Publications des institutions partenaires
Die Psychologie des Investierens FuW-Serie - Wie Finanzmärkte funktionieren - Dem Wesen der Anleger und der Vermögensberater auf der Spur
Institution partenaire
Deutsch / 16/05/2012
Time consistent optimal fiscal policy over the business cycle
This paper examines a dynamic stochastic economy with a benevolent government that cannot commit to future policies. Following Phelan and Stacchetti (2001), we consider sequential sustainable equilibria (SSE). We numerically solve for the set of equilibrium payoffs, and investigate whether the time consistency problem of capital income tax is quantitatively important. For a...
Institution partenaire
English / 13/05/2012
Is Socially Responsible Investing Really Beneficial? New Empirical Evidence for the US and European Stock Markets
This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It extends the existing literature by considering both the US and the entire European stock markets as well as by using consistent world-wide corporate sustainability performance data. Our portfolio analysis from 1998 to 2009 reveals the appeal...
Institution partenaire
English / 01/05/2012
Does raising the retirement age increase employment of older workers?
Two pension reforms in Austria increased the early retirement age from 60 to 62 for men and from 55 to 58.25 for women. The reforms reduced early retirement by 18.9 percentage points among affected men aged 60-62 and by 22.3 percentage points among affected women aged 55-58.25. The associated increase in employment was merely 6.8 percentage points among men and 10.1 percentage points...
Institution partenaire
English / 01/05/2012
Inefficient markets
Traders' values and information typically consist of both private and common-value elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility result to a failure of the efficient market hypothesis, which states that prices...
Institution partenaire
English / 01/05/2012
Expectations as reference points: field evidence from experienced subjects in a competitive, high-stakes environment
We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of cards, with a significantly higher probability if his team is behind the expected match outcome,...
Institution partenaire
English / 01/05/2012
Communication and Competition
Charness and Dufwenberg (American Economic Review, June 2011, 1211-1237) have recently demonstrated that cheap-talk communication raises efficiency in bilateral contracting situations with adverse selection. We replicate their finding and check its robustness by introducing competition between agents. We find that communication and competition act as "substitutes:"...
Institution partenaire
English / 01/05/2012
Online accessibility of academic articles and the diversity of economics
A key aspect of generating new ideas is drawing from different elements of preexisting knowledge and combining them into a new idea. In such a process, the diversity of ideas plays a central role. This paper examines the empirical question of how the internet affected the diversity of new research by making the existing literature accessible online. The internet marks a technological...
Institution partenaire
English / 01/05/2012
Quick Job Entry or Long-Term Human Capital Development? The Dynamic Effects of Alternative Training Schemes
This paper investigates how precisely short-term, job-search oriented training programs as opposed to long-term, human capital intensive training programs work. We evaluate and compare their effects on time until job entry, stability of employment, and earnings. Further, we examine the heterogeneity of treatment effects according to the timing of training during unemployment as well...
Institution partenaire
English / 01/05/2012
Structural change in developing countries: has it decreased gender inequality?
This paper examines the evolution of female labor market outcomes from 1987 to 2008 by assessing the role of changing labor demand requirements in four developing countries: Brazil, Mexico, India and Thailand. The results highlight the importance of structural change in reducing gender disparities by decreasing the labor demand for physical attributes. The results show that India,...
Institution partenaire
English / 01/05/2012
Reported happiness, fast and slow
In this paper, we test how reporting behaviors (response time, cognitive effort, questionnaire order) affect reported happiness in a large Dutch internet panel survey. We find that slower responses and higher cognitive effort reduce reported happiness. Moreover, in multivariate happiness equations, these factors moderate the estimated effect of income on happiness, while no...
Institution partenaire
English / 01/05/2012
Energieforschung der Privatwirtschaft in der Schweiz
Der Artikel präsentiert eine zusammenfassende Auswertung einer Unternehmensbefragung vom September 2011 in der MEM-Industrie der Schweiz. Dabei ging es darum, in 11 ausgewählten Technologiegebieten im Energiebereich mit Schwergewicht von den Anbietern zu erfahren, wie diese die Marktpotenziale für diese Technologien in der Schweiz und auf dem Weltmarkt einschätzen, wie gross ihre...
Institution partenaire
Deutsch / 01/05/2012
Profits in the “new trade” approach to trade negotiations
I highlight two advantages of adopting a 'new trade' approach to trade negotiations. First, it allows for a view of trade negotiations in which producer interests play a prominent role. And second, it lends itself naturally to quantitative analyses of non-cooperative and cooperative trade policy. My specific focus is on profit shifting effects through which countries can...
Institution partenaire
English / 01/05/2012
Working when no one is watching: Motivation, test scores, and economic success
This paper provides evidence that scores on simple, low-stakes tests are associated with future economic success because the scores also reflect test takers' personality traits associated with their level of intrinsic motivation. To establish this, I use the coding speed test that was administered without incentives to participants in the National Longitudinal Survey of Youth (...
Institution partenaire
English / 18/04/2012
Reform der ermäßigten Umsatzsteuersätze: Was lehren neuseeländischer Einheitssatz und Schweizer Totalrevisionsvorhaben?
Seit einiger Zeit wird in Deutschland eine intensive Diskussion über die ermäßigten Umsatzsteuersätze geführt. Der vorliegende Beitrag blickt rechtsvergleichend über die Grenzen der EU hinaus: Neuseeland sieht einen einheitlichen Steuersatz vor. Auch die Schweiz erwägt die Einführung eines Einheitssatzes. Die Erfahrungen und Überlegungen in diesen Ländern lassen sich für den...
Institution partenaire
Deutsch / 07/04/2012
Nachhaltigkeit und Wertermittlung von Immobilien : Leitfaden für Deutschland, Österreich und die Schweiz
Der Wert von Immobilien wird durch zahlreiche Faktoren bestimmt. Wesentliche Einflussgrössen sind Standortmerkmale (Lage), Grundstückseigenschaften, Gebäudemerkmale (u. a. Bauweise, Ausstattung, funktionale und technische Qualität) sowie das Marktumfeld. Weiterhin wird der Wert von Immobilien durch die Präferenzen und Wertvorstellungen beteiligter Akteure beeinflusst. Verschiedene...
Institution partenaire
Deutsch / 01/04/2012
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