Long-run performance of initial public offerings: The evidence for Switzerland

We estimate the underpricing and long-run performance of Swiss initial public offerings (IPOs) from 1983 to 2000. The average market adjusted initial return is 34.97%. To examine the long-run performance of Swiss IPOs, we compute buy-and-hold abnormal returns, skewness-adjusted wealth ratios, and cumulative abnormal returns using 120 months of secondary market returns. In contrast to previous findings for the U.S. and Germany, we do not find strong evidence for a distinct IPO effect. We attribute long-run underperformance to the fact that IPO firms tend to be small firms. It virtually vanishes when we use a small capitalization index as a benchmark. In spite of distinct economic implications and statistical properties, our basic results are similar for all performance measures applied.

Does ‘better’ discounting lead to ‘worse’ outcomes in long-run decisions? The dilemma of hyperbolic discounting

The shortcomings of conventional discounting, especially in the context of long-run environmental problems, have been extensively discussed in the literature. Recently, hyperbolic discounting, i. e. discounting at declining instead of constant discount rates, has attracted a lot of interest among both scientists and politicians. Although there are compelling arguments for employing hyperbolic discounting, there are also pitfalls, which have to be pointed out. In this paper I show that the problem of time-inconsistency, an inherent characteristics of hyperbolic discounting, leads to a potential clash between economic efficiency and intergenerational equity. As an example, I refer to the weak progress in the controlling of greenhouse gas emissions under the Kyoto protocol. As the problem of time-inconsistency cannot be solved on economic grounds alone, there is a need for an intergenerational moral commitment.

Characterisation and mitigation of beam-induced backgrounds observed in the ATLAS detector during the 2011 proton-proton run

This paper presents a summary of beam-induced backgrounds observed in the ATLAS detector and discusses methods to tag and remove background contaminated events in data. Trigger-rate based monitoring of beam-related backgrounds is presented. The correlations of backgrounds with machine conditions, such as residual pressure in the beam-pipe, are discussed. Results from dedicated beam-background simulations are shown, and their qualitative agreement with data is evaluated. Data taken during the passage of unpaired, i.e. non-colliding, proton bunches is used to obtain background-enriched data samples. These are used to identify characteristic features of beam-induced backgrounds, which then are exploited to develop dedicated background tagging tools. These tools, based on observables in the Pixel detector, the muon spectrometer and the calorimeters, are described in detail and their efficiencies are evaluated. Finally an example of an application of these techniques to a monojet analysis is given, which demonstrates the importance of such event cleaning techniques for some new physics searches.

UNESCO World Heritage „Prehistoric pile-dwellings around the Alps“: Chances and Challenges for Management and Research of Cultural Heritage Under Water

Research in prehistoric sites of lakes and bogs around the Alps started more than 150 years ago. In 2004 Switzerland took the initiative to propose an international UNESCO world heritage nomination, which was successful in 2011. Six countries – Austria, France, Germany, Italy, Slovenia and Switzerland – joined forces to obtain the precious label for an invisible cultural heritage of outstanding universal value. Archaeological sites under water or in bogs are of special importance because objects made of organic material like wood, bark, plant fibres and others survive in this milieu for hundred or thousands of years. The alpine pile-dwelling sites offer a highly precise dating possibility by using dendrochronology. All in all these sites have a high scientific potential but run also risks of long term conservation. Beside the scientific chances there are risks to consider: public access is difficult and a major challenge. New ideas are demanded to keep alive public interest.

The Swiss Public Initiative against Mass Immigration (‘Masseneinwanderungsinitiative’): Caught between Constitutional Sovereignty and Pacta Sunt Servanda

This article seeks to bring some clarity to the publicly held debate on the Swiss federal popular initiative to limit immigration as it was adopted on 9 February 2014 by the Swiss people. It considers the crux of the matter, which is the implementation of the new Swiss constitutional article in the context of public international law. The initiative is stuck in between Swiss constitutional sovereignty and Swiss treaty obligations flowing from the agreement on free movement of persons between the European Union and the Swiss Confederation. Specific attention is paid to the democratic element anchored in the Swiss Constitution which, in contrast to other systems where the judicial element prevails, is of high importance for whole the process of a bilateral contractual relationship between the European Union and the Swiss Confederation.