Contributions in Merlin

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.

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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Die Politik fordert die Boni der CS-Topmanager zurück. Im «Club» machen Finanzexpertinnen und Juristen den Reality-Check: Ist es rechtlich möglich, Boni zurückzufordern?

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.

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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.