Andrea Alessandro Mancuso, Will Hedge Funds be around in the future? An analysis and prediction of the presence of Hedge Funds in the financial market, University of Zurich, Faculty of Business, Economics and Informatics, 2023. (Bachelor's Thesis)
This thesis analyses the current situation of the hedge fund industry to predict its survival in
the coming years. The focus is to understand the problems that hedge funds face today and
whether there are positive aspects in connection to a hedge fund investment.
The thesis starts with a historical overview of the industry and continues by presenting its
clientele, its strategies, and the fee structure used by hedge funds. It continues by comparing
hedge funds with passive investment alternatives, which are extremely popular today. The
comparison is qualitative and quantitative, analysing the last 20 years using data from
Bloomberg. The last chapter dives into several topics that influence hedge funds and their
relationship with the public.
The results suggest that hedge funds can offer their clients value that goes further than just
returns, such as great diversification effects and the ability to invest in complicated financial
structures and products, proving that there are multiple reasons why an investment in them can
be a good idea. This, combined with many external reports that have shown a growing trend
for hedge funds in the last couple of years, proves that they will continue to be an important
part of the market in the future. The thesis shows various points that should be further
developed by hedge funds, such as the fee structure and the relationship with the public |
|
Simone Maestri Caravita, Non-proportional Thinking Behavior in the European Stock Market, University of Zurich, Faculty of Business, Economics and Informatics, 2023. (Master's Thesis)
This thesis investigates the Non-proportional thinking (NPT) predictions regarding investors’
behavior in the European stock market. NPT predicts that lower-priced stocks experience
more extreme abnormal returns compared to higher-priced stocks due to investors thinking
in nominal rather than percentage terms when evaluating the impact of new information.
Evidence of a negative relationship between the nominal share price level and abnormal returns
around earnings announcement dates is found, however, the extent of engagement in NPT
behaviors is estimated to be close to zero for the period and sample under investigation. |
|
Laurence J Kotlikoff, Felix Kübler, Andrey Polbin, Simon Scheidegger, Can today's and tomorrow's world uniformly gain from carbon taxation?, In: NBER Working Paper Series, No. 29224, 2023. (Working Paper)
Climate change will impact current and future generations in different regions very differently. This paper develops a large-scale, annually calibrated, multi-region, overlapping generations model of climate change to study its heterogeneous effects across space and time. We model the relationship between carbon emissions and the global average temperature based on the latest climate science. Predicated average global temperature is used to determine, via pattern-scaling, region-specific temperatures and damages. Our main focus is determining the carbon policy that delivers present and future mankind the highest uniform percentage welfare gains – arguably the policy with the highest chance of global adoption. Damages from climate change are positive for all regions apart from Russia and Canada, with India and South Asia Pacific suffering the most. The optimal policy is implemented via a time-varying global carbon tax plus region- and generation-specific net transfers. Uniform welfare improving carbon policy can materially limit global emissions, dramatically shorten the use of fossil fuels, and raise the welfare of all current and future agents by over four percent. Unfortunately, the pursuit of carbon policy by individual regions, even large ones, makes only a limited difference. However, coalitions of regions, particularly ones including China, can materially limit carbon emissions. |
