This paper is the rst to empirically analyze the value to shareholders of the power to havea binding vote on management pay. We nd that in response to an unanticipated eventthat made it likely that an annual binding vote would become compulsory for Swiss publiccompanies, the apparent immediate...

This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...

A central role for economic policy involves understanding and reducing the impact of unexpected,extreme events. In this paper, we develop a simple economic framework with latentregime switches. This framework explains why investors and policymakers can decide not tohedge against extreme events,...

A central role for economic policy involves reducing the incidence of systemic downturns,when key economic variables experience joint extreme events. In this paper,we empirically analyze such asymmetric dependence using two approaches, correlationsand copulas. We document four findings. First,...

The assessment of capacity credits for wind energy and the value interpretation is reviewed critically. It is shown that the electricity market values the contribution to system reliability with market prices in a more precise way ...

Platforms operators act as private regulators to increase usage and maximize profits. Their goals depend on the development of the platform: overcoming the chicken-egg problem early on requires attracting platform participants while quality becomes more important later on. Private regulators...

Unabhängige Vermittler erbringen im Rahmen Ihrer Tätigkeiten wichtige Dienstleistungen fürVersicherungsunternehmen und Versicherungsnehmer. Zum einen soll für Versicherungsnehmerin vielen Bereichen passender Versicherungsschutz besorgt werden (Produktauswahl). Darüber hinauskönnen...

Child labor's effect on academic achievement is estimated, using unique data on 3rd and 4th graders in 9 Latin American countries. Cross-country variation in truancy regulations provides an exogenous shift in the ages of children normally in these grades, providing exogenous variation in...

[...]We focus here on three types of capital ratios—riskweighted,leverage, and gross revenue ratios. For each ratio, weexamine what makes it actually or potentially useful for bankregulation and we ask whether it is indeed significantly relatedto subsequent bank failure. Perhaps not...