Stefanie Hauske, Gerhard Schwabe, Abraham Bernstein, Wiederverwendung multimedialer und online verfügbarer Selbstlernmodule in der Wirtschaftsinformatik - Lessons Learned, In: E-Learning 2010: Aspekte der Betriebswirtschaftslehre und Informatik, Springer, Heidelberg, p. 151 - 164, 2010. (Book Chapter)
Die Wiederverwendbarkeit von digitalen Lehrinhalten war eine zentrale Frage in dem E-Learning-Projekt "Foundations of Information Systems (FOIS)", einem Verbundprojekt von fünf Schweizer Universitäten. Wärend der Projektlaufzeit wurden zwölf multimediale und online verfügbare Selbstlernmodule produziert, die ein breites Spektrum an Wirtschaftsinformatikthemen abdecken und die primär in einführenden Lehrveranstaltungen der Wirtschaftsinformatik gemäß dem Blended-Learning-Ansatz genutzt werden. In dem Artikel beschreiben wir, wie die für die Wiederverwendung von E-Learning-Inhalten und -materialien wesentlichen Aspekte Flexibilität, Kontextfreiheit, inhaltliche und didaktische Vereinheitlichung sowie Blended-Learning-Einsatz in dem Projekt umgesetzt worden sind. Im zweiten Teil gehen wir auf die Erfahrungen ein, die wir und unsere Studierenden mit den FOIS-Module in der Lehre an der Universität Zürich gesammelt haben, und stellen Evaluationsergebnisse aus drei Lehrveranstaltungen und unsere Lessons Learned vor. |
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Felix Kübler, Karl Schmedders, Competitive equilibria in semi-algebraic economies, Journal of Economic Theory, Vol. 145 (1), 2010. (Journal Article)
This paper develops a method to compute the equilibrium correspondence for exchange economies with semi-algebraic preferences. Given a class of semi-algebraic exchange economies parameterized by individual endowments and possibly other exogenous variables such as preference parameters or asset payoffs, there exists a semi-algebraic correspondence that maps parameters to positive numbers such that for generic parameters each competitive equilibrium can be associated with an element of the correspondence and each endogenous variable (i.e. prices and consumptions) is a rational function of that value of the correspondence and the parameters.
This correspondence can be characterized as zeros of a univariate polynomial equation that satisfy additional polynomial inequalities. This polynomial as well as the rational functions that determine equilibrium can be computed using versions of Buchberger's algorithm which is part of most computer algebra systems. The computation is exact whenever the input data (i.e. preference parameters etc.) are rational. Therefore, the result provides theoretical foundations for a systematic analysis of multiplicity in applied general equilibrium. |
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Mathias Dewatripont, Jean-Charles Rochet, Jean Tirole, Balancing the Banks: Global Lessons from the Financial Crisis, Princeton University Press, Princeton, N.J., 2010. (Book/Research Monograph)
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.
While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints.
Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future. |
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Thorsten Hens, Kremena Bachmann, Behavioural Finance and Investment Advice, In: Handbook on Behavioural Finance, Edward Elgar Publishing, UK, p. 301 - 321, 2010. (Book Chapter)
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Jean-Charles Rochet, Julian Wright, Credit card interchange fees, Journal of Banking and Finance, Vol. 34 (8), 2010. (Journal Article)
We build a model of credit card pricing that explicitly takes into account credit functionality. In the model a monopoly card network always selects an interchange fee that exceeds the level that maximizes consumer surplus. If regulators only care about consumer surplus, a conservative regulatory approach is to cap interchange fees based on retailers’ net avoided costs from not having to provide credit themselves. This always raises consumer surplus compared to the unregulated outcome, sometimes to the point of maximizing consumer surplus. |
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Sebastian R Goers, Alexander Wagner, Jürgen Wegmayr, New and old market-based instruments for climate change policy, Environmental Economics and Policy Studies, Vol. 12 (1/2), 2010. (Journal Article)
We review and examine three market-based instruments to address the challenge of climate change: emission trading, emission taxes, and hybrid instruments. Our main contribution is the illustration and comparison of these instruments using recent results from theoretical research and practical policy experience. Hybrid policies that aim to combine taxes and permits emerge as a promising way forward. An additional contribution is that we also comment on two other related concepts, namely, innovation strategies and prediction markets. For the former, we show that, to make economic sense, the much publicized Asia-Pacific Partnership on Clean Development and Climate has to rely on the same basic tool as the other instruments, namely, relative prices. For the latter, we discuss how prediction markets can complement traditional scenario analysis by experts. They are likely to improve the practical implementation of all previously discussed methods. |
