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Managerial delegation in a dynamic renewable resource oligopoly - Lambertini, Luca
I propose a differential oligopoly game of resource extraction under (quasi-static) open-loop and nonlinear feedback strategies, where firms are managerial and two alternative types of delegation contract are considered. Under open-loop information, delegation expands the residual steady state resource stock. Conversely, under nonlinear feedback information the outcome depends on the structure of managerial incentives. If sales are used, once again delegation favours resource preservation. On the contrary, if market shares are included in the delegation contract, this combines with an underlying voracity effect in shrinking the steady state volume of the resource.
Competition among Coalitions in a Cournot Industry: A Validation of the Porter Hypothesis - Lambertini, Luca; Pignataro, Giuseppe; Tampieri, Alessandro
We determine the emergence of the Porter Hypothesis in a large oligopoly setting where the industry-wide adoption of green technologies is endogenously determined as a result of competition among coalitions. We examine a setting where the initial technology is polluting, firms decide whether to be brown or green and compete in quantities. We find that the Porter hypothesis may emerge as a market configuration with all green firms spurred by environmental regulation, even if consumers are not environmentally concerned. Finally, we single out the necessary and sufficient conditions under which the green grand coalition is socially optimal and therefore yields...
High Density Building Stock Retrofit through Solar Strategies and Hybrid Ventilation Systems - Barbolini, Fausto; Guardigli, Luca; Cappellacci, Paolo
The very actual theme of building stock retrofit includes wide ranges of possible actions, especially in social housing. Multi-criteria assessments should be lead to evaluate the proper operational approach (considering social, structural, maintenance, thermal and economic parameters). The lower-impact actions typically involve improvements on the building skin, such as insulation and window re-placement, while the higher-impact solutions lead to demolition and re-building. Overall, building retrofit through solar technologies represents a relevant strategy to achieve significant energy saving. In this context two comparative solutions have been proposed for an early ‘80s social building in Modena. The former consists in the ap-plication...
Dynamic corporate capital structure behavior: empirical assessment in the light of heterogeneity and non stationarity - Bontempi, Maria Elena; Bottazzi, Laura; Golinelli , Roberto
Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and stationarity, which are motivated by the need of model’s
simplicity and treatability, rather than being based on an empirical ground. In this paper we provide robust evidence of non-stationarity for a significantly large share of US
firms' debt ratios and of strong heterogeneity in the speeds at which firms adjust towards their targets. These results stimulate new directions of...
To know or not to know: Endogenous market structure when information can be strategically neglected - Cellini, Roberto; Lambertini, Luca; Ottaviano, Gianmarco I.P.
We study the firms’ choice of whether or not to consider pieces of information concerning their interdependence. In particular, any firm can strategically choose to consider or not the fact that industry output is affected by its own production choice. If this piece of information is considered, the firm behaves as an aligopolist; if not,
firm behaves in a monopolistically competitive way. Thus, the market regime is endogenously determined. We show that different outcomes can emerge, depending on the number of firms, the degree of product substitutability and the cost structure.
Political Institutions and Government Spending Behavior: Theory and Evidence from Iran - Dizaji, Sajjad Faraji; Farzanegan, Mohammad Reza; Naghavi, Alireza
This study examines how quality of political institutions affects the distribution of government budget in Iran. We first introduce a mechanism through which this can shift government expenditure from patronage to more constructive public spending. Using impulse response functions (IRF) and variance decomposition analysis (VDC) on the basis of Vector Autoregressive (VAR) model, our results imply that a positive shock towards more democratic institutions leads to negative and statistically significant response of military spending and positive and statistically significant response of education expenditures. Our results are robust to different political institutional quality indicators, ordering of variables in the VAR and...
Relationship-Specific Investments and Intellectual Property
Rights Enforcement with Heterogeneous Suppliers - Naghavi, Alireza; Peng, Shin-Kun; Tsai, Yingyi
This paper examines the impact of intellectual property rights (IPR) enforcement on multinationals' choice of input suppliers and industry profits in a host economy. The framework consists of suppliers with heterogeneous capabilities who must engage in a relation-specific investment to customize intermediate inputs upon a transfer payment by final producers.
