Un modello matriciale per la dominanza stocastica e stocastico-temporale

In questa nota si estendono alcuni precedenti risultati dovuti a Beccacece-Castagnoli [1]–[2] e Levi [7], sulla dominanza temporale, stocastica e stocastico-temporale tra flussi finanziari, certi o aleatori, nel caso discreto e finito. Largo spazio viene anche dato ad esempi critici e controesempi.

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Summary This paper extends previous results by Beccacece-Castagnoli [1]–[2] and Levi [7] on time dominance, stochastic dominance, time-stochastic dominance for discrete, finite, deterministic or stochastic, cashflows. Last sections are devoted to critical examples and counterexamples.

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Ricerca parzialmente finanziata dal M.U.R.S.T. e dall'Università Bocconi.     

Conditional Persistence of Earnings Components and Accounting Anomalies

We suggest that the failure of investors to distinguish between an earnings component's autocorrelation coefficient (unconditional persistence) and the marginal contribution of that component's persistence to the persistence of earnings (conditional persistence) provides a partial explanation of post‐earnings‐announcement drift, post‐revenue‐announcement drift, and the accrual anomaly. When the conditional persistence of revenue surprises is high (low) relative to its unconditional persistence, both the post‐earnings‐announcement drift and the post‐revenue‐announcement drift are high (low), because investors’ under‐reaction to revenues and earnings is stronger when the persistence of revenue surprises is more strongly associated with the persistence of earnings surprises. Also, the mispricing of accruals decreases substantially when the conditional persistence of accruals is high relative to its unconditional persistence, because investors’ over‐reaction to accruals is mitigated when the persistence of accruals is indeed more strongly associated with the persistence of earnings. Our findings also suggest that financial analysts’ failure to distinguish between unconditional and conditional persistence of revenues and accruals results in more biased revenue and earnings predictions.     

沃尔泽的复合平等之梦与中国的收入分配改革

人类对物质消费的本能及其本身所具有的差异以及物品的社会意义的多样性与抽象性导致简单平等的美梦难以变成现实。复合平等是优越于简单平等的另一种平等梦想。实现复合平等的关键在于自主分配，而确保自主分配的前提是承认差别和捍卫边界。垄断与支配是两个不同的概念，实现复合平等需要消除支配但不需要消除垄断。沃尔泽的复合平等理论对当前中国推进收入分配制度改革具有重要启示，有助于“中国梦”的早日实现。     

THE ‘WHO AND WHY’ OF LOTTERY: EMPIRICAL HIGHLIGHTS FROM THE SEMINAL ECONOMIC LITERATURE

Lotteries operate today in many countries around the world. This type of gambling is usually run by governments and is sometimes described as regressive. Lottery is an unfair bet, so explaining the purchase of lottery tickets by risk‐averse consumers has been a challenge for economic theory. Lotteries can be analysed from either of two economic perspectives: as a source of public revenue or as a consumer commodity. In this paper the state of economic research on lotteries is reviewed, focusing on its main empirical findings.     

Organizational diversity programs across cultures: effects on absenteeism,turnover, performance and innovation

This study examined data from over 5000 organizations in 22 countries to address three complementary issues: (1) the influence of national culture on the adoption of diversity programs aimed at recruiting, training and promoting individuals from specific target groups; (2) the moderating effect of national cultural practices on the relationship between these diversity programs and the organizational outcomes of absenteeism and turnover; and (3) the mediating effect of absenteeism and turnover on the relationship between diversity programs and organizational performance and innovation. National cultural values and practices were taken from the GLOBE study and assigned respectively to the organizations in our sample. A multilevel path analysis supported the hypothesized effects of national cultural values on organizational diversity programs. Moreover, cultural practices were found to moderate the relationship between diversity programs and absenteeism and turnover. Our hypotheses on the role of absenteeism and turnover as mediators of the relationship between diversity programs and organizational performance and innovation were also supported. Our findings may help guide managers' decisions on the adoption of diversity programs in units operating in different national cultures. We discuss the implications of our findings for scholars and practitioners concerned with diversity management issues in a global context.     

Measurement errors and bounded OLS estimates

In a multiple linear regression model with one mismeasured independent variable, all coefficients are asymptotically biased. It is shown how in OLS, an examination of the sign of the cofactors of the variance-covariance matrix of measured values can be used to obtain large sample bounds on the coefficients. The method involves forward regression and regression on the mismeasured variable. Bounds are generally obtained on the coefficient of the mismeasured variable and often obtained on the remaining coefficients with no knowledge of the size of the measurement error.     

Don't call us,we'll call you: Considering cognitive and physical effort in designing effective response systems to manage extended in-process wait

People must often wait for days or weeks to receive test results, price quotes, products, etc. Service providers may manage user experience during such in-process waits using notification systems that inform users when a response is available or inquiry systems that require users to inquire about response availability, thereby imposing prospective memory requirements on users. Based on the prospective memory and wait time literature, we make predictions regarding how response system (notification vs. inquiry) moderates the effects of waits that are shorter or longer than the provider promised on user evaluation of the wait. We find that users of a notification system evaluate a wait more positively and are less sensitive to deviations of actual from promised wait time than are users of an inquiry system. This advantage was more pronounced for a wait that was longer (vs. shorter) than promised. These effects of system and expectation on evaluation were fully mediated by their impact on the cognitive and physical effort of navigating the system. Finally, a week after having experienced a wait, users of an inquiry system who had waited longer (vs. shorter) than promised cooperated less on a follow-up task, highlighting another downside of using an inquiry system.     

The effect of the 2007 ethanol mandate on downside risk in agriculture: evidence from Kansas farmers

The Energy Independence and Security Act of 2007 increased the amount of corn ethanol that must be blended into motor vehicle and other fuels as part of the renewable fuel standard. The purpose of this article is to look at how the increase in demand for corn influenced the profitability and downside risk of farms. We conducted this investigation using annual data for more than 300 farms in Kansas from 1997 through 2014. We find that the probability of a farmer’s experiencing a negative return on equity (i.e. the ‘downside risk’ of farming) decreased by 25 percentage points after 2007.     

Spatial processes and Galois/concept lattices

There is a fair amount of interest in the use of Galois or Concept Lattices in the social sciences as a way of representing complex data structures; it does not seem to be widely appreciated that these structures are homologous to those arising from a discrete noncompensatory multidimensional response process, as originally outlined by Coombs. Here I formalize the spatial intuition underlying Coombs’s proposal, and show how, for any set of data, we may recreate the set of all possible minimal spatial representations.