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Felix Kübler, Karl Schmedders, Non-parametric counterfactual analysis in dynamic general equilibrium, Economic Theory, Vol. 45 (1-2), 2010. (Journal Article)
In this paper, we examine non-parametric restrictions on counterfactual analysis in a dynamic stochastic general equilibrium model. Under the assumption of time-separable expected utility and complete markets all equilibria in this model are stationary. The Arrow-Debreu prices uniquely reveal the probabilities and discount factor. The equilibrium correspondence, defined as the map from endowments to stationary (probability-free) state prices, is identical to the equilibrium correspondence in a standard Arrow-Debreu exchange economy with additively separable utility. We examine possible restriction on this correspondence and give necessary as well as sufficient conditions on profiles of individual endowments that ensure that associated equilibrium prices cannot be arbitrary. Although restrictions on possible price changes often exist, we show that results from a representative-agent economy usually do not carry over to a setting with heterogeneous agents. |
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Markus Leippold, Daniel Egloff, Quantile Estimation with Adaptive Importance Sampling, Annals of Statistics, Vol. 38 (2), 2010. (Journal Article)
We introduce new quantile estimators with adaptive importance sampling. The adaptive estimators are based on weighted samples that are neither independent nor identically distributed. Using a new law of iterated logarithm for martingales, we prove the convergence of the adaptive quantile estimators for general distributions with nonunique quantiles, thereby extending the work of Feldman and Tucker. We illustrate the algorithm with an example from credit portfolio risk analysis. |
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Anke Gerber, Thorsten Hens, Bodo Vogt, Rational investor sentiment in a repeated stochastic game with imperfect monitoring, Journal of Economic Behavior & Organization, Vol. 76 (3), 2010. (Journal Article)
We consider a repeated stochastic coordination game with imperfect public monitoring. In the game any pattern of coordinated play is a perfect Bayesian Nash equilibrium. Moreover, standard equilibrium selection arguments either have no bite or they select an equilibrium that is not observed in actual plays of the game. We give experimental evidence for a unique equilibrium selection and explain this very robust finding by equilibrium selection based on behavioral arguments, in particular focal point analysis, probability matching and overconfidence. Our results have interesting applications in finance because the observed equilibrium exhibits momentum, reversal and excess volatility. Moreover, the results may help to explain why technical analysis is a commonly observed investment style. |
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Daniel Egloff, Markus Leippold, Liuren Wu, The term structure of variance swap rates and optimal variance swap investments, Journal of Financial and Quantitative Analysis, Vol. 45 (5), 2010. (Journal Article)
This paper performs specification analysis on the term structure of variance swap rates on the S&P 500 index and studies the optimal investment decision on the variance swaps and the stock index. The analysis identifies two stochastic variance risk factors, which govern the short and long end of the variance swap term structure variation, respectively. The highly negative estimate for the market price of variance risk makes it optimal for an investor to take short positions in a short-term variance swap contract, long positions in a long-term variance swap contract, and short positions in the stock index. |
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Mihnea Constantinescu, What is the “duration” of Swiss direct real estate?, Journal of Property Investment & Finance, Vol. 28 (3), 2010. (Journal Article)
Purpose – Computing the duration of real estate assets is a challenging task due to the particularities of the property market. This paper aims to develop an empirical model to compute the interest-rate sensitivity of direct real estate assets in the Swiss multifamily housing market.
Design/methodology/approach – An aggregated total return index is used to empirically estimate the interest-rate sensitivity of the underlying assets in a dynamic DCF model. No instantaneous change is computed but a long-run price adjustment.
Findings – The long-run sensitivity is computed to be roughly 4.5 per cent. The value is found to be statistically significant at the 1 per cent level. The model is estimated over two different time periods and the estimate remains significant over both periods with value changing marginally. Potential reliance of trends when forming expectations is found to be present.