An outsourcing contract with better technologically-endowed suppliers requires a lower transfer and generates a higher surplus. Stronger IPR enforcement leads firms to self-select into better quality suppliers on average by reducing their outside option. Weak legal institutions instead make it possible for a larger range of suppliers, including the less...
La singolarità di un caso accademico interdisciplinare italiano: prospettive per una valutazione equa e sostenibile di ricerche antropolinguistiche di progressiva rilevanza filologica in euro-zona - Tonfoni, Graziella
In questa monografia si indicano le conseguenze di una estrema oggettiva difficoltà, in particolare presso la comunità accademica italiana, ad affrontare i problemi che emergono nella prassi di valutazione, derivati da entropia comunicativa, confusione informativa, complicazione paradossale nell'applicazione di criteri di giudizio come emergono nella compilazione della modulistica attuale.
Si analizza uno specifico caso accademico italiano effettivamente paradossale', evitando ogni sfumatura polemica, affinché semplicemente diventi materiale di considerazione pacata, di riflessione comunitaria. Si tratta di una sintesi, compendio di estrema attualità, che documenta alcune tappe, fasi più recenti di un complesso, articolato, costante lavoro di ricerca interdisciplinare
durante epoche successive, diverse, accelerate,...
Translating Text and Context: Translation Studies and Systemic Functional Linguistics. Volume 2: From Theory to Practice. 2nd ed. - Manfredi, Marina
Following on the first volume (Manfredi 2008), which focuses on the theoretical issues that link Systemic Functional Linguistics (SFL) and Translation Studies (TS), this second volume of Translating Text and Context aims at demonstrating how they can be fruitfully exploited in the actual practice of translation. The book starts with the illustration of four models informed by SFL which have been offered by renowned TS scholars and linguists (House 1977/1981, 1997, 2014; Bell 1991; Baker 1992/2011; Steiner 1997, 1998, 2004) and which, to varying degrees, have been applied to the practice of translation. Then, partly drawing on such models, as...
Environmental Law Survey 2014
Within the EGP Project “The Capacity Building of Environmental Justice and Guarding Environmental Rights in Western China”, the scholars of the University of Bologna, partner of the China University of Political Science and Law (CUPL) and its Center for Legal Assistance to Pollution Victims (CLAPV), have worked on an Environmental Law Survey so as to provide to the interested public – in particular, Chinese judges, lawyers, academics, and civil society as a whole – with the most interesting and recent judicial decisions or pieces of Environmental Law legislations developed in the most relevant legal fields. The choice has fallen on...
Approaching an investigation of multi-dimensional inequality
through the lenses of variety in models of capitalism - Antonelli, Gilberto; Calia, Pinuccia Pasqualina; Guidetti, Giovanni
After a synthetic presentation of the state of poverty and inequality in the world and the contradictions incurred by economic theory in this field after decades of globalization and in the midst of a persisting global crisis, in paragraphs 2. and 3. we outline the rational for our theoretical analysis, underlining two main aspects. First of all, in paragraph 2. we recall the reasons which makes inequality a multidimensional phenomenon, while in paragraph 3. we explore the reasons why the models of capitalism theory is relevant for studying multidimensional inequality. These paragraphs emphasise that inequality is a multidimensional and cumulative...
Legge del valore, legge dello scambio e problema della trasformazione: una nota - Gozzi, Giancarlo
Marx’s analysis of the determination of the general rate of profit and of the associated relative prices is based on the conceptual distinction between law of value and law of
exchange. The law of value states that simple, necessary abstract labour is the substance and measure of the value of commodities and is fundamental in the analysis of the social relations of the capitalist economy, i.e. for the analysis of the creation of surplus-value; it therefore represents the theoretical framework within which the problem of the distribution of surplus-value among the different capitals may be approached, i.e. the law of
Theories on stress / Teorie sullo stress - Bottaccioli, Francesco; Rulli, Giovanni
Two theories on stress are introduced. The first one proposes the unification of the two great research traditions on stress, biological and psychological, within a systemic science, psychoneuroendocrineimmunologic, aimed at both explaining the complex interaction between different levels of stress incidence on health and disease, and integrating the care of the others and the care of oneself. The other theory, oriented towards the study and the improvement of human being's condition, especially well-being at work, criticizes the psychological interpretative perspectives. According to this theory, stress is conceived as a psychoneuroendocrineimmune process, while health and prevention are seen as perfectible processes....
