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Taming the beast: : a scientific definition of fintech

There is currently no consensus about what the term Fintech means. This paper explores the complexity of Fintech, and attempts a definition, drawn from a process of reviewing more than 200 scholarly articles referencing the term Fintech and covering a period of more than 40 years. The objective of this study is to offer a definition which is distinct as well as succinct in its…

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 02/06/2017

The geo-economics of global cities: exploring new avenues for expanding business internationalization

This chapter explores new advances and possible added value to the geo-economic study of global cities from an international business and corporate management perspective. First, this chapter reviews existing literature and knowledge, which reveals that the economic intermediation role of global cities has been mainly studied in terms of localization of transnational corporations (…

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 02/06/2017

KOF Prognose der Gesundheitsausgaben Frühjahr 2017

Köthenbürger, Marko; Sandqvist, Anna Pauliina

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English, Deutsch / 01/06/2017

Brain versus brawn: the realization of women's comparative advantage

In the last decades the US economy experienced a rise in female labor force participation, a reversal of the gender education gap and a closing of the gender wage gap. Importantly, these changes occurred at a substantially different pace over time. During the same period, workers in the US faced a considerable shift in labor demand from more physical to more intellectual skill…

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English / 01/06/2017

Systematic consumption risk in currency returns

We sort currencies into portfolios by countries’ past consumption growth. The excess return of the highest- over the lowest-consumption-growth portfolio – our consumption carry factor – compensates for negative returns during world-wide downturns and prices the cross-section of portfolio-sorted and of bilateral currency returns. Empirically, sorting currencies on consumption growth…

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English / 01/06/2017

Voting with public information

We study the effect of public information on collective decision-making in committees, where members can have both common and conflicting interests. In the presence of public information, the simple and efficient vote-your-signal strategy profile no longer constitutes an equilibrium under the commonly-used simultaneous voting rules, while the intuitive but inefficient follow-the-…

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English / 01/06/2017

From the decompositions of a stopping times to risk premium decompositions

The occurrence of some events can impact asset prices and produce losses. The amplitude of these losses are partly determined by the degree of predictability of those events by the market investors, as risk premiums build up in an asset price as a compensation of the anticipated losses. The aim of this paper is to propose a general framework where these phenomena can be properly…

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English / 01/06/2017

On linear transformations of intersections

For any linear transformation and two convex closed sets, we provide necessary and sufficient conditions for when the transformation of the intersection of the sets coincides with the intersection of their images. We also identify analogous conditions for non-convex sets, general transformations, and multiple sets. We demonstrate the usefulness of our results via an application to…

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English / 01/06/2017

Inducing variety: a theory of innovation contests

This paper analyzes the design of innovation contests when the quality of an innovation depends on the research approach, but the best approach is unknown. Inducing a variety of research approaches is desirable because it generates an option value. We show that suitable contests can induce such variety. The optimal contest is a bonus tournament, where suppliers can choose only…

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English / 01/06/2017

Practitioner perspectives on supply chain management and logistics: a study from Poland and Switzerland

Purpose
The focus of this paper is the evolution of supply chain management (SCM) and logistics and the relationship between these concepts. Its purpose is to generate deep insights into practice, particularly in relation to the fundamental issue of how practitioners from different industrial and geographical contexts define the supply chain, SCM and logistics.

Design/…

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English / 01/06/2017

Job mobility and creative destruction: flexicurity in the land of Schumpeter

This paper evaluates the 2003 Austrian severance-pay reform, often advocated as a role model for structural reforms in countries plagued by inflexible labor markets and high unemployment. The reform replaced a system with tenure-based severance payments after a layoff (but not after a quit) by payments into pension accounts that accrue to workers after a layoff as well as after a…

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English / 01/06/2017

Valuation of the flexibility of power-to-gas facilities

Power-to-gas (P2G) is a technology that converts electrical power to gas fuels like methane for storage in the natural gas grid. Due to the low efficiency, the production of synthetic methane is only profitable if electricity is sufficiently cheap. However, P2G facilities are flexible consumers and can benefit from short-term price fluctuations on the electricity spot market. We use…

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English / 01/06/2017

Gender differences in willingness to compete: the role of public observability

A recent literature emphasizes the importance of the gender gap in willingness to compete as a partial explanation for gender differences in labor market outcomes. However, whereas experiments investigating willingness to compete typically do so in anonymous environments, real world competitions often have a more public nature, which introduces potential social image concerns. If…

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English / 01/06/2017

Hunting unicorns? Experimental evidence on predatory pricing policies

We study the anticompetitive effects of predatory pricing and the efficacy of three policy responses. In a series of experiments where an incumbent and a potential entrant interact, we compare prices, market structures and welfare. Under a laissez-faire regime, the threat of post-entry price cuts discourages entry, and allows incumbents to charge monopoly prices. Current U.S. policy…

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English / 01/06/2017

Multiple testing of one-sided hypotheses: combining Bonferroni and the bootstrap

In many multiple testing problems, the individual null hypotheses (i) concern univariate parameters and (ii) are one-sided. In such problems, power gains can be obtained for bootstrap multiple testing procedures in scenarios where some of the parameters are 'deep in the null' by making certain adjustments to the null distribution under which to resample. In this paper, we…

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English / 01/06/2017

Mortality inequality in Canada and the U.S.: divergent or convergent trends?

Mortality is a crucial dimension of wellbeing and inequality in a population, and mortality trends have been at the core of public debates in many Western countries. In this paper, we provide the first analysis of mortality inequality in Canada and compare its development to trends in the U.S. We find strong reductions in mortality rates across both genders and at all ages, with the…

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English / 01/06/2017

Robust normal mixtures for financial portfolio allocation

A new approach for multivariate modelling and prediction of asset returns is proposed. It is based on a two-component normal mixture, estimated using a fast new variation of the minimum covariance determinant (MCD) method made suitable for time series. It outperforms the (shrinkage-augmented) MLE in terms of out-of-sample density forecasts and portfolio performance. In addition to…

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English / 01/06/2017

Correlation between white matter microstructure and executive functions suggests early developmental influence on long fibre tracts in preterm born adolescents

Main objectives: Executive functions are frequently a weakness in children born preterm. We examined associations of executive functions and general cognitive abilities with brain structure in preterm born adolescents who were born with appropriate weight for gestational age and who have no radiological signs of preterm brain injury on neuroimaging.
Methods: The Stockholm…

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English / 01/06/2017

Targeted undersmoothing

This paper proposes a post-model selection inference procedure, called targeted undersmoothing, designed to construct uniformly valid confidence sets for a broad class of functionals of sparse high-dimensional statistical models. These include dense functionals, which may potentially depend on all elements of an unknown high-dimensional parameter. The proposed confidence sets are…

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English / 01/06/2017

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