infonet-economy

Cette étude examine dans quelle mesure les informations ESG (Environnement, Social et Gouvernance d’entreprise), agrégées sous forme de scores, peuvent influencer les rendements mensuels des actions sur les marchés en Suisse, aux États-Unis, et au Royaume-Uni, au cours de la période 2007-2011. Nous constatons que la variation de la note globale ESG n’est significative qu’au Royaume-…

Purpose – Investment advisors play a significant role in financial markets, yet the determinants of their behavior have not been explored in detail. The purpose of this paper is to explore the determinants of how actively advisors communicate about sustainable investing with their clients, and differences in the preferences of advisors compared to investors. Design/methodology/…

Some eight years on from the Credit Rating Agency Reform Act of 2006 it seems clear that this measure has achieved little in the way of substantive change in the credit rating industry. The new law did not prevent the series of rating failures that have contributed to the global financial crisis that started in summer 2007.

What lies at the heart of this regulatory…

In 1965, the need for design management as project management was voiced at a time when new forms of consumerism became affordable for the masses. However, in an environment of disruptive change, in which "age of less" consumption is propagated, when digital technologies allow for new business models and distribution channels without intermediaries, design as a company…

We develop an econometric method to detect "abnormal trades" in option markets, i.e., trades which are not driven by liquidity motives. Abnormal trades are characterized by unusually large increments in open interest, trading volume, and option returns, and are not used for option hedging purposes. We use a multiple hypothesis testing technique to control for false…

There is a widely held view within the general public that large corporations should act in the interests of a broader group of agents than just their shareholders (the stake- holder view). This paper presents a framework where this idea can be justified. The point of departure is the observation that a large firm typically faces endogenous risks that may have a significant…

From 2004 to 2012, the German social health insurance levied a co-payment for the first doctor visit in a calendar quarter. We develop a new model for estimating the effect of such a co-payment on the individual number of visits per quarter. The model allows for a one time increase in the otherwise constant hazard rate determining the timing of doctor visits, and uses a difference-in…

This paper develops a dynamic Heckscher Ohlin Samuelson model with sector-specific human capital and overlapping generations to characterize the dynamics and welfare implications of gradual labor market adjustment to trade. Our model is tractable enough to yield sharp analytic results, that complement and clarify an emerging empirical literature on labor market adjustment to trade.…