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Toward Removal of Swiss Franc Cap: Market Expectations and Verbal Interventions

We ask whether the markets expected the Swiss National Bank (SNB) to discontinue the 1.20 cap on the Swiss franc against the euro in January 2015. In the run-up to the SNB announcement, neither options on the euro/Swiss franc nor FX liquidity indicated a significant shift in market expectations. Furthermore, we find that the SNB's verbal interventions during the period of cap...

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English / 01/07/2016

Neue Wege für das Studium im Ausland

Der Aufsatz in Politorbis liefert einen Beitrag zu Modellen der temporären Migration. Die Frage lautet, wie Studierenden auch in einem Semester ein effizienter Studien- und Lernaufenthalt im Ausland ermöglicht werden kann, der in seiner Wirkung einem mehrjährigen Aufenthalt nicht nachsteht. Hierzu werden vier Modelle für das Studium im Ausland skizziert. Eine besondere Darstellung...

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Deutsch / 01/07/2016

Zusammenhang zwischen Güterverkehrsleistung und BIP-Entwicklung

Bislang ist weitestgehend ungeklärt, ob und – falls ja – wie eine
Beziehung zwischen der Schweizer Wirtschaftskraft und der Güterverkehrsleistung besteht. Im Rahmen der Logistikmarktstudie
Schweiz wurde anhand von Sekundärdaten zum eidgenössischen
BIP und der Güterverkehrsleistung auf Strasse und Schiene
die Gültigkeit dieser sogenannten Kopplungs- bzw....

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Deutsch / 01/07/2016

Global Trade Plateaus. The 19th GTA Report

This report demonstrates that talk of a global trade slowdown is misplaced. Since January 2015 world trade volumes have plateaued, which is unusual as pauses in trade growth are typically associated with global recessions. A global trade plateau is a major source of concern as it is likely to add to the temptation of governments to engage in zero-sum commercial policies that seek to...

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English / 01/07/2016

Option-Implied Intra-Horizon Risk and First-Passage Disentanglement

We study the intra-horizon value at risk (iVaR) in a general jump diffusion setup and propose a new model of asset returns called displaced mixed-exponential model, which can arbitrarily closely approximate finite-activity jump-diffusions and completely monotone Levy processes. We derive analytical results for the iVaR and disentangle the risk contribution of jumps from diffusion....

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English / 29/06/2016

Managing Equal Opportunities in Swiss Universities

With the publication of the proceedings/the conference “Gender and excellence in the making” (European Commission, 2004), the relationship(s) between these two crucial concepts had entered European Union’s political agenda. The proceedings mark out the relevance of Wennerås and Wold’s (1997) findings of male bias in peer review. Although subsequent research had not always been able...

English / 29/06/2016

Translating Equal Opportunities: Discourse Analytical Findings from Swiss Universities

How does change happen and how can we impact it? (Not only) feminist movements have asked this crucial question for decades. How can we conceptualize and experience gender relations differently, while moving beyond traditional models of work division between men and women? The idea of gender equality forms the horizon in which those questions of social and organizational...

English / 29/06/2016

Vertrauen durch Strategie - Strategien in KMU einfach entwickeln und damit Vertrauen schaffen

Dass Strategieentwicklung kein Jahresprojekt sein muss, zeigt der Autor in seinem Buch. Anhand von sieben praxistauglichen Schritten erklärt Urs Frey klar und verständlich, wie der Leser in kurzer Zeit zu einer Strategie für sein Unternehmen kommen kann. Die dafür notwendigen Arbeitsblätter stehen zum Download bereit und Praxistipps helfen über typische Stolpersteine hinweg.

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Deutsch / 29/06/2016

Conditioning the information in asset pricing

This thesis analyzes different theoretical and empirical aspects related to the use of the information in asset pricing. As a main innovation I extend the asset pricing literature proposing a new highly flexible technique for the estimation of the markets subjective distribution of future returns. Applying this technique to different problems I answer to some long-lasting puzzles...

Institution partenaire

Università  della Svizzera italiana

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English / 23/06/2016

Estimating Preferences from Referendum Votes: the Case of the Performing Arts

This paper studies the electoral connection in the domain of cultural policy spending by analyzing direct democratic referendums on financing of the performing arts. Previous empirical investigations into voter preferences for the arts are based on the (strong) assumption of full voter turnout. I show theoretically and empirically that capturing the turnout decision leads to a...

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English / 21/06/2016

Pinar Yesin: Capital Flows and the Swiss Franc

The Swiss franc is known to appreciate strongly during financial market turmoil, demonstrating its status as a typical safe haven currency. One possible mechanism behind this appreciation during times of global turmoil is assumed to be higher capital inflows to Switzerland. This paper attempts to find some empirical evidence for this presumption. The analysis reveals that capital...

Institution partenaire

Banque nationale suisse

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English / 20/06/2016

Pinar Yesin: Capital Flows and the Swiss Franc

The Swiss franc is known to appreciate strongly during financial market turmoil, demonstrating its status as a typical safe haven currency. One possible mechanism behind this appreciation during times of global turmoil is assumed to be higher capital inflows to Switzerland. This paper attempts to find some empirical evidence for this presumption. The analysis reveals that capital...

Institution partenaire

Banque nationale suisse

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English / 20/06/2016

How to embed paradox solutions – a process perspective on establishing reflective routines during an organizational change in a nursing department

Based on a longitudinal case study of a change initiative in a nursing department, we explore the question of how to embed paradox solutions. Drawing on routine dynamics our study shows the emergence of reflective routines as both a medium and part of the outcome to handle a paradox. The establishment of reflective routines moves from individual observing, through repeated...

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English / 17/06/2016

Testing for the best instrument to generate sustainable food consumption

The increase in the level of greenhouse gas (GHG) emissions in the atmosphere in the last centuries, and the subsequent increase in temperature, has been a widely studied area in the last few decades. Climate change has become a key item on the political agenda due to concerns regarding the sustainability of current human consumption for future generations. Consumption of food and...

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/ 15/06/2016

Economic growth and agricultural land conversion under uncertain productivity improvements in agriculture

We study how stochasticity in the evolution of agricultural productivity interacts with economic and population growth, and the associated demand for food. We use a two-sector Schumpeterian model of growth, in which a manufacturing sector produces the traditional consumption good and an agricultural sector produces food to sustain contemporary population. In addition, sectors differ...

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/ 15/06/2016

Deficits in context-dependent adaptive coding of reward in schizophrenia

Theoretical principles of information processing and empirical findings suggest that to efficiently represent all possible rewards in the natural environment, reward-sensitive neurons have to adapt their coding range dynamically to the current reward context. Adaptation ensures that the reward system is most sensitive for the most likely rewards, enabling the system to efficiently...

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English / 15/06/2016

Estimation and application of fully parametric multifactor quantile regression with dynamic coefficients

This paper develops and applies a novel estimation procedure for quantile regressions with time-varying coefficients based on a fully parametric, multifactor specification. The algorithm recursively filters the multifactor dynamic coefficients with a Kalman filter and parameters are estimated by maximum likelihood. The likelihood function is built on the Skewed-Laplace assumption. In...

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English / 15/06/2016

Network Valuation in Financial Systems

We introduce a network valuation model (hereafter NEVA) for the ex-ante valuation of claims among financial institutions connected in a network of liabilities. Similar to previous work, the new framework allows to endogenously determine the recovery rate on all claims upon the default of some institutions. In addition, it also allows to account for ex-ante uncertainty on the asset...

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English / 14/06/2016

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