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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 New speakers on lost ground in the football stadium(De Gruyter, 2015) Del Percio, AlfonsoFootball is a key site for local pride to be enacted by fans through the celebration of local dialects and local myths. At the same time, sport industries are currently undergoing major transformations and becoming global, professional and profit-oriented. Consequently, pride in a place is not solely the property of the given area or its inhabitants. Indeed, fandom is increasingly enacted by new groups who speak different languages and live in other places, and who thus cross borders to consume local fan practices and tokens of imagined local authenticity. Furthermore, football clubs are increasingly owned by multinational investors who employ international and multilingual football workers. Meanwhile, nostalgic adherents of so-called traditional football frequently interpret the emergence of these transnational actors as a corruption of this sport. The presence of such transnational actors raises questions regarding the challenges encountered by these new speakers when they produce and consume cultural resources that are widely perceived to be not only the commodities sold by the football industry but also tokens of local authenticity. Drawing on an ethnography conducted in the stadium of the FC Basel in Switzerland, I discuss the case of two transnational actors who are identified as new speakers of Basel’s local dialect and of standard German, both codes being specifically associated with being a legitimate fan or coach of FC Basel. In discussing the challenges faced by these new speakers during their encounters with FC Basel as a commercial product, I examine how these individuals have constructed their legitimacy as members of FC Basel’s imagined community and analyze how, why, and by whom this legitimacy is given or contested.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation The governmentality of migration. Intercultural communication and the politics of (dis)placement in Southern Europe(Elsevier, 2016) Del Percio, AlfonsoThe European Union and the Italian state have currently implemented a state infrastructure enabling to govern the migration flows towards Europe. This infrastructure has involved the formation of an ensemble of institutions, procedures, analyses and reflections that raise the efficiency of migrants' reception, integration or expulsion. Expertise on intercultural communication has been celebrated as a key resource of this infrastructure. In this article, I discuss the status of expertise on intercultural communication within an infrastructure managing migration in Italy. I focus on the circumstances by which expertise on intercultural communication has emerged as a crucial technology of this infrastructure and on ways this knowledge contributes to the regulation of migrants' access to the life projects migration stands for.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Engineering commodifiable workers. language, migration and the governmentality of the self(Springer, 2017) Del Percio, AlfonsoThis article examines the strategies and forms of expertise on language and communication mobilized to engineer commodifiable migrant workers. Drawing on an ethnographic account of counselling practices in a state-run Italian job guidance centre for newly arrived migrants, I examine the calculations, tactics, and forms of expertise on language and communication mobilised by job counsellors. Here, I illustrate how these tactics regulate, or “police”, migrants’ communicational conduct and promote their socialisation into a desirable professional self that can be commodified on the Italian job market. In doing so, I demonstrate that the state’s investment in the policing of migrants and the commodifiability of their labour is an investment in a larger project of societal consent for both the arriving migrants and for the forms of precarity they are believed to embody in Italy. At the same time, I argue this state agenda should not make us blind to the fact that the individuals and actors, including professional counsellors, working in these job guidance centres seem ready to invest a great deal into these spaces in the interest of pursuing another, more emancipated agenda. Indeed, in my paper I aim to demonstrate that job guidance centres are also spaces of hope where people work to support migrants who are preparing themselves for a viable future and attempting to create the practical framework for their life projects.01A - Beitrag in wissenschaftlicher Zeitschrift