Publications des institutions partenaires
Firm-value effects of CSR disclosure and CSR performance
We examine in this paper the effects of corporate social responsibility (CSR) disclosure and CSR performance on firm value for S&P 500 firms from 2011 to 2014. We find that CSR disclosure is positively associated with firm value and that the effect of CSR disclosure on firm value is larger than the effect of CSR performance. On average, the overall firm value increase for one...
Institution partenaire
English / 30/06/2017
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...
Institution partenaire
English / 27/06/2017
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-...
Institution partenaire
Deutsch / 23/06/2017
Fürsorgerische Unterbringung bei Fremdgefährdung
Institution partenaire
Deutsch / 07/06/2017
Valuation of the flexibility of power-to-gas facilities
Power-to-gas (P2G) is a technology that converts electrical power to gas fuels like methane for storage in the natural gas grid. Due to the low efficiency, the production of synthetic methane is only profitable if electricity is sufficiently cheap. However, P2G facilities are flexible consumers and can benefit from short-term price fluctuations on the electricity spot market. We use...
Institution partenaire
English / 01/06/2017
Externer Verwaltungsrat - Mehrwert für ein familiengeführtes KMU
Ein externer Verwaltungsrat (VR) kann familiengeführten KMU als Sparringpartner dienen, eine Aussensicht einbringen und dadurch die Betriebsblindheit reduzieren. Zudem wird an Themen gearbeitet, welche die Zukunft der Firma betreffen. Neben den grossen Chancen gibt es jedoch einige Voraussetzungen, damit ein externer VR in KMU auch seine Schlagkraft entfalten kann.
Institution partenaire
Deutsch / 30/05/2017
Endogenous Growth, Semi-endogenous Growth... or Both? A Simple Hybrid Model
First generation endogenous growth models had the counterfactual implication that the long-term growth of per-capita GDP increased with the population size. Two influential growth paradigms, the semi-endogenous and the second generation fully endogenous, eliminated this strong scale effect. Both solutions have useful aspects and insights, but very different policy implications. This...
Institution partenaire
English / 01/05/2017
Access to Credit and Comparative Advantage
Access to external funds is crucial for the entry and expansion of entrepreneurial firms and the sectors they predominantly arise in. This paper reports three important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax...
Institution partenaire
English / 01/05/2017
Cultural Preferences and the Choice between Formal and Informal Financing
This paper documents significant differences in the financing structure of small firms with managers of diverse cultural backgrounds. To separate the effect of culture from other factors that affect the financing structure of firms, we exploit cultural heterogeneity within a geographical area with shared regulations, institutions, and macroeconomic cycles. Our findings suggest that...
Institution partenaire
English / 01/05/2017
Monetary Policy and Currency Returns: the Foresight Saga
We document a drift in exchange rates before monetary policy changes across major economies. Currencies tend to depreciate by 0.7 percent over ten days before policy rate cuts and appreciate by 0.5 percent before policy rate increases. We show that available fixed income instruments allow to accurately forecast monetary policy decisions and thus that the drift is foreseeable and...
Institution partenaire
English / 01/05/2017
Was bringt die URG-Revision für die Anliegen von Public Domain und Open Data?
Institution partenaire
Deutsch / 24/04/2017
Schweizer KMU. Eine Analyse der aktuellsten Zahlen – Ausgabe 2017
Nicht grosse Unternehmen ab 250 Mitarbeitenden dominieren die Schweizer Unternehmenslandschaft, sondern sogenannte Klein- und Mittelunternehmen (KMU): 99.8% der Unternehmen in der Schweiz gelten gemäss den neusten provisorischen Zahlen des Bundesamtes für Statistik als KMU. Dabei sind die Kleinst- oder Mikrounternehmen mit weniger als zehn Mitarbeitenden mit 92.4% der Unternehmen die...
Institution partenaire
Deutsch / 12/04/2017
Best Land Use with Negative Externalities: Determining Land Values from Residential Rents
When land regulations are binding, then the land price per m2 is determined by the attractiveness of the location and the restrictiveness of the regulation. In the case of a maximum oor area ratio (FARmax) restriction, the best use land price can be directly expressed as a function of the FARmax and local amenities. We show theoretically and empirically how this approach can be used...
Institution partenaire
English / 01/04/2017
A Tale of Two Tails: On the Coexistence of Overweighting and Underweighting of Rare Extreme Events
Almost all important decisions in people’s lives entail risky consequences. Some of these decisions involve events that materialize with a low probability but lead to extreme consequences such as loss of total wealth or accidental death. When facing such rare extreme events, people display considerable risk aversion in some situations whereas in others the opposite is the case. For...
Institution partenaire
/ 01/04/2017
A Tale of Two Tails: On the Coexistence of Overweighting and Underweighting of Rare Extreme Events
Almost all important decisions in people’s lives entail risky consequences. Some of these decisions involve events that materialize with a low probability but lead to extreme consequences such as loss of total wealth or accidental death. When facing such rare extreme events, people display considerable risk aversion in some situations whereas in others the opposite is the case. For...
Institution partenaire
/ 01/04/2017
Illuminating the Dark Side of Financial Innovation: The Role of Investor Information
This paper investigates the impact of investor information on financial innovation. We identify specific channels through which issuers of financially engineered products exploit retail investors by using their privileged access to information. Our results imply that imperfect investor information regarding volatility and dividends is crucial to explain the pricing and design of...
Institution partenaire
English / 10/03/2017
Ist die fürsorgerische Unterbringung von Urteilsfähigen zulässig?
Mit dem Inkrafttreten des neuen Erwachsenenschutzrechts per 1. Januar 2013 wurde die fürsorgerische Freiheitsentziehung (FFE) in fürsorgerische Unterbringung (FU) umbenannt. Bei der Frage, ob eine solche auch bei diesbezüglich urteilsfähigen Personen zulässig ist, gehen die juristischen und medizinethischen Meinungen jedoch auseinander.
Institution partenaire
Deutsch / 01/03/2017
Le placement à des fins d’assistance de personnes capables de discernement est-il admissible?
Avec l’entrée en vigueur du nouveau droit de la protection de l’adulte au 1er janvier 2013, la «privation de liberté à des fins d’assistance» (PLAFA) a été renommée en «placement à des fins d’assistance» (PAFA). Toutefois, les opinions juridiques et médico-éthiques divergent sur la question de savoir si un tel placement est également admissible chez les personnes capables de...
Institution partenaire
Français / 01/03/2017
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