The Present International Monetary System: Problems,Complications, and Reforms

In the last decade serious crises have affected financial markets. Some proposals to avoid international financial crises have been made, but more useful could be measures to strengthen the functioning of the present international monetary system. Another way could be a much greater involvement of the private sector. The misalignment among leading currencies of the world can be a source of crisis difficult to solve. The creation of the European Central Bank (ECB) and of the euro leaves unresolved the serious problem of how a European Monetary Union member will respond to an asymmetric shock.     

A Breakdown of the Valuation Effects of International Cross‐listing*

It is well known that cross‐listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross‐listing on prices and we are able to separate the different sources of the benefits of cross‐listing. These sources include market segmentation, liquidity, and the bonding of controlling shareholders to lower expropriation of firm resources. Our results show that even though the market segmentation and bonding effects are both statistically significant, the economic significance of segmentation is more than double that of bonding. Furthermore, we document an economically and statistically significant increase in the liquidity of both share classes after the listing. Overall, our results explain why less and less firms are willing to list in the USA: Sarbanes Oxley has increased the cost of adopting better governance while its benefits are not substantial; and market segmentation has decreased significantly in the last years.     

Unawareness and bankruptcy: A general equilibrium model

Summary. We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states. Received: April 23, 1997; revised version: May 19, 1997     

The Market Reorientation of Farms: The Case of Olive Growing in the Nebrodi Area

In addition to safeguarding the landscape, olive growing makes a unique contribution to protecting the environment and the agricultural ecosystem. Olive growing in mountainous and hilly areas is severely constrained by structural limitations. Rural tourism can be a potential strategy to increase the competitiveness of olive-growing activities. After an initial analysis of the relationship between landscape, tourism, and olive growing, this study focused on olive growing in the Nebrodi area. In particular, we examined two case studies of olive farms to analyze the related production costs and market positioning strategies.     

Colluding through suppliers

This article investigates downstream firms’ ability to collude in a repeated game of competition between supply chains. We show that downstream firms with buyer power can collude more easily in the output market if they also collude on their input supply contracts. More specifically, an implicit agreement on input supply contracts with above‐cost wholesale prices and negative fixed fees (that is, slotting fees) facilitates collusion on downstream prices. Banning information exchange about wholesale prices decreases the scope for collusion. Moreover, high downstream prices are more difficult to sustain if upstream rather than downstream firms make contract offers.     

Francesco Marchi and the Development of Logismology

This study aims to provide an outline of the contribution made by Francesco Marchi to the personalistic theory of accounts in the context of the evolution of the language of logismology. In particular, our attention is focused on the increase in the quality of the theoretical arguments in this field made possible by the innovative contribution provided by Marchi which, for the first time, made logismology the object of a systematic and structured analysis.