Publications des institutions partenaires
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 / 27/06/2017
Resource Integration and Value Co-Creation: Evidence from the Energy Sector
Institution partenaire
English / 18/06/2017
Are family firms good employers?
Family firms employ about 60 percent of the global workforce. While it is widely assumed that they are good employers, data about their conduct is mixed. In this study, we extend stewardship and agency theories to test competing propositions about the impact of family on employment practices using data from 14,961 private Belgian firms over a 19-year period. Higher investments, lower...
Institution partenaire
English / 08/06/2017
Practitioner perspectives on supply chain management and logistics: a study from Poland and Switzerland
Purpose
The focus of this paper is the evolution of supply chain management (SCM) and logistics and the relationship between these concepts. Its purpose is to generate deep insights into practice, particularly in relation to the fundamental issue of how practitioners from different industrial and geographical contexts define the supply chain, SCM and logistics.
Design/...
Institution partenaire
English / 01/06/2017
Valuation of the flexibility of power-to-gas facilities
Power-to-gas (P2G) is a technology that converts electrical power to gas fuels like methane for storage in the natural gas grid. Due to the low efficiency, the production of synthetic methane is only profitable if electricity is sufficiently cheap. However, P2G facilities are flexible consumers and can benefit from short-term price fluctuations on the electricity spot market. We use...
Institution partenaire
English / 01/06/2017
Endogenous Growth, Semi-endogenous Growth... or Both? A Simple Hybrid Model
First generation endogenous growth models had the counterfactual implication that the long-term growth of per-capita GDP increased with the population size. Two influential growth paradigms, the semi-endogenous and the second generation fully endogenous, eliminated this strong scale effect. Both solutions have useful aspects and insights, but very different policy implications. This...
Institution partenaire
English / 01/05/2017
Access to Credit and Comparative Advantage
Access to external funds is crucial for the entry and expansion of entrepreneurial firms and the sectors they predominantly arise in. This paper reports three important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax...
Institution partenaire
English / 01/05/2017
Cultural Preferences and the Choice between Formal and Informal Financing
This paper documents significant differences in the financing structure of small firms with managers of diverse cultural backgrounds. To separate the effect of culture from other factors that affect the financing structure of firms, we exploit cultural heterogeneity within a geographical area with shared regulations, institutions, and macroeconomic cycles. Our findings suggest that...
Institution partenaire
English / 01/05/2017
Monetary Policy and Currency Returns: the Foresight Saga
We document a drift in exchange rates before monetary policy changes across major economies. Currencies tend to depreciate by 0.7 percent over ten days before policy rate cuts and appreciate by 0.5 percent before policy rate increases. We show that available fixed income instruments allow to accurately forecast monetary policy decisions and thus that the drift is foreseeable and...
Institution partenaire
English / 01/05/2017
Beyond possession and competition: Investigating cooperative aspects of power in multilingual organizations.
This article examines power issues related to language diversity in organizations, thus answering the need to investigate the role of language in cross-cultural management. More specifically, it contributes to a better understanding of how intraorganizational power relations are (re)defined through language use. Building on insights from language-sensitive research in international...
Institution partenaire
English / 13/04/2017
Collaborative aspects of buying business services – a structural equation model
The focus of this research is to observe the purchaser integration within business service procurement and its impact on the collaboration with both internal customers and external service providers (suppliers). Therefore, different service types were examined in more detail occurring as a contingent factor. Based on structural equation modelling, partial least square analysis (PLS)...
Institution partenaire
English / 12/04/2017
Video: The New Rules of Communication
Although video communication offers the potential to engage with employees and consumers, many established firms adopt video as a new communication medium quite slowly and with little enthusiasm. Based on our experience with leading national and international firms, we introduce a four step approach to help companies in adopting a video communication strategy, summarize the main...
Institution partenaire
English / 10/04/2017
Blockchain-driven supply chain finance: Towards a conceptual framework from a buyer perspective
The main objective of this article is to develop a conceptual framework for blockchain-driven supply chain finance (SCF) solutions. The frame of reference intends to foster the coordination in buyer-supplier relations and eliminates existing inefficiencies in the execution of discrete SCF-instruments, such as reverse factoring and dynamic discounting. Moreover, we introduce value...
Institution partenaire
English / 10/04/2017
Best Land Use with Negative Externalities: Determining Land Values from Residential Rents
When land regulations are binding, then the land price per m2 is determined by the attractiveness of the location and the restrictiveness of the regulation. In the case of a maximum oor area ratio (FARmax) restriction, the best use land price can be directly expressed as a function of the FARmax and local amenities. We show theoretically and empirically how this approach can be used...
Institution partenaire
English / 01/04/2017
Illuminating the Dark Side of Financial Innovation: The Role of Investor Information
This paper investigates the impact of investor information on financial innovation. We identify specific channels through which issuers of financially engineered products exploit retail investors by using their privileged access to information. Our results imply that imperfect investor information regarding volatility and dividends is crucial to explain the pricing and design of...
Institution partenaire
English / 10/03/2017
Combining Semi-Endogenous and Fully Endogenous Growth: a Generalization.
This paper shows that combining the semi-endogenous and the fully endogenous growth mechanisms with a general CES aggregator, either growth process can prevail in the balanced growth path depending on their degree of complementarity/substitutability. Policy-induced long-run economic switches to the fully endogenous steady state as the R&D employment ratio surpasses a positive...
Institution partenaire
English / 01/03/2017
Depreciation: a Dangerous Affair
What if the statutory fiscal depreciation of buildings was higher than their effective economic depreciation? This would imply that markets would value buildings more than their social fundamental value. I prove that this would allow house price bubbles to emerge and open the door to sudden crashes. This paper provides an example of how a misaligned fiscal policy measure could...
Institution partenaire
English / 01/03/2017
How much Keynes and how much Schumpeter? An Estimated Macromodel of the US Economy
The macroeconomic experience of the last decade stressed the importance of jointly studying the growth and business cycle fluctuations behavior of the economy. To analyze this issue, we embed a model of Schumpeterian growth into an estimated medium-scale DSGE model. Results from a Bayesian estimation suggest that investment risk premia are a key driver of the slump following the...
Institution partenaire
English / 01/03/2017
The Long-Term Performance of IPO's, Revisited
The literature on IPO long-term performance generally focuses on three- to five-year post-issue time horizons. Research published in the 2000s shows that the apparent underperformance of IPOs docu-mented in the 1990s disappears when the different risk exposures between IPO and mature firms are accounted for by using a Carhart (1997) factor model. In this paper, we show that a sample...
Institution partenaire
English / 01/03/2017
The Impact of Financial Advice on Trade Performance and Behavioral Biases
We use a dataset from a large retail bank to examine the impact of financial advice on investors’ stock trading performance and behavioral biases. Our data allow us to classify each individual trade as either advised or independent and to compare them in a trade-bytrade within-person analysis. Thus, our study is not plagued by the endogeneity problems typically faced by studies on...
Institution partenaire
English / 01/03/2017
Pages
Le portail de l'information économique suisse
© 2016 Infonet Economy