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Université de Fribourg

What if dividends were tax-exempt? : evidence from a natural experiment

Isakov, Dušan ; Pérignon, Christophe ; Weisskopf, Jean-Philippe

(Working Papers SES ; 498)

We study the effect of dividend taxes on the payout and investment policy of listed firms and discuss their implications for agency problems. To do so, we exploit a unique setting in Switzerland where some, but not all, firms were suddenly able to pay tax-exempted dividends to their shareholders following the corporate tax reform of 2011. Using a difference-in-differences specification, we...

Université de Neuchâtel

How many Migrants does the Swiss Pension System Need?

Milivinti, Alice

(nccr on the move ; 19)

The positive role exerted by migrants to decelerate the ageing population process of devel oped countries has been stressed by many studies. However, the actual number of migrants needed to sustain the pension systems and its effectiveness in the long-run often remains tacit. While assuming the increment of the retired population to be the only shock, this study un dertakes an accounting exercise...

Université de Neuchâtel

SWISSCIT Index on Citizenship Law in Swiss Cantons: Conceptualisation, Measurement, Aggregation

Arrighi, Jean-Thomas ; Piccoli, Lorenzo

(nccr on the move ; 18)

In the Swiss federal context, the acquisition of citizenship through ordinary naturalization, the enjoyment of electoral rights as a foreign resident, and the retention of the franchise as a Swiss citizen abroad is not uniformly defined through a single federal law but co-determined by the cantons. In this explanatory note, we introduce SWISSCIT, a set of indicators measuring how inclusive...

Université de Fribourg

Founding family ownership, stock market returns, and agency problems

Eugster, Nicolas ; Isakov, Dušan

(Working Papers SES ; 490, revised)

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different firm characteristics and risk factors. Family firms...

Université de Fribourg

On the sensitivity of wage gap decompositions

Huber, Martin ; Solovyeva, Anna

(Working Papers SES ; 497)

This paper investigates the sensitivity of average wage gap decompositions to methods resting on different assumptions regarding endogeneity of observed characteristics, sample selection into employment, and estimators’functional form. Applying five distinct decomposition techniques to estimate the gender wage gap in the U.S. using data from the National Longitudinal Survey of Youth 1979,...

Université de Neuchâtel

The conversion of family farms in Southland" : A case study for “rural futures: building adaptive management capability to deliver sustainable pastoral farm systems”

Forney, Jérémie

Project description This research on farm conversions in Southland is funded by the Swiss National Science Foundation as an independent project. It has joined the RURAL FUTURES project (a MSI funded programme) to serve as a case study of the social aspects involved in farmers’ decision-making. The aim of the research is to identify non-economic motivators to farm conversion....

Université de Fribourg

Direct and indirect effects under sample selection and outcome attrition

Huber, Martin ; Solovyeva, Anna

(Working Papers SES ; 496)

This paper considers the evaluation of direct and indirect treatment effects, also known as mediation analysis, when outcomes are only observed for a subpopulation due to sample selection or outcome attrition. For identification, we combine sequential conditional independence assumptions on the assignment of the treatment and the mediator, i.e. the variable through which the indirect effect...

Haute école de gestion de Genève

Evaluation of the quality of Alexa’s metrics

Fuss, Megan ; Johner, Sophie ; Gaudinat, Arnaud (dir.)

(Travail de recherche réalisé dans le cadre du Master of Science HES-SO en Sciences de l'information à la Haute école de gestion de Genève (HEG-GE), Filière Information documentaire, 2018)

Alexa is a tool that can easily be confused by name with the voice device that Amazon proposes, but in reality, it is a web traffic tool. Very little is known about how it functions and where it gets data from. With so little information available, how is it possible to know whether the tool is of good value or not. The ability to compare Alexa with other tools such as Google Analytics gives...

Université de Neuchâtel

Return Me – If You Can: 10th Anniversary of the Adoption of the EU Return Directive – A Success Story?

Progin-Theuerkauf, Sarah

(nccr on the move ; 17)

The EU Return Directive will celebrate its 10th Anniversary in 2018. As part of the Schengen Acquis, this Directive is also binding for Switzerland. This Working Paper analyses whether the Directive has actually achieved its aim of setting up a "fair and transparent regime for returns", by pointing out four major problems, also identified by the Court of Justice of the European Union.

Université de Fribourg

Direct and indirect effects of continuous treatments based on generalized propensity score weighting

Hsu, Yu-Chin ; Huber, Martin ; Lee, Ying-Ying ; Pipoz, Layal

(Working papers SES ; 495)

This paper proposes semi- and nonparametric methods for disentangling the total causal effect of a continuous treatment on an outcome variable into its natural direct effect and the indirect effect that operates through one or several intermediate variables or mediators. Our approach is based on weighting observations by the inverse of two versions of the generalized propensity score (GPS),...