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Publikation The big bad wolf’s view: The evaluation clients’ perspectives on independence of evaluations(SAGE, 2018) Pleger, Lyn E.; Hadorn, SusanneThe independence of evaluations has gained increasing attention in research. So far, research has mainly focused on evaluators’ experiences when confronted with pressure, leading to a restricted view of the complex context in which evaluations take place. Therefore, this article broadens the debate and follows the call by previous studies to pay attention to evaluation clients, which have been identified as the main influencing stakeholders within evaluation processes. The findings of an online survey among Swiss evaluation clients show that most clients have never been told by evaluators that they put the latter under pressure, even though previous studies found that half of the evaluators feel pressured. Nonetheless, clients frequently experience conflicts during evaluations that are often caused by a lack of a common understanding between evaluators and clients. Thus, we conclude that preventive measures are needed to increase the parties’ mutual comprehension, and ultimately, the quality of evaluation results.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Potential of venture capital in the European Union(Policy Department Economic and Scientific Policy, European Parliament, 2012) Tykvová, Tereza; Borell, Mariela; Kröncke, Tim05 - Forschungs- oder ArbeitsberichtPublikation International diversification with securitized real estate and the veiling glare from currency risk(Elsevier, 11/2012) Kröncke, Tim; Schindler, FelixThis paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We apply regression-based mean-variance efficiency tests, conditional on currency-unhedged and fully hedged portfolios to account for systematic foreign exchange movements. From the perspective of a US investor, it is shown that, first, international diversification is superior to a US mixed-asset portfolio, second, adding international real estate to an already internationally diversified stock and bond portfolio results in a further significant improvement of the risk-return trade-off and, third, considering unhedged international assets could lead to biased asset allocation decisions not realizing the true diversification benefits from international assets.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation International diversification benefits with foreign exchange investment styles(Oxford University Press, 08/2014) Kröncke, Tim; Schindler, Felix; Schrimpf, AndreasStyle-based management of the foreign exchange (FX) component of international investments with carry trade, FX momentum, and FX value strategies provides economically large and significant diversification benefits. These speculative benefits go beyond the hedging benefits of FX risk documented in the earlier literature. Our results hold after transaction costs and are confirmed in an extensive out-of-sample experiment mimicking investor decisions in real time. Adding a composite FX style portfolio to diversified allocations of global bonds and stocks leads to a 64% increase in the out-of-sample Sharpe ratio from 0.64 to 1.05, without adverse impact on other portfolio characteristics such as skewness.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Asset pricing without garbage(Wiley-Blackwell, 2017) Kröncke, TimThis paper provides an explanation for why garbage implies a much lower relative risk aversion in the consumption-based asset pricing model than National Income and Product Accounts (NIPA) consumption expenditure: Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a simple model of the filtering process that allows one to undo the filtering inherent in NIPA consumption. “Unfiltered NIPA consumption” well explains the equity premium and is priced in the cross-section of stock returns. I discuss the likely properties of true consumption (i.e., without measurement error and filtering) and quantify implications for habit and long-run risk models.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Sequenzbildung in der Automobilmontage anhand von materialorientierten Nivellierungsstrategien. Analyse der Auswirkungen auf die innerbetriebliche Materialversorgung(Cuvillier Verlag, 2014) Wörner, DominikSchwankende Bedarfsmengen bei der Materialversorgung in der Endmontage der Automobilindustrie führen zu einem erhöhten logistischen Ressourcenbedarf. Um diesen zusätzlichen Bedarf zu reduzieren, wurde das Konzept der materialorientierten Nivellierung entwickelt. Jedoch führt der Einsatz einer materialorientierten Nivellierung nicht zwangsweise zu einer Reduktion von logistischen Ressourcen. In der vorliegenden Arbeit werden die Zusammenhänge zwischen den Bedarfsmengen und der innerbetrieblichen Materialversorgung dargestellt sowie anhand eines simulativen Bewertungsmodells untersucht. Weiterhin werden Rahmenbedingungen für den erfolgreichen Einsatz einer materialorienterten Nivellierung identifiziert, um den Ressourceneinsatz der innerbetrieblichen Materialversorgung zu reduzieren. Anhand eines Anwendungsbeispiels werden schließlich die Potentiale einer materialorienterten Nivellierung für einen Automobilhersteller bestimmt.02 - MonographiePublikation On the social life of a city anthem. semiotic objects, ideologies of belonging, and the reproduction of sociocultural difference(Routledge, 2015) Del Percio, AlfonsoThis article takes a closer look at the role of semiotic objects such as texts, monuments, songs, and flags in the definition of both sociocultural boundaries and legitimation of the resulting relations of difference. The focus is a specific anthem, Z'Basel an mym Rhy [In Basel on my Rhine], which is the official anthem of Basel, a city in northwest Switzerland. In line with Appadurai's [1996. The Social Life of Things. Cambridge: Cambridge University Press] claim in favor of a complex analysis of an object's social life, this article is a historiographical investigation of the circulation of this semiotic object across time and space – from the moment of its conception as a poem in 1806, to the present day. The analysis centers on how this specific semiotic object has been re-appropriated and transformed continuously, throughout its social life, by new actors, in new contexts, and for new purposes. Indeed, from its origin as a romantic ode for intimate private consumption, this text gradually emerged as an object of cultural consumption on a larger scale, taking on the role of an instrument of pride and power, and becoming a tool to legitimize social structuration.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Language and political economy(Oxford University Press, 2016) Del Percio, Alfonso; Flubacher , Mi-Cha; Duchêne, Alexandre; Garcia, Ofelia; Flores, Nelson; Spotti, Massimiliano04A - Beitrag SammelbandPublikation Turning language and communication into productive resources. Language policy and planning and multinational corporations(Oxford University Press, 2018) Del Percio, Alfonso; Tollefson, James W.; Perez Milans, MiguelSociolinguistic production has recently turned its attention to the analysis of language and communication in multinational corporations. Scholars have explained that, under current capitalist conditions, language and communication have been resignified by managers, consultants, and marketing specialists as economic assets that contribute to the individualization or customization of products and services. This chapter discusses the techniques, tactics, and forms of expertise through which language and communication are governed and then turned into productive resources within multinational corporations. Drawing on an ethnographic documentation of the management of language and communication within a Swiss multinational, the chapter demonstrates that corporate actors’ policing of language and communication is not merely linguistic policing. Rather, it is a means to discipline and express control over those actors producing language and communication. That is to say, such forms of policing are a method of enhancing multinationals’ productivity and securing their competitiveness under changing market conditions.04A - Beitrag SammelbandPublikation The anatomy of public and private real estate return premia(Springer, 2018) Kröncke, Tim; Schindler, Felix; Steininger, Bertram I.Market-wide, stock market specific, and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? Based on a structural asset pricing model calibrated to the empirical data in the U.S., we show that at least two thirds of the risk premium of listed real estate are driven by the same factors as direct real estate. Our results shed new light on the risk-characteristics of listed real estate returns and are of high interest for academics, regulators, and portfolio managers alike.01A - Beitrag in wissenschaftlicher Zeitschrift