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  • Book


  • Authors: Decker, Carolin; Mellewigt, Thomas (2008)

  • First, Ms. Decker summarizes the literature on business exit from the last three dec- ades in a systematic and comprehensible way. This is a deserving task since the lit- erature on this topic is widely dispersed, e.g. in the field of finance, amongst others. Referring to the existing findings, the literature review shows that prior research has mainly focused on two questions: “What factors promote business exit?” and “What are the financial outcomes of business exit for the divesting parent firm?”. Drawing on this background, the author convincingly argues that, up to now, the strategic implica- tions of business exit for the divesting parent firm have largely been ignored.

  • Book


  • Authors: Zainhofer, Florian. (2008)

  • Swiss economists have proposed to individualize the funded second pillar of the Swiss retirement provision system (BVG) by granting employees flexibility with respect to the contribution rate and risky asset share in their accounts. Opponents have stressed that such a reform would transfer the investment risk from pension funds to financially illiterate employees and thus imply a welfare loss. Florian Zainhofer uses the theory of life cycle investing, i.e. how we should optimally choose our savings rate and risky asset share throughout our lives, as a framework to study the implications of a potential BVG individualization. Following an introduction on the Swiss system of old-age provision, the author reviews recent life cycle models of portfolio choice and covers their numerical so...