José M Jorquera Valero, Pedro M Sánchez Sánchez, Manuel Gil Pérez, Alberto Huertas Celdran, Gregorio Martínez Pérez, Cutting-Edge Assets for Trust in 5G and Beyond: Requirements, State-of-the-Art, Trends & Challenges, ACM Computing Surveys, Vol. 55 (11), 2023. (Journal Article)
 
In 5G and beyond, the figure of cross-operator/domain connections and relationships grows exponentially among stakeholders, resources, and services, being reputation-based trust models one of the capital technologies leveraged for trustworthy decision-making. This work studies novel 5G assets on which trust can be used to overcome unsuitable decision-making and address current requirements. First, it introduces a background and general architecture of reputation-based trust models. Afterward, it analyzes pivotal 5G assets on which trust can enhance their performance. Besides, this article performs a comprehensive review of the current reputation models applied to 5G assets and compares their properties, features, techniques, and results. Finally, it provides current trends and future challenges to conducting forthcoming research in the area. |
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Benjamin Grossmann-Hensel, Between Meta-Organization and Sub-Organization: Bureaucracies As Internal Reflectors of Complex Environments, In: ISA World Congress of Sociology. 2023. (Conference Presentation)

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Tobias Schultheiss, Curdin Pfister, Ann-Sophie Gnehm, Uschi Backes-Gellner, Education expansion and high-skill job opportunities for workers: Does a rising tide lift all boats?, Labour Economics, Vol. 82, 2023. (Journal Article)
 
We examine how education expansions affect the job opportunities for workers with and without the new education. To identify causal effects, we exploit a quasi-random establishment of Universities of Applied Sciences (UASs), bachelor-granting three-year colleges that teach and conduct applied research. By applying machine-learning methods to job advertisement data, we analyze job content before and after the education expansion. We find that, in regions with the newly established UASs, not only job descriptions of the new UAS graduates but also job descriptions of workers without this degree (i.e., middle-skilled workers with vocational training) contain more high-skill job content. This upskilling in job content is driven by an increase in high-skill R&D-related tasks and linked to employment and wage gains. The task spillovers likely occur because UAS graduates with applied research skills build a bridge between middle-skilled workers and traditional university graduates, facilitating the integration of the former into R&D-related tasks. |
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Marco Ceccarelli, Stefano Ramelli, Alexander Wagner, Low carbon mutual funds, Review of Finance, Vol. forthcoming, 2023. (Journal Article)

Climate change poses new challenges for portfolio management. In our not-yet-low carbon world, investors face a trade-off between minimizing their exposure to climate risks and maximizing the benefits of portfolio diversification. This paper investigates how investors and financial intermediaries navigate this trade-off. After the release of Morningstar's novel carbon risk metrics in April 2018, mutual funds labeled as "low carbon" experienced a significant increase in investor demand, especially those with high risk-adjusted returns. Fund managers actively reduced their exposure to firms with high carbon risk scores, especially stocks with returns that correlated more with the funds' portfolios and were thus less useful for diversification. These findings shed light on whether and how climate-related information can re-orient capital flows in a low carbon direction. |
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Andrea Giuffredi-Kähr, Lucia Malär, Influencer Sharenting – How Can Children’s Privacy Rights Be (Better) Protected?, In: Conference of the European Marketing Academy, EMAC. 2023. (Conference Presentation)

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Giulia Crestini, Andrea Giuffredi-Kähr, Radu Tanase, Martin Natter, DOES PRICE TRANSPARENCY BENEFIT OR HARM ONLINE RETAILERS? A RETAILER AND CUSTOMER PERSPECTIVE , In: Conference of the European Marketing Academy, EMAC. 2023. (Conference Presentation)

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Ella Daniel, Anna K Döring, Jan Cieciuch, Development of intraindividual value structures in middle childhood: A multicultural and longitudinal investigation, Journal of Personality, Vol. 91 (2), 2023. (Journal Article)
 
Objective
We examined changes in value interrelations during middle childhood. In line with the Personal Values Theory, we expected a value system, with individuals similarly valuing related motivations, and setting priorities between conflicting motivations. We hypothesized this system to develop dynamically during middle childhood as children deepen their understanding of their own values.
Method
Using unfolding analysis, we estimated intraindividual value structure coherence, that is, the extent to which the interrelations among a child's values are similar to the hypothesized interrelations. Cross-Cultural Study 1 (N = 4615, 6–12-year-old children) included children from 12 countries. Cross-Sequential Study 2 (N = 629, 6–10-year-old children at Time 1) included three annual measurements.
Results
In Study 1, we found a curvilinear association between age and intraindividual value structure coherence: Children's values were more coherent at ages 9–10 than before or after. Study 2 confirmed this pattern of within-individual development.
Conclusions
We propose that development in coherence with the theoretical value structure offers insight into children's understanding of values as well as changes in value priorities. |
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Philipp Albrecht, Urs Birchler, «Staatspolitisch ist die UBS ein Problem», In: Republik, 22 March 2023. (Media Coverage)

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Lorenz Honegger, Thorsten Hens, «Jemand hätte hinstehen und sagen müssen: Die Credit Suisse ist too big to fail», sagt Finanzprofessor Thorsten Hens zur gescheiterten Rettung der Bank, In: NZZ, 20 March 2023. (Media Coverage)

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Emma Nelson, Alexander Wagner, UBS’s emergency rescue of Credit Suisse, In: Monocle, 20 March 2023. (Media Coverage)

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Kathrin Hondl, Thorsten Hens, Notfallrettung mit Risiken, In: Tagesschau.de, 20 March 2023. (Media Coverage)

