This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997–2019. We find strong evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an instrumental v ...
The effect of investing in equipment and/or structures on TFP and long run growth is investigated here. We argue that economies can grow in spite of stagnant TFP if the investment rate is inefficiently high. We study the case of Spain where real GDP per wo ...
This thesis analyses three distinct aspects of the economics of water distribution in Switzerland. Climate change and mounting pressure regarding the performance of network industries command an understanding of the drivers of cost and efficiency of water ...
We establish universal bounds for asset prices in heterogeneous complete market economies with scale invariant preferences. Namely, for each agent in the economy we consider an artificial homogeneous economy populated solely by this agent, and calculate the ...