We define a general model (called PAULA) for the valuation, optimal management and selection among mutually exclusive safe projects. By exploiting the formal and financial features of the associated linear problems (primal and dual), we put forward two proposals to define an optimal internal financial law (IFL). They may be used to reduce the multiplicity of the IFLs and to avoid economically arbitrary outcomes.Research projectsCariplo andMurst. 相似文献
We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995–2010. The article extends the previous literature focusing on spillover effects from advanced to emerging economies by analyzing transmission of shocks across emerging markets. After controlling for the impact of global factors, we find strong evidence of spillovers from both sovereign spreads and macroeconomic fundamentals in neighboring emerging economies. In addition to the geographical proximity, the channels of spatial transmission include trade and financial linkages. The results of the article highlight the importance of accounting not only for spillovers from advanced economies to emerging markets but also across emerging markets when analyzing sovereign spreads. 相似文献
In this paper we examine empirically the impact of privatisation on output in the UK, through macroeconomic transmission channels.
While most privatisation studies focus on microeconomic shocks, namely at the firm level, we are interested to see whether
a large scale privatisation policy, as the one pursued in the UK in the 1980 and 1990s, had a measurable impact on output.
This may contribute to the ex post evaluation of this policy and complement the microeconomic evidence. We use quarterly data
from 1979 to 1998 of privatisation proceeds, as our impulse policy variable, and of private consumption, gross fixed capital
formation, net government expenditures, as transmission channels, and aggregate output as our final response variable. The
econometric methodology is based on Structural Vector Auto-regressive models and Impulse Response Functions. Non-stationarity
and cointegration properties of the time series have also been considered. We find that privatisation shocks do not have an
impact in the consumption-output model, but have a moderate and transitory impact in the investment and the public expenditures
models. Such positive demand effects, however, have not been completely matched by supply side effects, and, consequently,
privatisation in the UK did not contribute to a sustained economic growth.
The authors model the role of personality traits in explaining the disposition effect building on realization utility theory and Big 5 model and moving from an aggregate level to interindividual differences. The experimental analysis, combining NEO Revised Personality Inventory measures with individual financial data from a trading simulation run by 230 individuals in China and Italy, shows that the disposition effect is driven by 2 distinct psychological processes, one related to holding losers and the other to selling winners. These 2 behavioral mechanisms are uncorrelated and influenced by different personality traits. Controlling for different demographic variables, the authors show (a) a greater sensitivity of the rewarding system that motivates “extroverts” to quickly sell the stock at gain to receive a burst of utility; (b) a tendency for “conscientious” subjects to suppress impulsivity, patiently waiting for higher cumulative returns; and (c) the importance of “openness to experience” to better value information to achieve higher outcomes. 相似文献
By means of a simple model with consumers' search, the paper analyzes a monopolistic general search engine incentives to bias organic and sponsored search results in order to favor an integrated website. In the model, manipulation takes place whenever the general search engine places prominently its own vertical search engine instead of the most relevant for consumers. The main finding is that the incentives to manipulate search results are stronger in the organic search case. In the sponsored search case the general search platform internalizes the impact of manipulation on profits, since the less a prominent vertical search engine is relevant to consumers, the lower is the price-per-click that the general search engine can charge. 相似文献
In this paper we focus on the determinants of internationalization and, in particular, on the specific role played by the agglomeration of small and medium sized enterprises (SMEs) through their proximity to a large firm. We study the characteristics of the internationalization process in a representative sample of 786 firms in the Italian automotive supply chain. After building an Internationalization Strategy Index (ISI), we perform a multinomial logit econometric analysis. The main findings of the empirical analysis are: (a) Italian automotive supplier firms mainly go in the foreign markets through export, i.e. the simplest internationalization mode; (b) as predicted in the literature, individual firm characteristics play a significant role in the probability of internationalization; (c) firms located in the province of Turin, where the dominant car assembler (Fiat) in Italy has its headquarters, or more generally, in large automotive industry districts, enjoy a clear localization advantage; (d) interestingly, we also find that internationalization is negatively correlated with the share of Fiat in suppliers’ sales, and that suppliers located in a district and less dependent on Fiat are also those adopting the most advanced internationalization strategies. 相似文献
This paper investigates the effect of ownership on sustainable development and environmental policy in Italian municipally owned corporations (MOCs) dealing with urban waste management, trying to understand if multiple ownership can generate better performance compared to single ownership and if the presence of private partners could be crucial in this. The research question is answered by analyzing 41 MOCs of the largest Italian cities operating in urban waste management. In this specific sector, public administrations have tried to improve their offer in terms of sustainable development, environmental policy, and efficiency. The paper covers the Italian case study, where urban waste production per capita is higher than the European average figure. The waste cycle management service is operated in Italy at local level through totally publicly owned companies (monoadministration or multiadministration), mixed (public–private) companies, or via a full externalization achieved by means of public tenders. Through a multinomial ordered probit panel, we show that MOCs with multiple owners perform better than those having a single owner and perform much better with the presence of a private partner, confirming those academic findings according to which collaborative arrangements can increase efficiency, do better than public sector bureaucracy, and lower the costs of service provision. The results of this paper can be used by academics, practitioners, and policy makers alike. To the best of our knowledge, this is the only study that applies this perspective to the analysis of the current international waste management scenario with relation to MOCs having multiple ownerships. 相似文献
This paper presents an agent based model of a financial market with a real-time engine, whose operation replicates the official time schedule of Borsa Italiana S.p.A. Simulated time series are compared with empirical data at different time scales (ticks, 1 s, 1 min, 5 min) in order to check the compliance of the model with some stylized facts. The modeled market structure is a dynamic multiplex with two layers: the first one is a star network, whose hub is the market maker (i.e., the owner of the venue holding the order book), where transactions are executed; the second one is designed according to different topologies, representing social interactions, where investors decide their behavior according to informative flows. The effect of imitation on market stability is discussed and some policy implications are provided.