Informal employment in transition countries: empirical evidence and research challenges - Lehmann, Hartmut
Even though informal employment is wide-spread in transition economies the literature on this phenomenon in the region is rather scarce. For policy makers it is important to know the incidence and the determinants of informal employment. In the first part of the paper we demonstrate that its incidence and to a lesser degree its determinants depend on the definition used. We then discuss studies that attempt to test for labor market segmentation in transition economies along the formal-informal divide. The presented results are inconclusive and we come to the conclusion that more work needs to be done before we can...
Assessing temporal trends and industry contributions to air and water pollution using stochastic dominance - Agliardi, Elettra; Pinar, Mehmet; Stengos, Thanasis
We employ a stochastic dominance (SD) approach to analyze the components that contribute to environmental degradation over time. The variables that are considered include countries’ greenhouse gas (GHG)
emissions and water pollution. Our approach is based on pair-wise SD tests. First, we study the dynamic
progress of each separate variable over time, from 1990 to 2005, within 5-year horizons. Then, pair-wise SD
tests are used to study the major industry contributors to the overall GHG emissions and water pollution at
any given time, to uncover the industry which contributes the most to total emissions and water pollution.
We find that CO2 emissions not only contribute...
Le travail de soudure pour l’ingénierie nucléaire / Il lavoro di saldatura per l’ingegneria nucleare - Maggi, Bruno; Faïta, Daniel; Rulli, Giovanni
A welding work process in a plant for the production of heavy components for the nuclear industry is analyzed through two different methodologies. The first analysis concerns the work of welders, according to the Méthode de l’Auto-confrontation, proposed by Daniel Faïta and widely utilized in France. An organizational analysis, extended to a biomedical analysis of health and safety conditions of workers, concerns the whole welding process, according to the Method of Organizational Congruences, proposed by Bruno Maggi, and adopted for three decades within the Interdisciplinary Research Program “Organization and Well-being”. The two methods’ complementarity and synergy, already discussed in previous...
Debt Maturity Choices, Multi-stage Investments and Financing Constraints - Agliardi, Elettra; Koussis, Nicos
We develop a dynamic investment options framework with optimal capital structure and analyze the effect of debt maturity. We find that in the absence of financing constraints short-term debt maximizes firm value. In contrast with most literature results, in the absence of constraints, higher volatility may increase initial debt for firms with low initial revenues, issuing long term debt that expires after the investment option maturity. This effect, which is due to the option value of receiving the value of assets and remaining tax savings, does not hold for short term debt and firms with high profitability, where an increase...
Cash holdings and financing decisions under ambiguity - Agliardi, Elettra; Agliardi, Rossella; Spanjers, Willem
This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial constraints and ambiguity, or when facing the threat of an unpredictable financial crisis? We analyze how the values of the firm’s equity and debt are affected by ambiguity. We also show that cash holdings are retained longer if the investors’ ambiguity aversion bias is sufficiently large, while cash holdings become less attractive when the...
The attitudinal work of news journalism images – a search for visual and verbal analogues - White, Peter R.R.
This paper is concerned with the potential of journalistic still images (photographs, pictorial layouts, artwork and political cartooning) to position readers/viewers to take a positive or negative view of the people, events and situations which are the subject matter of news journalism coverage. Referencing prior work by Economou (2009) and Swain (2012), it offers an account of the mechanisms, the particular visual qualities and compositional arrangements, by which such attitudinal effects are achieved. Its primary concern is exploring the grounds by which the mechanisms through which journalistic images activate positive or negative attitudes might be treated as analogous to related...