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Re-use of collateral in the repo market

This paper introduces a methodology to estimate the re-use of collateral based on actual transaction data. With a comprehensive dataset from the Swiss franc repo market we are able to provide the first systematic empirical study on the re-use of collateral. We find that re-use was most popular prior to the financial crisis, when roughly 10% of the outstanding interbank volume was based on re-used...

Istituzione partner

Banca nazionale svizzera

Testo completo(Inglese) - 2015

Capital flow waves to and from Switzerland before and after the financial crisis

This paper first shows that capital inflows to and outflows from financial centres were disproportionately affected by the global financial crisis. Switzerland was no exception. The paper then identifies waves of capital flows to and from Switzerland from 2000:Q1 to 2014:Q2 by using a simple statistical method. The analysis shows that private capital inflows to and outflows from Switzerland have...

Istituzione partner

Banca nazionale svizzera

Testo completo(Inglese) - 2015

Encyclical Letter "Caritas in Veritate": An Economist's Reading Dembinski, Paul H.

On the 29 of June 2009, the Pope Benedict XVIth published Caritas in Veritate, his third encyclical letter. It was addressed to the clergy but also to "lay faithful and all people of good will”. In the two papers assembled here under one single title, the author enters in dialogue with the Papal encyclical from the perspective of an economist interested in ethical issues related specially to...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Technical Analysis with a Long-Term Perspective: Trading Strategies and Market Timing Ability Isakov, Dušan;Marti, Didier

This paper extends the literature on the profitability of technical analysis in three directions. First, we investigate the performance of complex trading rules based on moving averages computed over longer periods than those usually considered. Different trading rules are simulated on daily prices of the Standard & Poor's 500 index and we find that trading rules are more profitable when signals...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Une analyse critique de la composition des exportations du canton du Tessin et une appréciation des risques d'une revalorisation du franc suisse Massonnet, Jonathan

Afin d'apprécier les risques d'une revalorisation du taux de change du franc suisse pour l'économie du canton du Tessin, cet article débute par une analyse critique de la structure de ses exportations, selon une méthodologie que nous avons développée dans un article connexe relatif à l'économie fribourgeoise (Massonnet, 2011). Après avoir brièvement exposé la structure économique du...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

L'économie fribourgeoise: une analyse critique de son extraversion internationale et une appréciation des risques d'une revalorisation du franc suisse Massonnet, Jonathan

Cet article a pour objectifs d'apprécier les risques d'une revalorisation du franc suisse pour l'économie du canton de Fribourg et de mener une analyse critique de l'extraversion internationale de cette dernière. Après avoir souligné les implications au niveau théorique d'une augmentation du taux de change de sa monnaie pour l'économie nationale et l'importance de la demande extérieure,...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

Quantifying Optimal Growth Policy Grossmann, Volker;Steger, Thomas M.;Trimborn, Timo

The optimal mix of growth policies is determined within a comprehensive endogenous growth model. The analysis captures important elements of the tax-transfer system and accounts for transitional dynamics. Currently, for calculating corporate taxable income US firms are allowed to deduct approximately all oft heircapital and R&D costs from sales revenue. Our analysis suggests that this policy...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Does High-Skilled Migration Affect Publicly Financed Investments ? Grossmann, Volker;Stadelmann, David

This paper analyzes the interaction between migration of high-skilled labor and publicly financed investment. We develop a theoretical model with multiple, ex ante identical jurisdictions where individuals decide on education and subsequent emigration. Migration decisions are based on differences in net income across jurisdictions which endogenously may occur. The interaction between income...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Strategie unter Unsicherheit Rohe, Anna;Grünig, Rudolf

Unsicherheit und Wandel sind heute beinahe Selbstverständlichkeiten. Trotzdem stellen sie die Unternehmen vor grosse Herausforderungen. Insbesondere die langfristige strategische Ausrichtung ist im Kontext von Unsicherheit und Wandel eine anspruchsvolle Aufgabenstellung. Das vorliegende Working Paper basiert auf zwei Artikeln zu Unsicherheit, Branchenwandel und strategischem Verhalten. Es setzt...

