This article examines founding family influence on pay-out policies for Swiss listed firms over the period 2003-2010. We find that founding family firms have higher dividends and total pay-outs than non-family firms. There is no significant difference between stock repurchases for the two types...

The number of expatriates from global firms has been continuously increasing over the past decades as multinational companies still view expatriation as an important tool for sharing and transferring knowledge, controlling subsidiaries and developing workforce competencies. Expatriate management...

Many instrumental variable (IV) regressions include control variables to justify (conditional) independence of the instrument and the potential outcomes. The plausibility of conditional IV independence crucially depends on the timing when the control variables are determined. This paper...

Scholars evaluating national and local budget procedures in Central and Eastern Europe generally advocate a greater role for legislative bodies and citizens. Mature federations and decentralised countries in Western Europe are often cited as prime examples of participatory budgeting which is...

Empirical research has shown that in some situations subjects tend to assign a probability to a conjunction of two events that is larger than the probability they assign to each of these two events. This empirical phenomenon is traditionally called the conjunction fallacy. One of the best known...

Gegenstand der vorliegenden Arbeit ist ein Versuch, das Verhältnis zwischen wirtschaftsstatistischer Information und dem Ausschnitt der Wirklichkeit, über den sie etwas auszusagen behauptet, neu zu überdenken. Dabei geht es darum, einen Begriff der Problem- und Wirklichkeitsangemessenheit zu...

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of...