Publications des institutions partenaires

6001 - 6020 of 8520

Momentum in stock market returns, risk premia on foreign currencies and international financial integration

Momentum in developed countries' stock market index returns can be exploited to form portfolios of excess returns on foreign currencies as relatively high past foreign stock market returns signal a foreign currency appreciation. Two risk factors extracted from the stock index momentum based currency portfolio returns explain more than 80 percent of their cross-sectional...

Institution partenaire

Université de Zürich - Faculté des sciences économiques

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English / 01/03/2009

Eigenvectors of some large sample covariance matrices ensembles

We consider sample covariance matrices constructed from real or complex i.i.d. variates with finite 12th moment. We assume that the population covariance matrix is positive definite and its spectral measure almost surely converges to some limiting probability distribution as the number of variables and the number of observations go to infinity together, with their ratio converging to...

Institution partenaire

Université de Zürich - Faculté des sciences économiques

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English / 01/03/2009

Patents versus Subsidies - A Laboratory Experiment

This paper studies the effects of patents and subsidies on R&D investment decisions. The theoretical framework is a two-stage game consisting of an investment and a market stage. In equilibrium, both patents and subsidies induce the same amount of R&D investment, which is higher than the investment without governmental incentives. In the first stage, the firms can invest in a...

Institution partenaire

Université de Zürich - Faculté des sciences économiques

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English / 01/03/2009

Measuring conditional cooperation: a replication study in Russia

We replicate the strategy-method experiment by Fischbacher et al. (Econ. Lett. 71:397-404, 2001) developed to measure attitudes towards cooperation in a one-shot public goods game. We collected data from 160 students at four different universities across urban and rural Russia. Using the classification proposed by Fischbacher et al. (2001) we find that the distribution of types is...

Institution partenaire

Université de St-Gall - Schools of Management

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English / 01/03/2009

Social capital vs institutions in the growth process

Is social capital a substitute or a complement to formal institutions for achieving economic growth? A number of recent micro studies suggest that interpersonal trust has its greatest impact on economic performance when court institutions are relatively weak. The conventional wisdom from most macro studies, however, is that social capital is unconditionally good for growth. On the...

Institution partenaire

Université de Zürich - Faculté des sciences économiques

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English / 01/03/2009

Complex versus Complicated: The How of Coping with Complexity

This article aims to demonstrate and explain how distinct approaches to coping with complexity vary in their effectiveness. The different strategies are evaluated as to their respective capabilities of absorbing complexity. Virtuous versus vicious ap-proaches are distinguished.

Institution partenaire

Université de St-Gall - Schools of Management

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English / 01/03/2009

The Impact of Steering Measures on Customer Channel Migration and Customer Satisfaction

Multichannel distribution is now rather the rule than the exception. Different channels may enable customers to match their needs with a specific channel type, increase customer satisfaction and lead to higher turnovers. Numerous authors argue that the value creation contribution of the multichannel system could be enhanced when companies actively steer their customers into the most...