Sul tasso implicito di operazioni finanziarie aleatorie

Si danno limitazioni inferiori e superiori per il valor medio del tasso implicito di operazioni finanziarie aleatorie di una classe determinata. Per l’ottenimento di alcune disuguaglianze si fa uso di una versione generalizzata della ben nota disuguaglianza di ?eby?ev tra medie con diverse ponderazioni che viene dimostrata in appendice e che vale anche per distribuzioni di probabilitá con componenti discreta e continua congiuntamente.     

International convergence in regulation: The case of measurable standards

Recent literature on competition in regulation concludes that the iterative adjustment that may start with mutual recognition is an open-ended process. This paper shows that, even without acceptance of reciprocal minimum standards, a process of iterative adjustment may be triggered by the coexistence of foreign goods with high standard levels and domestic goods with relatively low standard levels. Focusing on the case of international heterogeneity of levels of a specific standard, the paper offers an intuitive counter-argument to the fear that free trade necessarily implies a “race to the bottom“ of standard levels.     

THE PREDICTABILITY OF AGGREGATE CONSUMPTION GROWTH IN OECD COUNTRIES: A PANEL DATA ANALYSIS

We examine aggregate consumption growth predictability. We derive a dynamic consumption equation which encompasses relevant predictability factors: habit formation, intertemporal substitution, current income consumption and non‐separabilities between private consumption and both hours worked and government consumption. We estimate this equation for a panel of 15 OECD countries over the period 1972–2007, taking into account parameter heterogeneity, endogeneity and error cross‐sectional dependence using a GMM version of the common correlated effects mean group estimator. Small‐sample properties are demonstrated using Monte Carlo simulations. The estimation results support income growth as the only variable with significant predictive power for aggregate consumption growth. Copyright © 2013 John Wiley & Sons, Ltd.     

Managerial Sharing,Mutual Fund Connections,and Performance

In this study, we examine the effect of mutual fund connections, through managerial sharing, on performance and stock holding commonalities. Our analysis of return correlations and portfolio holdings indicates that more interconnected funds tend to buy and sell similar stocks, hence increasing the similarity of portfolio holdings and undermining the distinctiveness of their investment strategy. Our results also indicate that highly connected funds significantly underperform weakly connected funds by about 1.4% on a yearly risk‐adjusted basis. We show that fund family performance is unaffected by the intensity of fund connections, and that greater fund connections could significantly enhance family‐level profit margins.     

Reverse mortgages through artificial intelligence: new opportunities for the actuaries

Decisions in Economics and Finance - In its basic structure, the reverse mortgage (RM) is a contract where a home owner borrows a part or the totality of the future liquidation value of his home at...     

Digital Transformation Through Exploratory and Exploitative Internet of Things Innovations: The Impact of Family Management and Technological Diversification*

This study examines the impact of family management on digital transformation with specific regard to the firm’s development of Internet of Things (IoT) innovations. Drawing on the distinctive characteristics of firms with family managers, such as the focus on family‐centered noneconomic goals, long tenure, emotional ties to existing assets, and rigid mental models, it hypothesizes that increasing family involvement in the top management team is negatively related to the development of IoT innovations that are distant from a firm’s existing technology base (i.e., exploratory IoT innovations) compared to exploitative IoT innovations. Further, the study proposes that the firm’s degree of technological diversification, especially in unrelated forms, reinforces this relationship. The longitudinal analysis between 2002 and 2013 on a sample of publicly traded German firms allows us to test our hypotheses from the beginning of the emergence of the IoT concept. Our findings show that due to the particular characteristics of their managers, family‐managed firms do not welcome the risks related to exploratory IoT innovations, and the benefit of risk diversification from technological diversification is lower than the cost of abandoning family‐centered goals. As our results imply that the involvement of family managers constrains the development of exploratory IoT innovation, the top management team composition in firms that intend to be at the forefront of the digital transformation should be accurately designed by avoiding a high proportion of family members.     

Who benefits from privileged peers? Evidence from siblings in schools

By comparing siblings attending the same school at different points in time, we investigate whether the effect of peer quality on long-term labor market outcomes varies with parental background. We find that exposure to better peers—who have higher mean parental education—increases lifetime earnings of disadvantaged students, coming from families with low parental education, but penalizes privileged students from better educated families. These results suggest that desegregation policies that allocate disadvantaged students to schools with better peers produce long-term benefits. We discuss mechanisms and show that human capital accumulation, ordinal rank and network effects contribute to explain our findings.     

Applying the counseling-learning approach to a tourism-related massive open online course

ABSTRACT

This study discusses how to apply counseling-learning (CL) principles to a particular e-learning solution for teaching a tourism-related subject via a massive open online course (MOOC). Several effective caring patterns in achieving learning-related goals and being part of a community according to the CL principles are presented and discussed using the MOOC “eTourism: Communication Perspectives” as a case study. The study underlines how the MOOC platform can act as a place for contents enjoinment and active learning. Moreover, the active role of social media for increasing the engagement of learners in the proposed activities and for developing a sense of the community is identified. In particular, Facebook and Twitter can act as places for community building and informal social interactions among learners that last beyond the completion of the course, which in turn can be a valid aid for continuing the relationships among instructors/learners and learners/learners, and for reaching new ones.     

MOOCs in tourism and hospitality: a review

ABSTRACT

Massive Open Online Courses (MOOCs) have grown significantly and globally in less than ten years. However, practices and research in tourism and hospitality MOOCs remain nascent. This study proposes the MOOC Components Framework with six groups of course components: scaffolding, lectures, networking, collaboration, assessment, and affirmation. Drawing on this framework and a case study method, the study analyses 18 tourism and hospitality MOOCs from higher education institutions. The results highlight that: tourism and hospitality MOOC offerings lack diversity; the forum is the preferred communication tool; social media are comparatively underused; the discontinuity of MOOC instructors needs attention; and finally, littless multilingual support is available.     

Services as drivers of economic growth. Is there an opportunity for Latin America countries?

ABSTRACT

Considering the recent improvements in services innovation and productivity performance, the aim of the article is to analyze if they can act as a new growth driver for Latin American countries. For that, we review the literature on services and structural change in two stages. First, we apply a bibliometric methodology to identify the main trends in literature. Second, we analyze in-depth a smaller set of papers in order to extract the main lessons regarding three aspects of our question: (i) services and productivity growth, (ii) new opportunities for innovation in services and (iii) relation between services and manufacturing through servitization process. The results show that productivity and innovation growth in services are concentrated in only a few branches. Besides this, services performance depends on their links with manufacturing activities. We conclude that the current Latin American servitization process clausure opportunities for developing instead of opening them.