Working papers SES

Working papers SES
La collection des Working Papers SES est une série de cahiers de recherche présentant les différents travaux menés au sein de la Faculté des sciences économiques et sociales de l'Université de Fribourg (Suisse). Cette collection existe depuis 1980 et les thèmes abordés reflètent les différentes orientations scientifiques des membres de la Faculté: économie politique, gestion d'entreprise, informatique de gestion, méthodes quantitatives, sciences sociales et sciences des médias et de la communication. Le contenu de ces travaux n'engage que la responsabilité de leurs auteurs.

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Université de Fribourg

Management Excellence in Pflegeeinrichtungen

Zeides, Roland ; Gmür, Markus

(Working Papers SES ; 438)

Betriebswirtschaftlich erfolgreiche und weniger erfolgreiche Einrichtungen der stationären Altenpflege unterscheiden sich in erster Linie darin, welche Bedeutung sie einer umfassenden Kundenorientierung und einem professionellen Freiwilligenmanagement einräumen. Dagegen scheinen Kosten für Strukturen und Instrumente der Governance, der Planung und Steuerung, im Marketing sowie in der...

Université de Fribourg

A productive clash of cultures : injecting economics into leadership research

Zehnder, Christian ; Herz, Holger ; Bonardi, Jean-Philippe

(Working Papers SES ; 478)

Research on leadership in economics has developed in parallel to the literature in management and psychology and links between the fields have been sparse. Whereas modern leadership scholars mostly focus on transformational and related leadership styles, economists have mainly emphasized the role of contracts, control rights, and incentives. We argue that both fields could profit from enriching...

Université de Fribourg

Smile in Motion : An Intraday Analysis of Asymmetric Implied Volatility

Wallmeier, Martin

(Working Papers SES ; 427)

We present a new method to measure the intraday relationship between movements of implied volatility smiles and stock returns. It is based on an enhanced smile regression model which captures patterns in the intraday data which have not yet been reported in the literature. Using transaction data for exchange-traded EuroStoxx 50 options from 2000 to 2011 and DAX options from 1995 to 2011, we show...

Université de Fribourg

A Note on the Impact of Portfolio Overlapping in Tests of the Fama and French Three-Factor Model

Wallmeier, Martin ; Tauscher, Kathrin

(Working Papers SES ; 433)

In the three-factor model of Fama and French (1993), portfolio returns are explained by the factors Small Minus Big (SMB) and High Minus Low (HML) which capture returns related to firm capitalization (size) and the book-to-market ratio (B/M). In the standard approach of the model, both the test portfolios and the factor portfolios SMB and HML are formed on the basis of size and B/M. This gives...

Université de Fribourg

A substantial discount on ski passes : a synthetic control analysis

Wallimann, Hannes

(Working Papers SES ; 507)

The synthetic control method serves as an appropriate and promising approach to do quantitative comparison research. However, the method is rarely used in the context of tourism. We fill this research gap by applying the method to the case of a Swiss mountain destination. Alpine tourist destinations have suffered from a declining demand in the last decade. Fewer tourist visit ski resorts....

Université de Fribourg

Machine learning approach for flagging incomplete bid-rigging cartels

Wallimann, Hannes ; Imhof, David ; Huber, Martin

(Working Papers SES ; 513)

We propose a new method for flagging bid rigging, which is particularly useful for detecting incomplete bid-rigging cartels. Our approach combines screens, i.e. statistics derived from the distribution of bids in a tender, with machine learning to predict the probability of collusion. As a methodological innovation, we calculate such screens for all possible subgroups of three or four bids...

Université de Fribourg

Member Value in Co-operatives

Suter, Peter ; Gmür, Markus

(Working Papers SES ; 444)

Until today there is a research gap considering the question, what motivates a member to enter or leave a co-op, resp. what are the reasons to stay in a co-operative. The majority of studies about this topic mainly focus on economic factors and the rational behavior of the member. However, co-ops also have other purposes not associated with financial goals. The presented paper is proposing a new...

Université de Fribourg

Robust Imitation Strategies

Sudharshan, Devanathan ; Furrer, Olivier ; Arakoni, Ramesh A.

(Working Papers SES ; 446)

Performance is the lifeblood of a firm's management. Performance itself depends on the adaptation of strategy, based on learning and the environment. An important way that firms adapt their strategy is through imitation or mimetic isomorphism. Imitation implies a referent for such adaptations. This article seeks to determine who or what should serve as that referent. Accordingly, this research...

Université de Fribourg

Does Bilateral Trust Affect International Movement of Goods and Labor?

Spring, Eva ; Grossmann, Volker

(Working Papers SES ; 442)

Trust in the citizens of a potential partner country may affect the decision to trade with or to migrate to a foreign country. This paper employs panel data to examine the causal impact of such bilateral trust on international trade and migration patterns. We apply instrumental variables (IV) approaches that capture the exogenous variance of bilateral trust separately with eight indicators of...

Université de Fribourg

The patent buyout price for Human Papilloma Virus (HPV) vaccine and the ratio of R&D costs to the patent value

Songane, Mario ; Grossmann, Volker

(Working Papers SES ; 510)

Human papillomavirus (HPV) is responsible for almost all of the 530,000 new cases of cervical cancer and approximately 266,000 deaths per year. HPV vaccination is an integral component of the World Health Organization’s global strategy to fight the disease. However, high vaccine prices enforced through patent protection are limiting vaccine expansion, particularly in low- and middle-income...