The role of legal status in influencing bank financing and new firm growth

We provide an empirical assessment of the suggestion, based on Severo (2012), to use a systemic liquidity risk index (SLRI) for estimating liquidity premia that could be charged on large banks as a compensation for the implicit liquidity support obtained from public authorities (Blancher et al., 2013). To this end we compute, over the period January 2004–December 2012, a parsimonious and fully documented SLRI. We also investigate its statistical significance in explaining the level and variability of stock returns for a group of large international banks across the subprime and the Eurozone sovereign debt crises. Main findings are two: our more parsimonious SLRI is close to Severo’s but provides a stronger signal of liquidity stress and recovery episodes; we consistently fail to detect, within and across the two crises, a stable group of banks among the global systemically important ones listed by the Financial Stability Board.     

The Italian contribution to early economic dynamics

Abstract

Contrary to the prevailing literature, the study of economic dynamics began at the end of the nineteenth century, at least four decades before Hayek's and Samuelson's essays on dynamic equilibrium, as Pareto's dynamic insights prove. Throughout this early phase of the discipline, economists interested in dynamic studies put forward a wide spectrum of suggestions. This paper investigates the lines of research that sprang from the Italian debate either according to or in opposition to the Paretian mechanistic legacy, aiming to show that a growing awareness of subjective variables’ role weakened the mechanistic faith of the strictly Paretian followers, pushing them toward probabilistic analysis, anchoring dynamics to uncertainty and disequilibrium.     

The Destination Marketing Organization as an intelligent agent: Evaluating engagement in knowledge management practices

DMOs have been increasingly called upon to adopt the role of knowledge management, becoming intelligent agents with the capacity to gather, assess, and disseminate information among internal and external stakeholders. While knowledge management has remained a prominent topic in the literature, its application within the field of tourism management has been limited. The purpose of this study, therefore, was to ascertain to what extent DMOs have engaged in knowledge management practices through a nation-wide survey of 30 Canadian DMOs. The results demonstrate that, while DMOs have made progress toward becoming intelligent agents, there remains a long way to go.