Publications des institutions partenaires

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Lucas Marc Fuhrer: Liquidity in the Repo Market

This paper examines liquidity in the Swiss franc repurchase (repo) market and assesses its determinants using a proprietary dataset ranging from 2006 to 2016. I find that repo market liquidity has a distinct intraday pattern, with low liquidity in early and late trading hours. Moreover, repo market liquidity is negatively affected by stress in the global financial system and the end...

Institution partenaire

Banque nationale suisse

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English / 17/08/2017

Text-as-data analysis of preferential trade agreements

Preferential trade agreements (PTAs) form an intricate web that connects countries across the globe. In this article, we introduce a PTA text corpus and research tools for its finegrained, automated analysis. Recent computational advances allow for efficient and effective content analysis by treating text as data. We digitize PTA texts and use textual similarity tools to assess PTA...

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English / 14/08/2017

Corruption and cooperation

Corruption is a widespread phenomenon. Nevertheless, causal evidence on the effects of corruption is still lacking. In this paper, we assess whether and how corruption affects cooperation using a public good game experiment. Overall, contributions to the public good are reduced by 30% when participants have the possibility to bribe the punishment authority. Two concurrent channels...

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English / 01/08/2017

Industrie 4.0-Anwendungen für die Supply Chain

Industrie 4.0 bedingt eine Vielzahl an Technologien, welche die digitale Vernetzung von Objekten ermöglichen. Im Folgenden wird die derzeitige und künftige Verwendung von Industrie 4.0-Technologien und -Lösungen bei Schweizer Unternehmen analysiert. Grundlage hierfür bilden die Ergebnisse einer grosszahligen Erhebung im Rahmen der Logistikmarktstudie Schweiz, Band 2017.

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Deutsch / 01/08/2017

Innovationsmanagement im Energiesektor

Kerngeschäft und Innovation erfolgreich verschmelzen

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Deutsch / 01/08/2017

Strategic technology adoption and hedging under incomplete markets

We investigate the implications of technological innovation and non-diversifiable risk on entrepreneurial entry and optimal portfolio choice. In a real options model where two risk-averse individuals strategically decide on technology adoption, we show that the impact of non-diversifiable risk on the option timing decision is ambiguous and depends on the frequency of technological...

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English / 01/08/2017

Wenn Manager ihr Insiderwissen vergolden - Schweizer Radio und Fernsehen (SRF)

Jean François Tanda vom SRF interviewt Alexander Schuchter.

Bei der Actelion-Übernahme versuchte ein Beteiligter, sich illegal zu bereichern – und flog auf. Warum riskieren Manager Ruf und Karriere? ...Wegen 10'000 Franken hat der Manager Karriere und Reputation aufs Spiel gesetzt. Alexander Schuchter von der Universität St. Gallen forscht seit über zehn Jahren zu...

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Deutsch / 27/07/2017

A default system with overspilling contagion

In classical contagion models, default systems are Markovian conditionally on the observation of their stochastic environment, with interacting intensities. This necessitates that the environment evolves autonomously and is not influenced by the history of the default events. We extend the classical literature and allow a default system to have a contagious impact on its environment...

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English / 18/07/2017

Responsible Practices are Culturally Embedded: Theoretical Considerations on Industry-Specific Corporate Social Responsibility

In this paper, we develop our argument in three steps: Firstly, we elaborate on some theoretical perspectives for industry-specific CSR by referring to cultural business ethics, a theoretical approach which is located between purely business perspectives and purely normative perspectives on CSR. Secondly, we briefly introduce the papers of this special issue, which covers a wide...

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English / 12/07/2017

Nur zwei wirtschaftsethische „Theorieoptionen“? Anmerkungen zu einem blinden Fleck in der deutschen Fachdebatte

Das Forum Wirtschaftsethik, die Zeitschrift des Deutschen Netzwerks Wirtschaftsethik (dnwe), hat kürzlich eine Rezension veröffentlicht, in der in prägnanter Weise die „Theoriestrategien der Wirtschaftsethik“ charakterisiert wurden, wie Karl Homann sie wiederholt dargelegt hat. Seine breit akzeptierte Auslegeordnung wirtschaftsethischer Ansätze versteht sich als systematisch...

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Deutsch / 11/07/2017

Der Price/Book-Multiplikator bei der Bewertung von Banken

Der vorliegende Aufsatz untersucht empirisch die Einflussfaktoren des Price/Book-Multiplikators für Banken mit einem speziellen Fokus auf deren aktuellen aufsichtsrechtlichen Kapitalausstattungen gemäß Basel-III-Rahmenwerk. Die Untersuchungen basieren auf einer Stichprobe von 315 Beobachtungspunkten europäischer Finanzinstitute. Die beschriebenen Analysen zeigen auf, dass die Höhe...

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/ 10/07/2017

Zur Manipulationsanfälligkeit der Einkaufserfolgsmessung: Hintergründe, Problemfelder und Gegenmassnahmen

Die gängigen Verfahren zur Einkaufserfolgsmessung bieten durchaus Ansatzpunkte für etwaige Manipulationen. Der vorliegende praxisorientierte Beitrag greift diese Thematik auf und stellt zunächst wesentliche Ursachen für die Anfälligkeit vor: Informationsasymmetrien, Machtasymmetrien sowie Intransparenz und Kontrollmangel. Es wird weiterhin gezeigt, dass Anreizsysteme und Compliance...

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Deutsch / 06/07/2017

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...

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English / 01/07/2017

Growth and welfare effects of intellectual property rights when consumers differ in income

This paper analyzes how changing the expected length of intellectual property (IP) protection affects economic growth and the welfare of rich and poor consumers. The analysis is based on a product-variety model with non-homothetic preferences and endogenous markups in which, in accordance with empirical evidence, rich households consume a larger variety of goods than poorer ones. The...

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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-...

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English / 01/07/2017

Are Correlations Constant? Empirical and Theoretical Results on Popular Correlation Models in Finance

Multivariate GARCH models have been designed as an extension of their univariate counterparts. Such a view is appealing from a modeling perspective but imposes correlation dynamics that are similar to time-varying volatility. In this paper, we argue that correlations are quite different in nature. We demonstrate that the highly unstable and erratic behavior that is typically observed...

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English / 01/07/2017

Persistent bias in advice-giving

We show that a one-off incentive to bias advice has persistent effects. In an experiment, some advisers were paid a bonus to recommend a lottery which only risk-seeking individuals should choose to a less informed client. Afterwards, they had to choose for themselves and make a second recommendation to another client, without any bonus. These advisers choose the risky lottery and...

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English / 01/07/2017

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