This paper aims to survey selected recent papers presenting new evidenceon an age-old question in financial economics: “Are stock market returnspredictable?”. The hypothesis that equity returns are predictable (specificallyat long horizons) has been called a “new fact in finance” by...

We study the extremal dependence of market and liquidity risk, the former beingmeasured through the market return and the latter being measured throughthe relative bid-ask spread. We apply a non-parametrical approach to measurebivariate exceedance probabilities and the respective dependence...

It is well known that asset allocation policy is the major determinant of fundperformance. However, there is substantial disagreement about the exactmagnitude of the contribution of asset allocation. Following the approach inIbbotson and Kaplan (2000), we use German and Swiss balanced mutualfund...

In the absence of a broad international agreement, national climate policiesare less efficient, due to carbon leakage, and more costly, due to causingunemployment and a loss of competitiveness on international markets. As,in many countries, a substantial fraction of emissions results from the...

Based on the style analysis pioneered in [Sharpe, W.F. (1992). AssetAllocation: Management Style and Performance Measurement, Journalof Portfolio Management, 7-19.] I dene a procedure to examine theconsistency of hedge fund indexes across providers. The results of myinvestigation suggest that...

In this paper we analyzed the violations of UIP for the Swiss Franc against the Dollar, the Euro, the Yen, thePound and the Canadian Dollar using recent data up to fall 2008. This exercise provides the following mainresults : first the Swiss interest rate puzzle disappeared, i.e. mean returns on...

In Medien und Öffentlichkeit ist die Meinung, dass die infolge von Globalisierung und Strukturwandel freigesetztenArbeitskräfte zu den Verlierern der Globalisierung gehörten, weit verbreitet. Diese Studie zeigtauf, dass diese Wahrnehmung in der Schweiz nur bedingt mit der Realität...

Im vorliegenden kurzen Beitrag diskutieren wir Fragestellungen, die bei der Bewertungdieser sicherheitspolitischen Entwicklung Eingang finden sollten. Ziel dieser Arbeit ist dieDarstellung von theoretischen Argumenten und empirischen Erkenntnissen, welche es unteranderem bei der Planung und...

This paper investigates the role that discrimination plays in the educational marginalizationof foreign youth commonly observed in European countries with a long guestworkertradition. Economic theory offers two basic explanations for discrimination ofthis form: taste-based discrimination arising...

This paper addresses the personal linkages between the public administration and the legislaturethat emerge because public servants pursue a political mandate. There are concernsthat the strong representation of bureaucrats in many Western parliaments compromises theconstitutionally proposed...