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The effect of CSR on stock performance: new evidence for the USA and Europe

This paper provides new empirical evidence for the effect of corporate social responsibility (CSR) on corporate financial performance. In contrast to former studies, we examine two different regions, namely the USA and Europe. Our econometric analysis shows that envi-ronmental and social activities of a firm compared with other firms within the industry are valued by financial...

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English / 28/06/2008

Declining home bias and the increase in international risk sharing: lessons from European integration

This paper provides further evidence on the recent increase in international consumption risk sharing. We show that this increase is more pronounced among EU and EMU countries than among non-E(M)U industrialised countries. We also show that the patterns of international but intra-European risk
sharing have started to diverge from what is found at the level of the OECD as a...

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English / 24/06/2008

Die UBS muss ihre Bilanz halbieren

Der Zürcher Bankenprofessor Hans Geiger hält komplexere Regeln für die Bankenaufsicht für überflüssig, radikale Einschnitte aber für notwendig.

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Deutsch / 20/06/2008

Performance of family firms: A literature review and guidance for future research : Die Performance von Familienunternehmen: Literaturübersicht und Orientierungshilfe für künftige Forschungsarbeiten

Numerous studies have investigated the impact of family influence on the performance of a firm. The most-cited scholarly article in this respect was published by Anderson and Reeb (2003) who found that publicly quoted family firms outperformed their nonfamily counterparts. Since publication of Anderson and Reeb's (2003) article, comparable studies have been replicated throughout...

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Deutsch / 19/06/2008

Das Frühstück der Nationalspieler interessiert mehr als der Staffelrekord: Warum der Fussball Sportarten wie die Leichtathletik oder das Kunstturnen in den medialen Schatten verbannt

Am Swiss Meeting vom 31. Mai 2008 in Genf ist die Schweizer Sprintstaffel der Männer die 4×100 Meter in 39,02 Sekunden gelaufen und verbesserte damit den nahezu 30 Jahre alten Landesrekord vom 5. August 1978 um 0,17 Sekunden. Interessanterweise fand dieser Rekordlauf in den Medien so gut wie keine Beachtung. Eine Woche vor Beginn der Fussball-Europameisterschaft konzentrierte sich...

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Deutsch / 17/06/2008

Neues Denken fördern

Manager verfolgen oft nur kurzfristige Ziele und drücken sich vor langfristigen Strategien. Das kann fatale Folgen haben sagen Günter Müller-Stewens und Matthias Brauer.

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Deutsch / 16/06/2008

Rechtliche Aspekte der Feuerbrandbekämpfung

[http://www.plantscience.ethz.ch/symposia/Fachtagung Gemeinsame Fachtagung des Zurich-Basel Plant Science Center / Collegium Helveticum]: Feuerbrand ist eine epidemische Bakterienerkrankung von Apfelgehölzen und verwandten Arten, die aus Nordamerika nach Europa eingewandert ist und grosse ökonomische Auswirkungen auf...

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Deutsch / 13/06/2008

Legitimacy strategies as complexity reduction in a post-national world: a systems-theory perspective

Legitimacy can be understood as the social acceptance of actions or institutions and is a vital resource for the sustained survival of companies in competitive environments. Legitimacy is subjectively perceived and ascribed to institutions and activities in processes of social construction. In recent times organizational legitimacy has been maintained primarily by either adapting to...

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English / 07/06/2008

On the self-serving use of equity in international climate negotiations

We discuss self-serving uses of equity in international climate negotiations. Using unique data from a world-wide survey of agents involved in international climate policy, we show that the perceived support of different equity rules by countries can be explained by the ranking of their economic costs. Despite being self-serving, equity arguments may be perceived as being used for...

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English / 05/06/2008

Job Motivation and Self-Confidence for Learning and Development as Predictors of Support for Change

For the most part, studies on change management have attempted to determine the factors that influence employee resistance to change. The focus of the present study is to test whether job motivation and self-confidence for learning and development influence employee support for downsizing. Data were gathered from a sample of 86 teachers at one private school in Bangkok, Thailand. The...

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Deutsch / 02/06/2008

Second-order stochastic dominance, reward-risk portfolio selection, and the CAPM

Starting from the reward-risk model for portfolio selection introduced in De Giorgi (2004), we derive the reward-risk Capital Asset Pricing Model (CAPM) analogously to the classical mean-variance CAPM. The reward-risk portfolio selection arises from an axiomatic definition of reward and risk measures based on few basic principles, including consistency with second order stochastic...

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English / 01/06/2008

Local heroes and superstars - an empirical analysis of star attraction in German soccer

Recent studies of the demand for sports clearly indicate that stars play an important role in promoting fan interest. However, on theoretical grounds it is controversial if a star’s talent superiority and/or a star’s popularity drive match attendance and hence
increase gate revenues. Using longitudinal match attendance data of all clubs in the first German soccer league in a 9-...

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English / 01/06/2008

Happiness: a revolution in economics

Revolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in...

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English / 01/06/2008

Levels of emotional awareness and autism: an fMRI study

Autism is associated with an inability to identify and distinguish one’s own feelings. We assessed this inability using alexithymia and empathy questionnaires, and used fMRI to investigate brain activity while introspecting on emotion. Individuals with high functioning autism/Asperger
syndrome (HFA/AS) were compared with matched controls. Participants rated stimuli from the...

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English / 01/06/2008

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