Brian Kreuzer, Hedging strategies against currency risk and inflation in a long-term service contract, University of Zurich, Faculty of Business, Economics and Informatics, 2023. (Master's Thesis)
 
This thesis analyzes the various hedging strategies against currency and inflation risk. The research on the theoretical concepts show that hedging can reduce the volatility of the cash flows and the earnings if applied correctly. Based on the theory, two flowcharts were developed to help decide which project level hedging strategies are most appropriate. To find suitable hedging strategies in practice, a long-term service contract at Stadler Rail AG was analyzed. The finding is that in practice as many risks as possible should already be covered in the contract, while in theory more internal and external strategies are analyzed at the corporate level. |
|
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. |
|
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. |
|
David Schmocker, Carmen Tanner, Johannes Katsarov, Markus Christen, Moral sensitivity in business: A revised measure, Current Psychology, Vol. 42 (12), 2023. (Journal Article)
 
In order to manage ethical challenges in organizations and the workplace, moral sensitivity (MS)—the ability to identify and ascribe importance to moral issues when they arise in the workplace—is seen as the key prerequisite by researchers and professionals. However, despite the importance of MS, satisfactory reliable and valid measures to assess this competence are to date lacking. The present research tests the psychometric qualities of a revised MS measure for the business domain (R-MSB) that is designed to assess individual differences in moral and business-related value sensitivity. We present three different analyses with two heterogeneous samples of Swiss and German employees (total N = 1168). The first two studies provide good evidence of the measures’ factorial structure, its construct, and criteria-related validity. The third study examines how affective and empathic responses are associated with MS and business sensitivity (BS). The results support the view that empathic responsiveness enhances MS. The instrument’s theoretical and practical strengths, limitations, and avenues for future research are discussed. |
|
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)
 
|
|
Simon Hediger, Jeffrey Näf, Marc Paolella, Pawel Polak, Heterogeneous Tail Generalized Common Factor Modeling, Digital Finance, Vol. forthcoming, 2023. (Journal Article)

A multivariate normal mean-variance heterogeneous tails mixture distribution is proposed for the joint distribution of financial factors and asset returns (referred to as Factor-HGH). The proposed latent variable model incorporates a Cholesky decomposition of the dispersion matrix to ensure a rich dependency structure for capturing the stylized facts of the data. It generalizes several existing model structures, with or without financial factors. It is further applicable in large dimensions due to a fast ECME estimation algorithm of all the model parameters. The advantages of modelling financial factors and asset returns jointly under non-Gaussian errors are illustrated in an empirical comparison study between the proposed Factor-HGH model and classical financial factor models. While the results for the Fama-French 49 industry portfolios are in line with Gaussian-based models, in the case of highly tail heterogeneous cryptocurrencies, the portfolio based on the Factor HGH model doubles the average return while keeping the volatility, the maximum drawdown, the turnover, and the expected-shortfall at a low level. |
|
Loris Sauter, Ralph Gasser, Silvan Heller, Luca Rossetto, Colin Saladin, Florian Spiess, Heiko Schuldt, Exploring Effective Interactive Text-Based Video Search in vitrivr, In: MultiMedia Modeling, Springer, Cham, p. 646 - 651, 2023-03-29. (Book Chapter)
 
vitrivr is a general purpose retrieval system that supports a wide range of query modalities. In this paper, we briefly introduce the system and describe the changes and adjustments made for the 2023 iteration of the video browser showdown. These focus primarily on text-based retrieval schemes and corresponding user-feedback mechanisms. |
|
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. |
|