Zusammenfassung Historische Ereignisse spiegeln sich in Preisveränderungen auf Finanzmärkten. Dieses Papier untersucht die deutsche Kriegsgeschichte während des zweiten Weltkriegs anhand der Preisentwicklung der in der Schweiz gehandelten deutschen Staatsanleihen. Die Resultate unserer...

This paper presents a proposal to deal with cultural overtourism causing substantial negative e!ects. They burden the local population, tourists, and the natural environment by overcrowding, vandalism, and pollution. While at present tourism is suppressed by governments due to the COVID-19...

Die starke Reduktion der Gemeinden im Kanton Glarus, die 2006 an der Landsgemeinde beschlossen wurde, hat nur geringfügige finanzielle Auswirkungen gebracht. Hingegen ist die Stimmbeteiligung - ein wichtiger Indikator für die Beziehung der Bevölkerung zum demokratischen politischen Prozess -...

Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...

Based on survey data for Switzerland, new empirical findings on direct democracy are presented. In the first part, we show that, on average, public employees receive lower financial compensation under more direct democratic institutions. However, top bureaucrats are more constrained in direct de...

We propose a radically new approach to deal with major negative effects resulting from overtourism. The major attractions of heavily visited historical sites are to be identically replicated in a new location emphasizing a vivid historical experience supported by modern technology. In the near...