Contributions published at Finance (Alexander Wagner)

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Diese Arbeit untersucht den Zusammenhang zwischen Performancemerkmalen und der Vergütungshöhe. Dabei wird der Einfluss der Merkmale anhand von einem Random Effects Model und Fixed Effects Model geschätzt. Dabei konnte ein statistischer signifikanter aber schwacher Zusammenhang zwischen dem Return on Asset und Return on Equity auf die variable Vergütung sowie Gesamtvergütung entdeckt werden. Eine statistische Relevanz konnte für den Total Shareholder Return nur für die Gesamtvergütung ausweisen. Die Ergebnisse der Modelle zeigt auf, dass die Unternehmensgrösse für die Vergütungshöhe von grösserer Bedeutung ist als die Performance.

The thesis seeks to answer the question about the similarities and differences in the organisation of the compliance function between financial and industrial companies. After evaluating the outcomes of conducted interviews and literature review differences in main reasons for establishing a compliance-function, legal/regulatory requirements and significant industry-specific risks could be identified. Poor compliance culture is one of the main reasons for failure of the compliance function for both sectors. Both sectors have specific need for improvement: adequate and appropriate regulatory provisions for banks and more comprehensive legal framework together with the stronger standardization of compliance requirements for industrial corporations. Both sectors can learn a lot from each other to move towards mature and effective compliance function.

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https://www.blick.ch/news/wirtschaft/wie-herr-und-frau-schweizer-mit-ihrem-ersparten-umgehen-wissen-ueber-geld-ist-in-der-schweizer-dna-verwurzelt-id7432111.html

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A legal change in 2008, no longer requiring Swiss firms to occupy their boards with amajority of Swiss directors, and Switzerland hosting numerous internationally operating firms provided an natural experiment for the value proposition of internationally diverse boards. Using a panel of 81 firms for the years 2006 to 2012 listed on the Swiss stock exchange, this thesis investigates the drivers of international diversity of boards and the implications on firm valuation. Mixed ANOVA showed that larger and more international firms have significantly more diverse boards in terms of nationalities than smaller firms and firms operating domestically. ANOVA showed a significant increase in diversity but could not associate it with the legal change. OLS, fixed and random effects could not support the value proposition.

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https://www.nzz.ch/finanzen/aktienkurse-und-protektionismus-des-praesidenten-neue-kleider-ld.1315552

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This paper investigates Japanese and Chinese stock reactions to the 2016 US Election surprise from three perspectives: foreign revenue, foreign ownership and exchange rate exposure. It is found that companies which depend less on foreign revenue and expose less to JPY/USD or CNY/USD fluctuations but have higher fraction of foreign ownership outperformed in the very short term. The situation reversed in a longer term, when foreign-dependent equities outperformed instead. Comparably, Japanese stocks reacted more strongly than Chinese stocks. Tracing the link between stock reactions and US ownership, this paper discovers a potential capital inflow and outflow during the time horizon.

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