Realized volatility forecasting: Robustness to measurement errors

In this paper, we suggest how to handle the issue of the heteroskedasticity of measurement errors when specifying dynamic models for the conditional expectation of realized variance. We show that either adding a GARCH correction within an asymmetric extension of the $\mathsf{HAR}$  class ($\mathsf{AHAR}$-$\mathsf{GARCH}$), or working within the class of asymmetric multiplicative error models ($\mathsf{AMEM}$) greatly reduces the need for quarticity/quadratic terms to capture attenuation bias. This feature in $\mathsf{AMEM}$ can be strengthened by considering regime specific dynamics. Model Confidence Sets confirm this robustness both in- and out-of-sample for a panel of 28 big caps and the S&P500 index.     

Tilting the evidence: the role of firm-level earnings attributes in the relation between aggregated earnings and gross domestic product

Review of Accounting Studies - We examine whether the contribution of firm-level accounting earnings to the informativeness of the aggregate is tilted towards earnings with specific financial...     

External stakeholder engagement: Complementary and substitutive effects on firms' eco-innovation

In this paper, we investigate whether firms' engagements in collaboration agreements with different types of external stakeholders produce complementary effects on the likelihood of eco-innovation. Although collaboration network and open eco-innovation theories affirm that the combination of external partners such as scientific partners, suppliers and customers produces complementary effects on the firm's likelihood of eco-innovation, several empirical studies found the existence of substitutive effects between them. To bridge this gap in the literature, we shape the nature of the interaction between different external partners, analysing an unbalanced panel sample of 10,918 innovative Spanish firms, covering the period 2008–2016. Consequently, we can show how firms benefit the most from collaboration with external partners. Our results show that firms that simultaneously collaborate with scientific partners, suppliers and customers generate partial complementary effects, which increase the firm's likelihood to eco-innovate the most, and that the combination of customer-collaboration with scientific partners, or supplier-collaboration, produces partial substitutive effects. Taking this in account, our results also confirm that engaging with scientific partners, suppliers or customers, independent of one another, increases firms' likelihood of eco-innovation more than noncollaboration. These results have important implications for managers, researchers and policy designers. For managers, this study provides a correct understanding of the benefits that they can expect to obtain from multi-partner external collaboration. For researchers, it introduces the marginal analysis to estimate interaction on nonlinear models. Finally, for policy designers, it shows the need for sponsored R&D collaboration to encourage coordinated ecosystems in which sustainability goals are pursued together.     

The toll of traffic-related fatalities in a metropolitan Italian area through the experience of the Department of Legal Medicine

Despite the introduction of new traffic laws in Italy, traffic-related deaths are still a huge burden. The study presents data and medico-legal issues behind traffic deaths in Milan between 2001 and 2012 (1506 traffic-related deaths). Data were collected from the database of the Department of Legal Medicine: 79.4% males and 20.6% females (mean age 44.14). The target group concerned traumatic deaths as a consequence of the accident as well as deaths not directly related to an accident. Although 6.1% were non-traumatic deaths (cause of death unconnected to the accident, i.e. because of a heart attack, or when death occurred after survival and cause of death was not related certainly to the accident), multiple skeletal/visceral injuries were the main cause of death (57.9%), occurring in motorcyclists the most (63.7%). Injuries to the skull and brain were the second cause of death (25.9%). Victims were mostly males (79.4%) and drivers (77.6%). Fifty-five per cent were deaths on-scene, while 45% survived. Other variables were also considered: medications, medical history, and drugs/alcohol/smoke. A downward trend in traffic-related fatalities was evident, but the toll is still high. This study should be a glimpse at the actual situation, since it is indicative of a metropolitan area where autopsies are systematically performed.     

Teaching Real-World Political Economy: Simulating a WTO Negotiation

International educational experiences can provide benefits for faculty members as well as higher education institutions and their students. The opportunity to lecture and conduct research with colleagues at universities in other countries can foster the globalization or internationalization of academic teaching, the advancement of knowledge, and cooperation among institutions. Research has shown that the experience abroad helps educators to gain a more global perspective that will enhance business classes. This article will show that a Fulbright experience abroad helps faculty to lead business students to be more knowledgeable and aware of international issues and global concerns.     

The Political Economy of Economic Reforms in Argentina

In 1989, Argentina entered a process of sweeping transformation of its economic institutions which provided for the (temporary) recovery of economic growth and the taming of inflation. The Argentine experience with market-oriented reforms has been regarded by the literature as a salient case of radical and 'unconstrained' reform. Yet, a closer scrutiny portrays that the building and maintenance of a pro-"reform coalition determined the pace, depth and characteristics of the 'new economic institutions'. The idiosyncrasies of Argentina's political institutions, in turn, conditioned this coalition-building strategy. The same idiosyncrasies were at play in the 2001/2002 collapse of the convertibility regime and ensuing social and political chaos.