Mit der Einführung des Euros im Jahre 1999 sind in der Schweiz vielfachBefürchtungen geäussert worden, dass der Franken nicht mehr neben derGemeinschaftswährung bestehen könnte, dass der Franken so zu sagen von derEuroflut weggeschwemmt werde. Die seit 1999 gemachten Erfahrungen...

The estimation of an ordered probit model for currency reforms trying to end 31hyperinflations and three big inflations of the 20th century shows that the introduction of anindependent central bank and the adoption of a credibly fixed exchange rate are crucial for the successof a currency...

We use a dynamic adjustment model and panel methodology to investigatethe determinants of a time- varying optimal capital structure. Because firmsmay temporarily deviate from their optimal capital structure in the presenceof adjustment costs, we also endogenize the adjustment process. In partic...

We construct a factor model of the yield curve and specify time series processes forthese factors, so that the innovations are mutually orthogonal. At the same time,the factors are constructed in such a way that they assume clear, intuitive interpretations.The resulting “intelligible...