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Karoline Arn, Urs Birchler, Urs Birchler: «Auch eine solvente Bank kann Opfer werden» , In: SRF, 17 March 2023. (Media Coverage)

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Sven Zaugg, Marc Chesney, Wie die CS das Vertrauen der Kunden zurückgewinnen kann, In: SRF, 16 March 2023. (Media Coverage)

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Redaktion, Marc Chesney, Krise bei der Credit Suisse - Wie die CS das Vertrauen der Kunden zurückgewinnen kann, In: Schweizer Radio DRS, 16 March 2023. (Media Coverage)

Die CS muss sich das Vertrauen ihrer Kundschaft wieder erarbeiten. Das braucht Zeit – doch viel Zeit hat die CS nicht. |
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Fynn Bachmann, Philipp Hennig, Dmitry Kobak, Wasserstein t-SNE, In: Machine Learning and Knowledge Discovery in Databases, Springer, Switzerland, p. 104 - 120, 2023-03-16. (Book Chapter)
 
Scientific datasets often have hierarchical structure: for example, in surveys, individual participants (samples) might be grouped at a higher level (units) such as their geographical region. In these settings, the interest is often in exploring the structure on the unit level rather than on the sample level. Units can be compared based on the distance between their means, however this ignores the within-unit distribution of samples. Here we develop an approach for exploratory analysis of hierarchical datasets using the Wasserstein distance metric that takes into account the shapes of within-unit distributions. We use t-SNE to construct 2D embeddings of the units, based on the matrix of pairwise Wasserstein distances between them. The distance matrix can be efficiently computed by approximating each unit with a Gaussian distribution, but we also provide a scalable method to compute exact Wasserstein distances. We use synthetic data to demonstrate the effectiveness of our Wasserstein t-SNE, and apply it to data from the 2017 German parliamentary election, considering polling stations as samples and voting districts as units. The resulting embedding uncovers meaningful structure in the data. |
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Eflamm Mordrelle, Alexander Wagner, Nachhaltigkeit am Ende? Ukraine-Krieg und schlechte Performance stürzen Investitionen mit ökologischen Ansprüchen in eine Sinnkrise, In: Neue Zürcher Zeitung, 11 March 2023. (Media Coverage)

Der Trend zum nachhaltigen Investieren ist ungebrochen. Doch die Kritik wächst. Die Eindämmung von Greenwashing und die politische Vereinnahmung von ESG drängen in den Vordergrund. |
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Uschi Backes-Gellner, Patrick Lehnert, Berufliche Bildung als Innovationstreiber: Ein lange vernachlässigtes Forschungsfeld, Perspektiven der Wirtschaftspolitik, Vol. 0 (0), 2023. (Journal Article)
 
Länder mit einer starken Betonung der beruflichen Bildung in ihren Bildungs- und Innovationssystemen, beispielsweise Deutschland und die Schweiz, zählen seit Jahren zu den innovativsten der Welt. Gleichzeitig konstatiert internationale Innovationsforschung, dass ein hoher Akademisierungsgrad (und damit gerade nicht die berufliche Bildung) für starke Innovationsleistungen unabdinglich ist. Wie lässt sich dieser Widerspruch erklären? In diesem Überblicksartikel zeigen Uschi Backes-Gellner und Patrick Lehnert anhand einer Aufarbeitung neuer Forschungserkenntnisse, warum die deutschsprachigen Länder nicht trotz, sondern gerade auch wegen ihres Berufsbildungssystems hochinnovativ sind. Zu den erforderlichen institutionellen Rahmenbedingungen für diesen Effekt gehören dabei die zukunftsorientierte Gestaltung und Aktualisierung von Berufsausbildungscurricula, die Vermittlung von breiten beruflichen (statt engen betriebsspezifischen) Kompetenzen in dualen Berufsausbildungsprogrammen, ein durchlässiges Bildungssystem mit attraktiven Karrierepfaden sowie eine Verknüpfung von tertiärer beruflicher Bildung und angewandter Forschung. |
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Marek Pycia, M Bumin Yenmez, Matching with externalities, Review of Economic Studies, Vol. 90 (2), 2023. (Journal Article)
 
We incorporate externalities into the stable matching theory of two-sided markets. Extending the classical substitutes condition to markets with externalities, we establish that stable matchings exist when agent choices satisfy substitutability. We show that substitutability is a necessary condition for the existence of a stable matching in a maximal-domain sense and provide a characterization of substitutable choice functions. In addition, we extend the standard insights of matching theory, like the existence of side-optimal stable matchings and the deferred acceptance algorithm, to settings with externalities even though the standard fixed-point techniques do not apply. |
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Andrea Giuffredi-Kähr, Malin Sophie Pimper, Sybilla Merian, Sabrina Stöckli, Martin Natter, Share a Future Without Plastic - by Strengthening Group Identity and Group Efficacy, In: Climate Challenge Conference (Pre-conference of the Society of Consumer Psychology Conference). 2023. (Conference Presentation)

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Saskia Senn, Testing Momentum Strategies using Python, University of Zurich, Faculty of Business, Economics and Informatics, 2023. (Bachelor's Thesis)

The aim of this thesis is to develop an automated correction tool using the
Python programming language to efficiently correct the Involving Activity 3 in the
course Asset Management: Investments. The exercise requires students to create
two momentum strategies based on historical stock prices of 18 stocks using varying
look-back and holding periods. The tool is designed to be highly flexible in terms
of input data, loock-back, and holding periods, enabling the momentum strategies
to be effectively tested and compared to a buy-and-hold strategy. The tool offers a
powerful approach for correcting the Involving Activity 3 leading to faster processing
times and minimized errors compared to manual correction methods. |
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