infonet-economy

In this paper we develop a structural equation model with latent variables in an ordinal setting which allows us to test broker-dealer predictive ability of financial market movements. We use a multivariate logit model in a latent factor framework, develop a tractable estimator based on a Laplace approximation, and show its consistency and asymptotic normality. Monte Carlo…

This doctoral thesis discusses the impact of direct legislation on society in Switzerland, particularly on the areas 'redistribution of income', 'life satisfaction', 'education', and 'public safety'. The influence of direct democracy at the cantonal level is explored through empirical analyses of synthetic panels and individual data (Swiss…

This paper presents a multistage stochastic programming model for refinancing mortgages with non-contractual maturity under liquidity restrictions in the market. An extension to the management of other products such as savings accounts is straightforward. The evolution of interest rates is modelled by principal components for short-term and a two-factor mean reversion model with long…

This paper examines the discourses scholars in the field of entrepreneurship use to reflect upon the developments of this discipline and claims these discourses circle around three different versions of the notion of "frontier", namely as "limit", "horizon" and "in-between". While the arguments to limit and focus the field outnumber the horizon…

The current U.S. trade policy of "competitive liberalization" includes the following prominent features: stimulating a competition among trading partners for access to U.S. markets; the inclusion of provisions in trade agreements not directly related to market access; and a greater role for foreign and security policy in U.S. trade policymaking than in the past. I adapt the…

Conference Summary - This summary is organised in the same manner as the sessions of the workshop. The first day of the workshop was devoted to a discussion of four developing countries' experiences with the WTO accession process and to an open panel discussion on the relative merits of potential reforms to the WTO accession process so as to make it more development friendly.…