Swiss Finance Institute

PROXIMAL ESTIMATION AND INFERENCE

Abstract We develop a convex-analytic framework for constructing and analyzing a broad class of penalized estimators. Our method defines penalized estimators by applying proximal operators to benchmark estimators, rather than by penalizing the benchmark criterion itself. We estab...

Green Versus Sustainable Loans: The Impact on Firms' ESG Performance

ABSTRACT This paper studies the development of a firm's Environmental, Social, and Governance (ESG) performance following the issuance of “green loans” earmarked for green projects versus “sustainable loans” benchmarked by ESG criteria. Firms issuing green loans improve environme...

The insurance of climate-related physical risks: challenges and opportunities for actuaries

Abstract We examine the key challenges associated with insuring climate-related risks in the context of a changing climate. Adopting a balance-sheet perspective on insurance company management, we analyze the concept of insurability and how it may be reshaped by climate change. F...

An Elastoplastic Constitutive Model for Anisotropic Hydro-Mechanical Response of Opalinus Clay

Opalinus Clay is currently proposed as the host rock for a deep geological repository (DGR) for radioactive waste in Switzerland. Gas is expected to be generated within the repository due to anoxic corrosion of metallic components and the degradation of organic material, and unde...

Optimal abatement schedules for excess carbon emissions towards a net-zero target

Abstract Achieving net-zero carbon emissions requires a transformation of energy systems, industrial processes, and consumption patterns. In particular, a transition towards that goal involves a gradual reduction of excess carbon emissions that are not essential for the well-func...

How do monetary incentives affect the measurement of social preferences?

Abstract In this registered report, we investigate (i) whether incentives affect subjects’ willingness to pay to increase and to decrease the payoff of others, (ii) whether they affect the distribution of social preference types, and (iii) whether they affect the strength and the...

A Storage Process with Alternating Lévy Input

In this paper, we study a queueing process for which the dynamics are changed once the workload in the queue exceeds a predefined threshold, and these new dynamics stay in force until the queue is emptied, at which point the previous dynamics are again reinstalled. For general sp...

Consumption and saving patterns in Switzerland: new evidence based on administrative tax data

Abstract We use administrative data on income and wealth of taxpayers in the canton of Bern to impute consumption based on the budget constraint. We validate the imputed consumption and use the panel data on consumption, income and wealth to provide stylized facts on consumption...

Common Food Emulsifiers Impair Epithelial Barrier Integrity and Trigger Pro‐Inflammatory Responses and IgE Production

The global rise in allergic and autoimmune diseases since the 1960s has been associated with environmental disruptions of epithelial barriers, particularly in the gastrointestinal tract. Among the implicated factors are food emulsifiers, which have become increasingly prevalent i...

Toward continuous shrinkage measurement of poured earth: practical setup and underlying shrinking mechanisms

Abstract Continuous shrinkage measurement in earth-based materials remains technically challenging, particularly for high-water-content mixtures with low initial stiffness. In this study, a semi-cylindrical experimental setup, combined with digital image correlation (DIC) for mea...