Istituzione partner

Université de Fribourg

Testo completo(Tedesco) - 2015

Privatisation des Industries de Réseaux et développement durable: le cas du Cameroun Biwolé Fouda, Jean

L'objectif de cet article est de décrire les réformes engagées dans les industries de réseaux au Cameroun et de les analyser par rapport à l'approche néo-institutionnelle. Il apparait que ces mutations ont connu des formes spécifiques dans ce contexte, au point de faire courir un risque sur le développement durable de ces industries, notamment dans les segments non concurrentiels. Nous...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

Les rachats d'actions en Suisse. Objectifs, conséquences et pratiques Isakov, Dušan;Dumont, Pierre-André

Les rachats d'actions sont autorisés depuis plus de quinze ans en Suisse. Cet article propose une analyse des rachats dans le contexte institutionnel, fiscal et juridique helvétique. Après avoir décrit les principales techniques de rachat à disposition des entreprises et les objectifs visés par une telle opération, ce travail analyse l'effet des rachats sur les ratios financiers et la...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

Member Value in Co-operatives Suter, Peter;Gmür, Markus

Until today there is a research gap considering the question, what motivates a member to enter or leave a co-op, resp. what are the reasons to stay in a co-operative. The majority of studies about this topic mainly focus on economic factors and the rational behavior of the member. However, co-ops also have other purposes not associated with financial goals. The presented paper is proposing a new...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Robust Imitation Strategies Sudharshan, Devanathan;Furrer, Olivier;Arakoni, Ramesh A.

Performance is the lifeblood of a firm's management. Performance itself depends on the adaptation of strategy, based on learning and the environment. An important way that firms adapt their strategy is through imitation or mimetic isomorphism. Imitation implies a referent for such adaptations. This article seeks to determine who or what should serve as that referent. Accordingly, this research...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Les top managers internationaux des grandes entreprises suisses: profils et parcours de carrière Ravasi, Claudio

Les études sur les carrières de dirigeants ou top managers visent traditionnellement à souligner les influences des cadres institutionnels nationaux sur les parcours de carrières. Plus rares sont les études portant sur les carrières de top managers internationaux. Bien que la figure du manager international ait été l'objet de recherche de plusieurs études issues de disciplines...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

Do not wake sleeping dogs: Pay-out policies in founding family firms Isakov, Dušan;Weisskopf, Jean-Philippe

This article examines founding family influence on pay-out policies for Swiss listed firms over the period 2003-2010. We find that founding family firms have higher dividends and total pay-outs than non-family firms. There is no significant difference between stock repurchases for the two types of firms. We show that specific firm characteristics such as active involvement of family members, the...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

The challenge of dual career expatriate management in a specific host national environment: An exploratory study of expatriate and spouse adjustment in Switzerland based MNCs Ravasi, Claudio;Salamin, Xavier;Davoine, Eric

The number of expatriates from global firms has been continuously increasing over the past decades as multinational companies still view expatriation as an important tool for sharing and transferring knowledge, controlling subsidiaries and developing workforce competencies. Expatriate management is still a costly and complex task for multinational companies. Adjustment, which has been defined as...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Comparing Mobile Communication Service Prices Among Providers: A Hedonic Approach Schöni, Olivier;Seger, Lukas

The present article proposes a new approach to compare mobile communication service prices among different communications service providers. To this end, a hedonic model based on monthly phone bills is employed that relates billed amounts and the quantities of consumed mobile communication services. A linear hedonic regression model is separately estimated for each provider and then used to...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Analyse des rémunérations des dirigeants de sociétés suisses cotées en bourse entre 2007 et 2012 Isakov, Dušan;Parietti, Simone

Cet article analyse les rémunérations des dirigeants des sociétés suisses cotées en bourse entre 2007 et 2012. Dans un premier temps, nous exposons les différentes composantes du revenu ainsi que le rôle de chaque élément avant de jeter un regard critique sur le contenu informationnel des rapports de gestion en matière de rémunération. Nous présentons ensuite le contenu de la base de...

Istituzione partner

Université de Fribourg

Testo completo(Francese) - 2015

Postal financial services, development and inclusion: Building on the past and looking to the future d'Alcantara, Gonzales;Dembinski, Paul H.;Pilley, Odile

Post offices, inherited from the Industrial Revolution, were monolithic telephone and postal administrations. They were intimately linked to the fabric of nations and made significant contributions to state finances. From the 1960s onwards, integrators, such as UPS and FEDEX, started offering end-to-end express services, thus challenging the postal monopoly in new high added value services....

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015

Does Public Education Expansion Lead to Trickle-Down Growth? Böhm, Sebastian;Grossmann, Volker;Steger, Thomas M.

The paper revisits the debate on trickle-down growth in view of the widely discussed evolution of the earnings and income distribution that followed a massive expansion of higher education. We propose a dynamic general equilibrium model to dynamically evaluate whether economic growth triggered by an increase in public education expenditure on behalf of those with high learning ability eventually...

Istituzione partner

Université de Fribourg

Testo completo(Inglese) - 2015


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