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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...
Does the extension of primary care practice opening hours reduce the use of emergency services? - Lippi Bruni, Matteo; Mammi, Irene; Ugolini, Cristina
Over-crowding in Emergency Departments (EDs) generates potential inefficiencies. Using regional administrative data, we investigate the impact of an increase in the accessibility of primary care on ED visits in Italy. We test whether extending practice opening hours up to 12 hours/day reduces inappropriate ED visits. We estimate count data models, considering different measures for ED visits recorded at the list level. Since the extension programme is voluntary, we also account for the potential endogeneity of participation, using a two-stage residual inclusion and a GMM approach. Our results show that improving primary care accessibility favours a more appropriate use of EDs.
Theocracy and Resilience Against Economic Sanctions - Naghavi, Alireza; Pignataro, Giuseppe
This paper provides a simply theory to explain the impact of sanctions on a regime's policies and behavior. Sanctions are generally put to strip the target country from its available rents and weaken the government's stance against growing discontent in the population. We show however that sanctions may give legitimacy to an incumbent government by influencing the optimal level of religious ideology provided by the state and further stabilizing its grip to power and rents. While in a good state of nature sanctions build resilience as long as religious ideology among the population is strong, at bad times they compel...
On the Interplay between Resource Extraction and Polluting Emissions in Oligopoly - Lambertini, Luca
This paper offers an overview of the literature discussing oligopoly games in which polluti ng emissions are generated by the supply of goods requiring a natural resource as an input. An analytical summary of the main features of
the interplay between pollution and resource extraction is then given using a differential game based on the Cournot oligopoly model, in which (i) the bearings on resource preservation of Pigouvian tax rate tailored on emissions
are singled out and (ii) the issue of the optimal number of firms in the commons is also addressed.
A simple mechanism for the roommate problem - Evci, Bora
Gale and Shapley (1962) proposed that there is a similar game to the marriage problem called "the roommate problem". And, they showed that unlike the marriage problem, the roommate problem may have unstable solutions. In other words, the stability theorem fails for the roommate problem. In this paper, we propose a new mechanism for the roommate problem. The mechanism is successful in determining the reason of instability in our game scenario. And, we show that our mechanism implements the full set of stable matchings in the existence of stability, and it ends up with Pareto Optimal matching in the instance...
A new dynamic mechanism to the marriage problem with a variant - Evci, Bora
We know from Gale and Shapley (1962) that every Two-Sided Matching Game has a stable solution. It is also well-known that the number of stable matchings increases with the number of agents on both sides. In this paper, we propose two mechanisms, one of which is a variant of the other, to the marriage problem. Our original mechanism implements the full set of stable matchings for any preference profile. On the other hand, the variant mechanism parititons the domain of preference profiles into two; for one set, it implements the full set of stable matchings like the original mechanism and...
Islam, Inequality and Pre-Industrial
Comparative Development - Michalopoulos, Stelios; Naghavi, Alireza; Prarolo, Giovanni
This study explores the interaction between trade and geography in shaping the Islamic economic doctrine and in turn the comparative development of the Muslim world. We build a model where an unequal distribution of land quality in presence of trade opportunities conferred differential gains from trade across regions, fostering predatory behavior from the poorly endowed ones. We show that in such an environment it was mutually beneficial to institute an economic system of income redistribution featuring direct income transfers in return for safe passage to conduct trade. A commitment problem, however, rendered a merely static redistribution system unsustainable. Islam added...
Nationalization as credible threat against tacit collusion - Delbono, Flavio; Lambertini, Luca
Within a simple model of differentiated oligopoly, we show that tacit collusion may be prevented by the threat of nationalising a private firm coupled with the appropriate choice of the weight given to private profits in the maximand of the nationalised company. We characterise the properties of such a threat and prove that it may allow to credibly deter tacit collusion.
