Based on real-time trade data from the Swiss franc overnight interbank repo market and SIX Interbank Clearing (SIC) the Swiss real-time gross settlement (RTGS) system we are able to gain valuable insights on the daytime value of money and its determinants: First, an implicit hourly interbank...

Based on a vector autoregressive model, this paper shows that time variation in monthly excess returns on Swiss government bonds and stocks is predominantly driven by news of inflation and dividends, respectively. This finding is in marked contrast to US evidence which points to a more prominent...