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- PublicationAccès libreAre immigrants allowed to criticize the government? Ingroup identity, economic threat, and majority group support for immigrant civil liberties in the US, Switzerland, and Turkey(2025)Assaults on immigrants’ civil liberties have been on the rise across Western countries. This study asks whether majority-group natives exhibit less political tolerance (i.e., support for restrictions on civil rights and liberties) toward immigrants who criticize the government compared to citizens, adding thereby a neglected element to the discussion on the conflicted nexus between migration and citizenship. Drawing on social identity theory and theories of economic threat, we find that across three countries (US, Switzerland, and Turkey) immigrant critics are more strongly penalized. However, the size of the penalty is not moderated by ingroup identity salience, but there is evidence in the US that ingroup victimhood—a different measure of ingroup attitudes—does moderate the treatment effect. Moreover, in all three countries, the treatment effect is amplified by economic threat, and in the US and Turkey, but not in Switzerland, we find significant three-way interactions between the treatment, ingroup identity salience, and economic threat, showing that economic threat activates the effect of ingroup salience. Our findings add to the inconclusive existing evidence on the link between identity salience and political intolerance, by showing that only in combination with realistic feelings of threat (economic threat or victimization) will national or white identity amplify political intolerance towards immigrants.
- PublicationAccès libreFinancial versus strategic bidders and underpricing as an acquisition motive(2022)AbstractWe examine the difference between financial and strategic bidders in exploiting target underpricing. To isolate underpricing from other sources of acquisition gain, we estimate the target revaluation of bids that fail to be completed. We document larger revaluations for targets of financial bidders, precisely private equity bidders than for those of strategic bidders when targets are most likely to be underpriced, that is, when they are small. This differential effect between financial and strategic bidders in target revaluation is robust after controlling for differential sorting into deal failure, future takeover activity and anticipated operational changes and therefore indicates that it is greater target underpricing before bid announcements that financial bidders reveal to the market than strategic bidders do. This suggests that financial bidders and private equity firms attempting to buy smaller firms are more likely associated with underpriced targets than strategic bidders.
- PublicationAccès librePension fund board governance and asset allocation: evidence from Switzerland(2022)AbstractWe study whether pension fund board governance relates to asset allocation. Pension funds with well-governed boards have greater international diversification, lower cash holdings, and, when pension funds are small, invest more in risky assets. In particular, pension fund boards that establish comprehensive investment policies invest more in equities, in foreign assets, and hold less cash. We argue that a comprehensive investment policy is likely to serve as a proxy for the financial expertise available to the fund while it provides the set up to facilitate decision making. Finally, we further show that the presence of external financial experts is also associated with lower cash holdings.
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Éditeur
Bohnet, François 141
Type d'entité
Publication 29979