Publications des institutions partenaires

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Training moral sensitivity through video games: a review of suitable game mechanisms

The goal of this study is to support game designers in the selection and implementation of game mechanisms to promote players’ moral sensitivity. A lack of moral sensitivity may lead people to behave unethically, without awareness for their actions’ moral implications. In this study, we conduct a theory-based evaluation of 20 distinct game mechanisms in view of their potential to...

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English / 20/07/2018

Sinn für das Gemeinwohl

Seit Jahrzehnten weist die Forschung unermüdlich auf die Vorteile transformationaler Führung hin. Statt über einen Austausch von Leistung und Gegenleistung oder über Belohnung und Bestrafung zu motivieren, rückt die Führungskraft dabei ein erstrebenswertes, grösseres Ziel ins Zentrum ihrer Bemühungen. Über die operativen Aufgaben hinaus vermittelt sie so ein Sinnangebot, das die...

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Deutsch / 01/03/2018

The Lure of Authority: Motivation and Incentive Effects of Power

Authority and power permeate political, social, and economic life, but empirical knowledge about the motivational origins and consequences of authority is limited. We study the motivation and incentive effects of authority experimentally in an authority delegation game. Individuals often retain authority even when its delegation is in their material interest—suggesting that authority...

Institution partenaire

Université de Fribourg

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English / 19/02/2018

The intrinsic value of decision rights

Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own The ideas of autonomy, freedom, and liberty derive their intuitive appeal - partly - from an assumed positive intrinsic value of decision rights. Providing evidence for the existence of this intrinsic value and measuring...

Institution partenaire

Université de Fribourg

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English / 19/02/2018

Chi bler voul, poch piglia.

«Chi bler voul, poch piglia» ist Rätoromanisch und bedeutet: „Wer viel will, nimmt wenig.“ Dieses Sprichwort steht stellvertretend für das Selbstverständnis der Schweiz, bescheiden mit seinen Ressourcen umzugehen. Doch gerade die allumfassende Digitalisierung könnte diese Grundeinstellung bei Schweizer Käufern nachhaltig verändern. Schweizer Handelsunternehmen sollten den Sprung nach...

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Deutsch / 10/02/2018

Reto Foellmi, Adrian Jaeggi and Rina Rosenblatt-Wisch: Loss Aversion at the Aggregate Level Across Countries and its Relation to Economic Fundamentals

Preferences are important when thinking about macroeconomic problems and questions. Differences in preferences might, for example, explain cross-country variations in economic fundamentals.In recent years, differences in preferences across countries and cultures have been studied more frequently, usually concentrating on micro evidence. However, it is an open question as to how...

Institution partenaire

Banque nationale suisse

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English / 08/02/2018

Efficient weighting: a more powerful test for cross-sectional anomalies

Many researchers seek factors that predict the cross-section of stock returns. The standard methodology sorts stocks according to their factor scores into quantiles and forms a corresponding long-short portfolio. Such a course of action ignores any information on the covariance matrix of stock returns. Historically, it has been difficult to estimate the covariance matrix for a large...

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English / 01/02/2018

The dynamics of norm formation and norm decay

Social norms are a ubiquitous feature of social life and pervade almost every aspect of human social interaction. However, despite their importance we still have relatively little empirical knowledge about the forces that drive the formation, the maintenance and the decay of social norms. In particular, our knowledge about how norms affect behavior and how norm obedience and...

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English / 01/02/2018

Voluntary disclosure in unfair contests

This paper studies incentives for the interim voluntary disclosure of verifiable information in probabilistic all-pay contests. Considered are unfair contests, i.e., contests in which, subject to activity conditions, one player (the favorite) is interim always more likely to win than the other player (the underdog). A condition is identified that ensures that a given contest is...

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English / 01/02/2018

Cash Holdings and the Performance of European Mutual Funds

We investigate the determinants and performance implications of cash holdings for a large sample of actively-managed equity funds domiciled in the European Union (EU). In line with recent evidence from the US, we observe that cash holdings are strongly inuenced by a fund's fee structure, past ows and ow volatility, and a fund's Investment strategy. EU Funds with cash...

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English / 01/02/2018

Gregor Bäurle, Sarah M. Lein and Elizabeth Steiner: Employment Adjustment and Financial Constraints - Evidence from Firm-level Data

Firms adjust their employment to changes in output. But they tend to adjust employment only partially. Typically, labor is hoarded in downturns and subsequently firms have to hire less in upturns. Investment in labor hoarding may therefore be influenced by factors that impede investments, such as financial constraints. Using firm-level data, we show that financial constraints increase the...

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

Thomas Lustenberger and Enzo Rossi: The Social Value of Information: A Test of a Beauty and Non-Beauty Contest

We develop and apply a procedure to test the welfare implications of a beauty and non-beauty contest based on survey forecasts of interest rates and yields in a large country sample over an extended period of time. In most countries, interest-rate forecasts are unbiased and consistent with both models, but are rarely supported by yield forecasts. In half of the countries, a higher...

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

Aleksander Berentsen and Benjamin Müller: A Tale of Fire-Sales and Liquidity Hoarding

We extend the analysis of the theoretical interbank market model of Gale and Yorulmazer (2013) by introducing randomized trading (lotteries). In contrast to Gale and Yorulmazer, we find that fire-sale asset prices are efficient and that no liquidity hoarding occurs in equilibrium with lotteries. While Gale and Yorulmazer find that the market provides insufficient liquidity, we find...

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

David Haab and Thomas Nitschka: Predicting returns on asset markets of a small, open economy and the influence of global risks

Stylized facts of asset return predictability are mainly based on evidence from the US, a large, closed economy, and, hence, are not necessarily representative of small, open economies. Furthermore, discountrate news mainly drive US asset returns. This is not the case in other economies. We use Switzerland as example to highlight the importance of these issues and to assess the...

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

Thomas Lustenberger and Enzo Rossi: Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts?

In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors and Dispersion.

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

Andreas M. Fischer, Rafael Greminger and Christian Grisse: Portfolio rebalancing in times of stress

This paper investigates time variation in the dynamics of international portfolio equity flows. We extend the empirical model of Hau and Rey (2004) by embedding a two-state Markov regime-switching model into the structural VAR. The model is estimated using monthly data for the period 1995-2015 on equity returns, exchange rate returns and equity flows between the United States and...

Institution partenaire

Banque nationale suisse

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English / 25/01/2018

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