Research limitations/implications – One limitation is that the computed value is valid for a portfolio having a similar composition with the index used for the empirical estimation.
Practical implications – The value of the interest-rate sensitivity places Swiss direct real estate assets within the European range. The value may be used to compute the risk-based capital of an institutional investor in as far as the portfolio is similar in composition with the index.
Originality/value – The use of the dynamic DCF model allows one to split the changes in asset prices in changes from interest-rates and changes from cashflows. No value was previously available for the market of Swiss multifamily properties. |
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M Filippini, M Koller, U Trinkner, Economies of scale and scope and opening hours in post offices and agencies, In: Heightening competition in the postal and delivery sector, Edward Elgar, Cheltenham, p. 149 - 160, 2010-01. (Book Chapter)
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J Calzada, C Jaag, U Trinkner, Universal service auctions in liberalized postal markets, In: Heightening competition in the postal and delivery sector, Edward Elgar, Cheltenham, p. 263 - 277, 2010-01. (Book Chapter)
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Conrad Meyer, Accounting in der Krise? Vertrauen ist gefragt!, In: 25 Jahre Unternehmertum - Festschrift für Giorgio Behr, Versus, Zürich, p. 215 - 232, 2010. (Book Chapter)
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S Mena, M de Leede, D Baumann, N Black, S Lideman, L McShane, Advancing the business and human rights agenda. Dialogue, empowerment, and constructive engagement, Journal of Business Ethics, Vol. 93 (1), 2010. (Journal Article)
As corporations are going global, they are increasingly confronted with human rights challenges. As such, new ways to deal with human rights challenges in corporate operations must be developed as traditional governance mechanisms are not always able to tackle them. This article presents five different views on innovative solutions for the relationships between business and human rights that all build on empowerment, dialogue and constructive engagement. The different approaches highlight an emerging trend toward a more active role for corporations in the protection of human rights. The first examines the need for enhanced dialogue between corporations and their stakeholders. The next three each examine a different facet of empowerment, a critical factor for the respect and protection of human rights: empowerment of the poor, of communities, and of consumers. The final one presents a case study of constructive corporate engagement in Myanmar (Burma). Altogether, these research projects provide insight into the complex relationships between corporate operations and human rights, by highlighting the importance of stakeholder dialogue and empowerment. All the five projects were presented during the Second Swiss Master Class in Corporate Social Responsibility, held in Lausanne, Switzerland on December 12, 2008. The audience for this conference, which examined business and human rights, was composed of researchers, governmental representatives, and business and non-governmental organization practitioners. |
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Margit Osterloh, Akquisitionen: Synergien, Abzockerei oder Selbstüberschätzung, In: io new management, 5, p. 66, 1 January 2010. (Newspaper Article)
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Conrad Meyer, Aktives Kreditmanagement als Treiber, In: Handelszeitung, 26, p. 46, 1 January 2010. (Newspaper Article)
Zahlungsverhalten: Das Volumen an Forderungen aus Lieferungen und Leistungen ist stark gestiegen. In manchen Ländern haben sie in ihrer Summe die Finanzierungsform der kurzfristigen Bankkredite bereits abgelöst. Dies stellt grosse und kleine Firmen vor zahlreiche Herausforderungen. |
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J Mohrenweiser, Uschi Backes-Gellner, Apprenticeship Training, what for: Investment or Substitution?, International Journal of Manpower, Vol. 31 (5), 2010. (Journal Article)
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D Baumann, Andreas Scherer, Assessing the Organizational Implementation of Corporate Citizenship (CC) at Companies Participating in the UN Global Compact, In: UN Global Compact International Yearbook 2010, macondo Media Group, Münster, p. 52 - 56, 2010. (Book Chapter)
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Felix Langenmayr, Auf der Such nach dem Gedächtnis der Organisation - Eine formtheoretische Betrachtung am Beispiel der Bertelsmann AG, In: Organisation multimedial - Zum polyphonen Programm der nächsten Organisation, Auer, Heidelberg, p. 57 - 79, 2010. (Book Chapter)
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