The socio-economic value of satellite earth observations: huge,yet to be measured

ABSTRACT

Earth-observing satellites provide regular and accurate data that can support evidence-based decisions and public policies in a wide range of domains, potentially bringing huge socio-economic benefits. However, obstacles to effective data exploitation and poor awareness about their impacts risk hindering this potentiality and threaten the investments. Leveraging on the case of the Copernicus Programme, we review the challenges related to the full exploitation of free environmental space data and to the measurement of the related impacts. We then discuss the need for empirical approaches based on value-chain analysis with the objective to stimulate further societal and economic research.     

Legacies of violence: trust and market development

We study the effect of individual exposure to civil conflict on trust and preferences for market participation. We conducted behavioral experiments and surveys among 426 randomly selected individuals more than a decade after the end of the Tajik civil war. We find that exposure to violence undermines trust within localities, decreases the willingness to engage in impersonal exchange, and reinforces kinship-based norms of morality. The effect is strongest where infighting was most severe and where political polarization is high. Robustness of the results to the use of pre-war controls, village fixed effects, and alternative samples suggest that selection into victimization is unlikely to explain the results.     

Sustainability and tourism development in three Italian destinations: stakeholders' opinions and behaviours

The paper focuses on tourism sustainability and environmental policies. It presents the findings of an empirical research study on environmental awareness in three Italian areas. The aim of the research was to study local stakeholders' environmental awareness so as to verify their willingness to support environmental needs. Institutional stakeholders and local tourism entrepreneurs were interviewed at each site. The areas have been analysed as case studies in order to evaluate the local communities' commitment towards protecting the environment. In addition, the opinions of different stakeholders within each site and across sites have been compared. This work also underlines the importance of endogenous processes of a socio-cultural type, such as primary drivers of innovative eco-compatible behaviours, compared with the role played by market-driven external forces or traditional government regulation. The findings demonstrate that, in lacking shared responsibility, conflicts and tensions inside the local community paralyse innovative environmental behaviours when they ought really to be turned into opportunities for debate so that shared strategies and solutions may be identified.     

Growth factors in medium-sized enterprises: the case of an Italian region

Due to the polarisation of the Italian production system into small and large enterprises, the role of medium-sized enterprises has been largely neglected. As a consequence, studies analysing the factors that affect economic development in Italy have mainly focused on the role of small businesses or on aggregates of small and medium-sized enterprises. This study contributes to the literature by focusing on medium-sized enterprises, and the study has a two-fold aim. First, our study aimed to identify the growth factors specific to medium-sized enterprises in comparison with small enterprises. Second, of the factors that determine the growth of medium-size enterprises, we aimed to identify factors with entrepreneurial characteristics. To investigate these two aims, we surveyed and analysed medium-sized enterprises operating in the Italian region of Bergamo. Our findings highlight some of the factors that significantly determine the growth of medium-sized enterprises, including proactivity, risk taking posture and investment aimed at growth.     

Explaining co-movements between stock markets: The case of US and Germany

We explain co-movements between stock markets by explicitly considering the distinction between interdependence and contagion. We propose and implement a full-information approach on data for US and Germany to provide answers to the following questions:

(i) Is there long-term interdependence between US and German stock markets?

(ii) Is there short-term interdependence and contagion between US and German stock markets, i.e. do short-term fluctuations of the US share prices spill over to German share prices and is such co-movement unstable over high-volatility episodes?

Our answers are, respectively, no to the first question and yes to the second one.     

Voluntary Contributions to Personal Pension Plans: Evidence from the British Household Panel Survey

In this paper, we use data from the British Household Panel Survey (BHPS) for the years 1992 to 1998 to study the determinants of saving in the form of voluntary contributions to personal pension plans (PPPs). We first estimate a probit model with selection for the probability of making these voluntary contributions. We then estimate a random‐effects tobit regression for the amounts contributed and compare the results with those of a similar regression for conventional saving. Our findings suggest that voluntary contributions to PPPs are made essentially for retirement purposes, whereas conventional saving is undertaken for precautionary motives. The former type of saving is thus unlikely to offset the latter completely.     

Endogenous growth, monetary shocks and nominal rigidities

We introduce endogenous growth in a standard NK model with staggered prices and wages. We find that the source of nominal rigidities, the shock persistence and the type of Taylor rule affect the relationship between monetary volatility and growth.     

What governs directors’ monitoring behavior in China? The influence of director social identification,learning goal orientation,and avoidance orientation

Drawing together literature on corporate governance, organizational behavior, and educational psychology, and using survey data from a sample of 300 Chinese company directors, this study examines the mediating role of director learning goal orientation in linking two widely-acknowledged director social identifications (identification with the organization and identification with executive-agents) and a key director task behavior, namely the monitoring of executive-agents. We also investigate the moderating role of director avoidance orientation in influencing this mediation since a predisposition to avoid loss of “face” is widely posited as having particular relevance in the Chinese context. Results show, first, that directors with stronger organizational identification monitor executive-agents more diligently than those with stronger executive-agent identification. Second, we find that while learning goal orientation mediates the positive effects of both organizational identification and executive-agent identification on monitoring, the mediated indirect effect of organizational identification on monitoring is stronger than the mediated indirect effect of executive-agent identification on monitoring. Third, results show that the indirect effects are stronger when director avoidance orientation is low. These findings underscore the importance of director social identification and learning goal orientation in inducing director monitoring in the Chinese context, as well as the worth of selecting directors who exhibit a low disposition to avoidance.     

Global Cities and Local Housing Market Cycles

The Journal of Real Estate Finance and Economics - In this paper, we consider the dynamic features of house price in metropolises that are characterised by a high degree of internationalisation....     

Motivations behind users’ participation in the standard-setting process: Focus on financial analysts

The aim of this study is to investigate what motivates financial analysts to participate in the accounting standard-setting process. We focus on financial analysts because they are an important group of the financial statements users. The paper employs the meso-level approach used by Durocher et al. (2007) that integrates the macro domain’s focus on the standard setters with the micro domain’s focus on individuals and thus it links the characteristics of due process for standard setting with users’ attitudes. We develop a survey for the Chartered Financial Analysts Institute (CFA), which is one of the largest associations of investment professionals in the world, and collected data through computer-assisted Web interviews. We use a structural equation model with PLS to test our hypotheses. Our main findings confirm that a combination of micro and macro domains explains the frequency of financial analysts’ participation in the standard setting process. This investigation, thus, deepens our understanding of motivations behind analysts’ involvement in the accounting standard-setting process and delivers both theoretical contributions and practical insights.