCI umbrella include fronto-dependent executive functions, whereas...
Institution partenaire
English / 01/01/2015
Using Bayesian hierarchical parameter estimation to assess the generalizability of cognitive models of choice
To be useful, cognitive models with fitted parameters should show generalizability across time and allow accurate predictions of future observations. It has been proposed that hierarchical procedures yield better estimates of model parameters than do nonhierarchical, independent approaches, because the formers’ estimates for individuals within a group can mutually inform each other....
Institution partenaire
English / 01/01/2015
Different strategies for evaluating consumer products: attribute-and exemplar-based approaches compared
Consumers’ purchase decisions depend on whether a product is perceived as a bargain or as overpriced. But how do consumers evaluate sales prices? The standard approach in economics, psychology, and marketing suggests that consumers’ estimates are best described by a attribute-based or piecemeal strategy that integrates information about products in a linear additive fashion. Here, we...
Institution partenaire
English / 01/01/2015
Selecting decision strategies: the differential role of affect
Many theories on cognition assume that people adapt their decision strategies depending on the situation they face. To test if and how affect guides the selection of decision strategies, we conducted an online study (N = 166), where different mood states were induced through video clips. Results indicate that mood influenced the use of decision strategies. Negative mood, in...
Institution partenaire
English / 01/01/2015
An introduction to Bayesian hypothesis testing for management research
In management research, empirical data are often analyzed using p-value null hypothesis significance testing (pNHST). Here we outline the conceptual and practical advantages of an alternative analysis method: Bayesian hypothesis testing and model selection using the Bayes factor. In contrast to pNHST, Bayes factors allow researchers to quantify evidence in favor of the null...
Institution partenaire
English / 01/01/2015
An information theory account of preference prediction accuracy
Knowledge about other people's preferences is essential for successful social interactions, but what exactly are the driving factors that determine how well we can predict the likes and dislikes of people around us? To investigate the accuracy of couples' preference predictions we outline and empirically test three hypotheses: The positive valence hypothesis predicts that...
Institution partenaire
English / 01/01/2015
A generalized distance function for preferential choices
Many cognitive theories of judgement and decision making assume that choice options are evaluated relative to other available options. The extent to which the preference for one option is influenced by other available options will often depend on how similar the options are to each other, where similarity is assumed to be a decreasing function of the distance between options. We...
Institution partenaire
English / 01/01/2015
How outcome dependencies affect decisions under risk
Many economic theories of decision making assume that people evaluate options independently of other available options. However, recent cognitive theories such as decision field theory suggest that people’s evaluations rely on a relative comparison of the options’ potential consequences such that the subjective value of an option critically depends on the context in which it is...
Institution partenaire
English / 01/01/2015
Proudly Small : The Leaders of Tomorrow's Perspective
Institution partenaire
English / 01/01/2015
Agglomeration Theory with Heterogeneous Agents
This chapter surveys recent developments in agglomeration theory within a unifying framework. We highlight how locational fundamentals, agglomeration economies, the spatial sorting of heterogeneous agents, and selection effects affect the size, productivity, composition, and inequality of cities, as well as their size distribution in the urban system.
Institution partenaire
English / 01/01/2015
Essays on location choice: agglomeration, amenities and housing
Why do people live where they live and what are the consequences of these decisions? People and firms allocate themselves unevenly across space. In spite of large costs incurred when living in metropolitan areas, economic agents remain extremely concentrated in a finite number of cities. This thesis explores several factors that may influence these location decisions and their effect...
Institution partenaire
English / 01/01/2015
Measurement and effects of home care policy on health care use
This dissertation focuses on the measurement of regional home care policy and its effects on health care utilization. It brings three main contributions. First, it provides causal evidence on the effects of home care policy generosity on hospitalizations, doctor visits, and nursing home use. Variations in generosity across the Swiss cantons and over time are used to identify the...
Institution partenaire
English / 01/01/2015
Public Policies for Well-being with Justice: A Theoretical Discussion based on Capabilities and Opportunities
This article presents a theoretical framework that combines virtues and strengths of the Capability Approach (CA) and Equality of Opportunity (EOp) approach for analyzing public policies that aim to improve individual wellbeing and social justice. We show that neither approach is sufficient on its own for this goal. It is particularly useful to combine the two approaches because the...
Institution partenaire
English / 01/01/2015
Privacy, Democracy and Freedom of Expression
Must privacy and freedom of expression conflict? To witness recent debates in Britain, you might think so. Anything other than self-regulation by the press is met by howls of anguish from journalists across the political spectrum, to the effect that efforts to protect people’s privacy will threaten press freedom, promote self-censorship and prevent the press from fulfilling its vital...
Institution partenaire
English / 01/01/2015
The external face of differentiated integration: third country participation in EU sectoral bodies
Below the surface of its central decision-making bodies, the European integration process has developed a dense web of transgovernmental ties that reach out to foreign regulators. Insofar as the latter gain formal participation rights in European Union (EU) regulatory bodies, this results into an external form of differentiated integration. Focusing on EU regulatory agencies, this...
Institution partenaire
English / 01/01/2015
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