Eigentlich weiss oder vermutet jedermann, dass der Finanzplatz Zürich wichtig und der grösste in der Schweiz ist. Im Unterschied zum „Finanzplatz Schweiz“ fehlte aber für Zürich ein sachlicher Überblick. Deshalb hat der Verband Zürcherischer Kreditinstitute, der Platzverband der Banken...

This paper considers the problem of multi-species fisheries managementwhen targeting individual species is costly and at-sea discards of fish by fishermenare unobserved by the regulator. Stock conditions, ecosystem interaction, technologicalspecification, and relative prices under which at sea...

Die Erfassung und Berücksichtigung von Klumpenrisiken in Kreditportfolios ist einer der Punkte, mit denen sich die Kreditwirtschaft nach der Veröffentlichung desZweiten Baseler Konsultationspapiers besonders intensiv befasst. Insbesondere die Sparkassenorganisation, deren Institute in ihrer...

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for investments in the real economy. We study how rapidly...

Institutional but also private investors have often limited flexibility in timing their investment decision. Therefore, they look for investments that would ideally be independent of the timing decision. We introduce a new class of derivative products whose payoff is linked to the trend of the...

Have the euro and accompanying measures of financial integration had a discernable impact on the degree of diversification of European investors? This is an empirical question that this paper tries to answer by exploring four alternative avenues. First we focus on the final outcome: If European...

This note shows that an investor who does not hold positive amounts of all available assets is eventually overtaken by a completely diversified rival investor.

This paper systematically analyses the market for syndicated loans over the period from 1982 till 2000. A sub-sample of high-information loans is studied over the period from 1982 until 2000. Aspects such as market credit quality, average spreads, average tenors and other market characteristics...

This paper investigates the relative influences of industrial and country factors in international stock returns. Until very recently, academic research has consistently found that country factors dominate industrial factors. This result is in contradiction with practitioners beliefs. This paper...