Stock offerings in a different institutional setting: the Swiss case, 1973-1983

This paper analyzes the stock price effect of equity issues in Switzerland. There, insiders are not legally prevented from using their information for personal trades, and security offerings are with almost no exception rights issues. Unlike what we find for a comprehensive sample of U.S. rights issues and a sample of U.S. general cash offerings, a significant majority of firms experiences a positive monthly announcement effect. The average abnormal return itself, however, is not significant. Also, we find evidence inconsistent with infinitely price-elastic demand functions for common stock, as well as some evidence that offer prices convey new information.

A test of the OPEC cartel hypothesis: 1974-1983

This paper tests whether the higher oil prices fo the last decade could have been the result of producer collusion. We find little evidence that OPEC influenced oil prices during the years of skyrocketing prices (1974-1980), but there is evidence that it did so during the recent years of softening prices (1981-1983).

Report by A.Berson about the aerological expedition of the Royal Aeronautic Observatory to East Africa in 1908

This paper is the edited translation of the paper “A. Berson's Bericht über die aerologische Expedition des königlichen aeronautischen Observatoriums nach Ostafrika im Jahre 1908” (Report by A. Berson about the aerological expedition of the Royal Aeronautic Observatory to East Africa in 1908) that was published 1910 in the Meteorologische Zeitschrift 27, 536–542. The paper, provided by R. Süring, co-editor of the journal, is a summary of a more extensive report published in the same year.