infonet-economy

Distributions of assets returns exhibit a slight skewness. In this note we show that our model of endogenous price formation [Reimann 2006] creates an asymmetric return distribution if the price dynamics are a process in which consecutive trading periods are dependent from each other in the sense that opening prices equal closing prices of the former trading period. The corresponding...

Mit dem Ziel, die Prozesse der Kundenberater im Frontoffice besser zu unterstützen, entwickelte die Zuger Kantonalbank gemeinsam mit CSC Switzerland GmbH und SAP AG einen integrierten Beraterarbeitsplatz (BAP). Dieser verknüpft auf Basis des SAP Composite Application Frameworks sämtliche für die Kundenberatung benötigten Funktionen aus unterschiedlichen Anwendungssystemen in einer...

We investigate empirically how industrialized countries and US states share consumption risk at horizons between 1 and 30 years. US federal states share about 50% of their permanent idiosyncratic risk through cross-state capital income flows. While insurance against transitory fluctuations in output is virtually complete, OECD countries do not share any of their permanent...

La question de la succession se pose tôt ou tard à la plupart des petites et moyennes entreprises (PME). Si personne ou presque ne conteste l' importance d' une transmission de propriété simple et fiscalement avantageuse, il manquait jusqu';ici en Suisse des données empiriques qui en apportent la confirmation. Une étude pouvant être considérée comme représentative pour...

Confidence intervals in econometric time series regressions suffer from notorious coveragenproblems. This is especially true when the dependence in the data is noticeable andnsample sizes are small to moderate, as is often the case in empirical studies. This papernsuggests using the studentized block bootstrap and discusses practical issues, such as thenchoice of the block size. A...

Stylized facts of empirical assets log-returns include the existence of semi heavy tailedndistributions and a non-linear spectrum of Hurst exponents. Empirical datanconsidered are daily prices from 10 large indices from 01/01/1990 to 12/31/2004. We propose a stylized model of price dynamics which is driven by expectations. The model is a multiplicative random process with a...

We analyse interethnic cooperation in an infinitely repeated prisoner’s dilemma when members of one group are unable to target punishment towards individual defectors from the other group. We first show that indiscriminate punishment may sustain cooperation in this setting. Our main result, however, is that the introduction of ingroup punishment in addition to outgroup punishment...