|
Marc Chesney, Credit Suisse: The Party is Over, In: The London Economic Newspaper, p. online, 1 April 2023. (Newspaper Article)
|
|
Daniel Fasnacht, Das Revival von Open Innovation, In: Unternehmerzeitung, 2, p. 40 - 42, 1 April 2023. (Newspaper Article)
|
|
Redaktion, Thorsten Hens, Rachat de CS par UBS - Nouveau colosse bancaire: le Conseil fédéral a-t-il créé un «monstre»?, In: Nouvelles du monde, 31 March 2023. (Media Coverage)
|
|
Redaktion, Marc Chesney, Rachat de CS par UBS - Comment récupérer les bonus?, In: Nouvelles du monde, 30 March 2023. (Media Coverage)
|
|
Redaktion, Marc Chesney, Rachat de CS par UBS - pourquoi la loi "too big to fail" a-t-elle échoué?, In: Nouvelles du monde, 30 March 2023. (Media Coverage)
|
|
Guillaume Chillier, Marc Chesney, Session extraordinaire sur Credit Suisse: que va demander le Parlement?, In: Le Nouvelliste, 30 March 2023. (Media Coverage)
Quelques jours après la reprise de la deuxième banque suisse par la première, les élus forcent une session parlementaire extraordinaire. Prise de température des intéressés avant les 11 et 13 avril prochains. |
|
Noemi Hüsser, Marc Chesney, Wie können Boni zurückgeholt werden?, In: SRF, 30 March 2023. (Media Coverage)
Die Politik fordert die Boni der CS-Topmanager zurück. Im «Club» machen Finanzexpertinnen und Juristen den Reality-Check: Ist es rechtlich möglich, Boni zurückzufordern? |
|
Redaktion, Marc Chesney, Takeover of CS by UBS - How can bonuses be recovered?, In: breakinglatest.news, 30 March 2023. (Media Coverage)
|
|
Redaktion, Marc Chesney, CS-Schock: Wie konnte das passieren? Wie geht es weiter?, In: SRF 1, 28 March 2023. (Media Coverage)
|
|
Marc Chesney, Credit Suisse: la fête est finie, In: Le Temps, p. 10, 27 March 2023. (Newspaper Article)
Rembobiner le film de 35 ans de finance casino permet de comprendre pourquoi on en est arrivé là. La débâcle de Credit Suisse est aussi celle des personnalités politiques et académiques, écrit le professeur zurichois Marc Chesney. |
|
Nik Gugger, Carmen Tanner, Banken ohne gierige Banker, In: Aargauer Zeitung, 25 March 2023. (Media Coverage)
|
|
Nik Gugger, Carmen Tanner, Banken ohne gierige Banker, In: St. Galler Tagblatt, 25 March 2023. (Media Coverage)
|
|
Nik Gugger, Carmen Tanner, Banken ohne gierige Banker, In: Bündner Zeitung, 25 March 2023. (Media Coverage)
|
|
Matthew Allen, Marc Chesney, La mega banca UBS è un male per la Svizzera?, In: TVsvizzera.it, 24 March 2023. (Media Coverage)
La drammatica acquisizione di Credit Suisse da parte di UBS ha concentrato tutti i rischi del salvataggio sulle spalle di una sola banca svizzera. Questo preoccupa non poco alcune persone nella Confederazione. |
|
Matthew Allen, Marc Chesney, Is a UBS megabank too dangerous for Switzerland?, In: news.trenddetail.com, 24 March 2023. (Media Coverage)
The spectacular takeover of Credit Suisse by UBS has concentrated all the risks on the shoulders of a single Swiss bank. This operation makes some people very nervous in Switzerland. |
|
Matthew Allen, Marc Chesney, Is A Monster UBS Bank Bad For Switzerland? – Analysis, In: eurasiareview.com, 24 March 2023. (Media Coverage)
The dramatic takeover of Credit Suisse by UBS has concentrated all the risk of the rescue onto the shoulders of one Swiss bank. That makes some people in Switzerland very nervous. |
|
Julia Meyer, Sebastian Utz, ESG Ratings and information asymmetry, In: SSRN, No. 3683100, 2023. (Working Paper)
We study the impact of the public disclosure of environmental, social, and governance (ESG) ratings on information asymmetry. Our empirical results show, that consistent with our theoretical predictions derived from the strategic information asymmetry model, ESG ratings contain private information. Stocks for which an ESG rating becomes publicly available exhibit a significant reduction in their levels of information asymmetry. This finding is likely to be causal. The results persist in robustness tests in a difference-in-difference setting using a propensity-score-matched control group. |
|