Strategic Objectives For State-Owned Enterprises As A Means To Mitigate Political Interference: An Empirical Analysis Of Two Swiss State-Owned Enterprises
Diffusion-based generative methods have proven effective in modeling trajectories with offline datasets. However, they often face computational challenges and can falter in generalization, especially in capturing temporal abstractions for long- horizon tas ...
This thesis consists of three parts that study separate subjects in corporate finance and corporate governance. The overarching theme is ownership by CEOs and other insiders.In the first part, which is co-authored work with Rüdiger Fahlenbrach, René M. ...
State-owned enterprises (SOEs) provide important services such as power supply, postal services and public transportation. In doing this, SOEs operate at the intersection of political/regulatory and economic expectations. Therefore, SOEs are commonly consi ...
Economic growth is increasingly explained and driven by knowledge acquisition and firmsâ capabilities to adapt to new evolving situations to fit economic, societal and environmental frames. Strategic behavior of private companies in differentiating and p ...
Automobiles have become counter-productive. Negative externalities resulting from car use have overcome the social benefits automobiles brought when initially introduced. Having shaped most contemporary transportation systems, the automobility regime is kn ...
We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency confl ...
Public enterprises operate in the area between the opposing poles of state and market. On the one hand they must meet a wide range of political expectations, and on the other they must fulfil commercial efficiency criteria. This dissertation addresses how ...
Liberalization and the introduction of sector-specific regulators has caused the position of State-owned enterprises (SOEs) of network industries to change not only within national economies, but also vis-a-vis their respective States. In response, many SO ...
The concept of governance is generally understood to be the creation of a structure or an order that results from the interaction of a multiplicity of governing mechanisms and actors influencing each other. The notion is increasingly criticized mainly beca ...
This dissertation consists of three chapters. The first chapter examines whether the availability of credit default swaps (CDS) has consequences for creditor governance. CDSs offer creditors the opportunity to hedge credit risk and may impact their willing ...
Electronic intermediaries have become pervasive in sales transactions for many durables, such as cars, power tools, and apartments. Yet only recently have they successfully tackled the challenge of enabling parties to share such goods. A key impediment to ...
We study changes in chief executive officer (CEO) contracts when firms transition from public ownership with dispersed owners to private ownership with strong principals in the form of private equity sponsors. The most significant changes are that a signif ...
The public sector in Western Europe has experienced a shift from state-centric public governance to private and public-private governance since the end of the twentieth century. Debates in the political sciences have focused on whether a „higher‟ level of ...
In this paper we describe a new computational model of switching between path-planning and cue-guided navigation strategies. It is based on three main assumptions: (i) the strategies are mediated by separate memory systems that learn independently and in p ...
The various actors in the regulated industries relate to each other within a broader institutional framework, i.e., by way of formal and informal rules. An important role in the implementation of liberalization processes is given to regulation and thus to ...
I analyze the role of executive compensation in corporate governance. As proxies for corporate governance, I use board size, board independence, CEO-chair duality, institutional ownership concentration, CEO tenure, and an index of shareholder rights. The r ...
Traditionally, urban water services were characterised by local monopolies, where the incumbent was publicly-owned. This was explained by safety, health, economic, and technological reasons related to the sector's specificities. However, in spite of this, ...
This thesis describes the development of three conceptual models built to serve as decision support tools in liberalised electricity markets. The introduction of competition, higher uncertainty and decentralised planning requires new planning and analysis ...
