I owe a debt of gratitude ¯rst and foremost to my supervisor, Prof. Markus Leippold. From the very beginning of my dissertation, Markus was a demanding and highly motivating advisor who always believed in the potential value of my research topic. I thank him for his invaluable support. I am also deeply obliged to Prof. Hans Geiger, co-supervisor with Prof. Leippold, who gave me the opportunity to work by his side and bene¯t from the exceptional research network at the Swiss Banking Institute. I am indebted to Prof. Roger Bey, who invited me to spend a full academic year at the Finance Department of the University of Tulsa, where I encountered a very inspiring environment that allowed me to devote a great deal of time on my research. Furthermore, I thank Florian Eugster for careful proofreading and many fruitful discussions on the empirical part of the thesis. I thank my brother S ebastien Rohner for designing the cover page and Lenore Hietkamp for excellent editorial assistance. I am also grateful to Blanca who supported me during all stages of the thesis with so much energy, fortitude and love. Finally, I o®er my gratitude to my parents Beatrice and Roland Rohner for their continuous encouragement throughout my life; to them I owe everything I have achieved so far.
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