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Tail Risk in Hedge Funds: A Unique View from Portfolio Heldings

We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tail-sensitive stocks as well as options, drive tail risk. Moreover, managerial incentives and discretion as well as exposure to...

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English / 27/06/2017

Scotland and Northern Ireland caught between Brexit, international and EU law: why a custom barrier within the British Isles might be unavoidable

The aim of the paper is to foresee the constitutional and international status of Scotland and Northern Ireland following the triggering of the art. 50 Treaty of the European Union's (TEU) mechanism by the British Government, with a special focus on the possible termination of the free movement of goods within the British Isles.

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/ 26/06/2017

Domestic value chains as stepping stones to global value chain integration

We analyze the role of Domestic Value Chains (DVCs) for Global Value Chain (GVC) integration. In the presence of industry specific fixed costs of fragmenting production and of switching across input suppliers, DVCs can either be stepping stones or stumbling blocks for GVCs. Focusing on backward linkages, that is the sourcing of intermediates, we provide robust empirical evidence in...

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/ 26/06/2017

Free-riding on enforcement in the WTO

Countries can challenge potential trade violations using the WTO's dispute settlement system, yet many policies that appear to violate WTO rules remain unchallenged, even when they have a significant economic impact. Why is this? We argue that the likelihood that a country challenges a protectionist policy is linked to how concentrated or diffuse the policy is. When a policy is...

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/ 26/06/2017

Konjunkturanalyse: Prognose 2017/2018. Konjunkturbild verbessert sich weiter

Abberger, Klaus; Abrahamsen, Yngve; Chatagny, Florian; Dibiasi, Andreas; Eckert, Florian; Eichenberger, Livia; Funk, Anne Kathrin; Graff, Michael; Hälg, Florian; Iselin, David; Mikosch, Heiner; Neuwirth, Stefan; Rathke, Alexander; Sandqvist, Pauliina; Sarferaz, Samad; Siegenthaler, Michael; Simmons-Süer, Banu; Stücker, Anne; Studer, Dominik; Sturm, Jan-Egbert

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English, Deutsch / 23/06/2017

Datenschutz und Datenübertragbarkeit

Sowohl in der EU als auch in der Schweiz erfährt das Datenschutzrecht grundlegende Veränderungen. In der EU gilt die neue Datenschutz-Grundverordnung ab dem 25. Mai 2018, in der Schweiz wird es noch etwas länger dauern. Nach einem Überblick über die wichtigsten Neuerungen liegt der Fokus dieses Referats auf dem "Recht auf Datenübertragbarkeit". Nach der Datenschutz-...

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Deutsch / 23/06/2017

The literature on the effects of research and development

The economic return to public and private R&D is of enormous interest to academics and policy makers. First, private returns to R&D appear to be large and larger than the returns to alternative investments. Second, private R&D and R&D subsidies are positively correlated and there is no evidence for crowding out effects. Third, R&D cooperation increases private R...

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English / 21/06/2017

La culture au cœur du développement territorial: : l’exemple des programmes de capitales culturelles

À l’heure d’une concurrence farouche entre des territoires désireux d’attirer des investissements, des touristes et des contribuables de plus en plus mobiles, le programme des Capitales européennes de la culture suscite un intérêt croissant de la part de villes attirées par ses impacts potentiels : gain de notoriété, stimulation de l’économie locale, amélioration de la cohésion...

Institution partenaire

Haute Ecole de Gestion de Genève

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Français / 19/06/2017

The residential economy as a lever for development: : an estimate of the basic incomes of Swiss regions

The economic base theory has been systematically mobilised since the 1950s to identify the external—known as basic—incomes of a region stemming from its local production system. This article proposes to integrate the demand (residents, annuitants, tourists) into the analysis. The residential economy represents a lever for additional development through the provision of other basic...

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 19/06/2017

De la complexité de la notion de gamification à la complexité de sa mise en œuvre: : une étude exploratoire dans un contexte d’application mobile touristique

Afin d’appréhender la complexité inhérente à la gamification, nous avons mené une étude exploratoire en deux phases dans le contexte d’une application mobile touristique suisse. Dans la première phase, nous avons mesuré de manière quantitative et qualitative l’expérience vécue par les utilisateurs après un parcours touristique avec une application mobile peu gamifiée. Dans la...

Institution partenaire

Haute Ecole de Gestion de Genève

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Français / 19/06/2017

Collaborative demand forecasting with integration of event-based judgements

Mathematical forecasting approaches can lead to reliable demand forecast in some environments by extrapolating regular patterns in time-series. However, unpredictable events that do not appear in historical data can reduce the usefulness of mathematical forecasts for demand planning purposes. Since forecasters have partial knowledge of the context and of future events, grouping and...

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 19/06/2017

Trade, growth, and welfare impacts of the CFTA in Africa

This paper provides a comprehensive and cohesive analysis of the likely effects of a Continental Free Trade Agreement (CFTA) in six African countries. Our analysis considers four incremental liberalisation scenarios. The first scenario consist in the elimination of tariffs for agricultural goods. In the second scenario we add the elimination of tariffs on manufactured goods. The...

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 12/06/2017

Equilibrium analysis in multi-echelon supply chain with multi-dimensional utilities of inertial players

In a supply chain, the importance of information elicitation from the supply chain players is vital to design supply chain network. The rationality and self-centredness of these players causes the information asymmetry in the supply chain and thus situation of conflict and non-participation of the players in the network design process. The supply chain players’ non-participation or...

Institution partenaire

Haute Ecole de Gestion de Genève

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English / 12/06/2017

Y a-t-il assez de réserves forestières en Suisse ?: : une évaluation contingente

Les auteurs mènent une évaluation contingente sur un échantillon représentatif de la population pour estimer la disponibilité à payer (DAP) pour un programme de création de nouvelles réserves forestières en Suisse. Le scénario prévoit des restrictions d’accès aux zones forestières en question, raison pour laquelle l’analyse porte essentiellement sur les valeurs de non-usage, en...

Institution partenaire

Haute Ecole de Gestion de Genève

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Français / 12/06/2017

Y a-t-il assez de réserves forestières en Suisse ? ::une évaluation contingente

Les auteurs mènent une évaluation contingente sur un échantillon représentatif de la population pour estimer la disponibilité à payer (DAP) pour un programme de création de nouvelles réserves forestières en Suisse. Le scénario prévoit des restrictions d’accès aux zones forestières en question, raison pour laquelle l’analyse porte essentiellement sur les valeurs de non-usage, en...

Institution partenaire

Haute Ecole de Gestion de Genève

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Français / 12/06/2017

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