Afin de prédire au mieux les fluctuations des prix de l’énergie et de réduire ainsi le risque auquel les acteurs sont confrontés, on utilise différentes approches telles que les outils de la finance et des sciences économétriques. Il est également nécessaire d’introduire la notion de territorialité liée à la décentralisation de la production de l’électricité. Ce premier article, qui sera suivi de deux autres, analyse la volatilité des prix horaires du marché spot allemand.
Dans une large mesure, les innovations créent l'essor et le dynamisme de l'économie valaisanne. C'est pour cette raison que les instituts et laboratoires de recherche, ainsi que les centres d'enseignement, en particulier de la HES-SO Valais-Wallis et des pôles spécialisés de la Fondation The Ark, travaillent intensément pour faciliter le transfert des inventions et découvertes vers l'industrie, les entreprises et les PME. Fondée sur des relations durables et fécondes entre Enseignement, Recherche et Innovation, l'économie de l'innovation forme le modèle dit du «Triangle de la Connaissance ». Dans ce contexte, la Recherche contribue au développement économique par la création d'entreprises (start-up) et des transferts de technologie vers des entreprises existantes. L'avenir du Valais se situe bien dans cette direction.
This paper provides an overview of the Retrieving Diverse Social Images task that is organized as part of the MediaEval 2015 Benchmarking Initiative for Multimedia Evaluation. The task addresses the problem of result diversification and user annotation credibility estimation in the context of social photo retrieval. We present the task challenges, the proposed data set and ground truth, the required participant runs and the evaluation metrics.
L’innovation ! Voilà un terme que l’on entend, ou lit, tous les jours à la radio, à la télévision, ou dans les journaux et revues. Pouvant sommairement être définie de «processus de création de nouvelles offres sur le marché», l’innovation peut être de plusieurs natures en fonction du marché (nouveau ou existant) et des caractéristiques du produit, ou service proposé. Les deux extrêmes, classés par degré croissant d’innovation, étant l’innovation dite continue, d’amélioration, et l’innovation dite de rupture.
Educational choices made by 15 year olds represent a high stake moment in the Swiss highly differentiated tracked school system. This thesis thus proposes an empirical analysis of upper secondary school transitions under four different angles using exhaustive registry data for a single Swiss Canton, Geneva. Chapter 3 assesses how transition opportunities are affected (and constrained) by social capital endowments and migration background. Chapter 4 looks at the impact of the age at first tracking on the smoothness of subsequent upper secondary school transitions. Chapter 5 focuses on transitions to apprenticeship training and examines apprentices' pathways. Chapter 6 deals with transitions across modes of training within vocational education and training, examining the impact of changing modes of training on the qualification probability on the one hand, and on the number of years necessary to qualify on the other.
This thesis examines the question of environmental dilemmas from both a local and a global perspective. It explores the open question of cooperation in the climate commons and provides evidence in favor of a key role of trust in spurring cooperation in global dilemmas. Given the potential for cooperation in both local and global environmental dilemmas, this thesis explores the rationales for the limited diffusion of environmental taxes. It encompasses the issues of effectiveness and public acceptability in local and global situations and concludes that what most likely hampers the implementation of environmental taxes is the general public’s perception of ineffectiveness rather than any empirical ineffectiveness. Finally, it provides new insights on how to overcome this barrier to effective policymaking tackling local and global externalities.
Institutional investors such as pension funds or insurance companies commonly invest in the unsecuritized and securitized real estate market. We investigate how institutional investor sentiment in the commercial real estate market affects institutional trading behavior in the REIT market and subsequently asset pricing. In particular, we test two alternative theories - flight to liquidity and style investing theory - to explain the sentiment-induced trading behavior of institutional investors in the REIT market for the pre-crisis (2002–2006), crisis (2007–2009) and post-crisis (2010–2012) period. We find that the applicability of either theory depends on economic conditions. In the pre-crisis period institutional investors switched capital in and out of REITs based on their sentiment in the private market (style investing). However, in the crisis period institutional investors switched capital from the illiquid private market to the more liquid REIT market (flight to liquidity). The flight to more liquid REITs continued into the post-crisis to a lesser extent and suggests that the financial crisis has changed institutional investment behavior. Our findings hold across different groups of REITs (e.g. high and low institutional ownership, S&P and non-S&P REITs) and property types. We also find that institutional real estate investor sentiment introduces a non-fundamental component into REIT pricing.
A report on the implementation of a project Steering the meetings industry in Kraków: appraisal and monitoring of the economic influence of the meetings industry on Kraków economy, using good practice from Switzerland.