Risparmio dei lavoratori e contrattazione in un modello di capitalismo come gioco differenziale - Gozzi, Giancarlo
In un articolo del 1984 M. Pohjola ha introdotto nel modello di Lancaster la considerazione della contrattazione fra capitalisti e lavoratori nella analisi della relazione fra distribuzione del reddito e accumulazione del capitale in termini di un gioco differenziale. Lo scopo del nostro lavoro è quello di estendere l’analisi di Pohjola al caso in cui i lavoratori possono decidere di risparmiare e quindi di accumulare capitale per analizzarne le conseguenze sull’equilibrio non cooperativo del corrispondente gioco differenziale.
In his paper of 1984 M. Pohjola generalized Lancaster’s model of capitalism as a differential game by considering the bargaining process between capitalists and...
To Adjust or not to Adjust after a Cost-Push Shock? A Simple Duopoly Model with (and without) Resilience - Lambertini, Luca; Marattin, Luigi
We characterize the equilibrium in a homogeneous good Cournot duopoly in which firms have the choice to react to a cost-push shock by paying a lump-sum adjustment cost in order to offset the initial rise in marginal cost. Our results show that the size of the shock and the size of the adjustment cost jointly determine the nature and the number of the equilibria generated in the game. In particular, if the adjustment cost is high enough, at least one firm decides not to adjust at the pure strategy equilibrium, and such a partial adjustment by the industry can be...
The Paradox of Fiscal Imbalances in India - Mahamallik, Motilal; Sahu, Pareswar; Mahapatra, Sushanta
An attempt has been made to examine the nature and extent of fiscal imbalances in India using the secondary data over a period of thirty years from 1980-81 to 2009-10 (BE). It has been established that there is persistence and growing vertical as well as horizontal fiscal imbalances even after a series of corrective fiscal measures. Efforts to reduce these imbalances found to be ineffective due to contradictions among different measures of fiscal correction. Methodologies adopted to maintain equity contradict with methodologies used to increase efficiency. The 14th finance commission may take initiative to resolve this paradox through a ‘weight...
The Causal Effect of Scholarships Targeted at Low Income Students on Performance: Evidence from Italy - Rattini, Veronica
This paper exploits discontinuities in the assigment of scholarships targeted at low income students in an Italian University in order to evaluate the effects of monetary incentives on students' academic achievement. Results reveal positive and sizeable causal effects both in terms of credits and grades. Gender differentials also emerge: male students drive the results on credits outcome while females students drive the effect on grades. These results suggest that the scholarship design contributes to reducing the probability of delayed graduation ("Fuori Corso" problem).
Political Corruption and Minority Capture - Giannoccolo, Pierpaolo; Lisciandra, Maurizio
This analysis investigates a political corruption model that builds on previous literature on corruption in hierarchies. Our study enriches the literature on political corruption emphasizing the contrasting role of the minorities having a control role of the majorities. In particular, this paper provides a set-up for the conditions in which a briber can choose between either bribing only the majority and accepting the monitoring of the minority, or alternatively, bribing also the minority, which gives up to its control role and increases the probability of success of the illicit action.
Minorities can exploit their typical monitoring role in modern democracies either...
Climate Change Vulnerability in Agriculture Sector: Indexing and Mapping of Four Southern Indian States - Sridevi, G.; Jyotishi, Amalendu; Mahapatra, Sushanta; Jagadeesh, G.; Bedamatta, Satyasiba
Agriculture is the sector most vulnerable to climate change due to its high dependence on climate and weather conditions. Climate change is a main challenge for agriculture, food security and rural livelihoods for millions of people in India. Among India’s population of more than one billion people, about 68% are directly or indirectly involved in the agricultural sector. This sector is particularly vulnerable to present-day climate variability. In this paper an attempt is made to map and analyze the vulnerability to climate change in different districts of four south Indian states: Andhra Pradesh, Karnataka, Tamil Nadu and Kerala. We have...
Organized Crime and Electoral Outcomes in Sicily - Buonanno, Paolo; Prarolo, Giovanni; Vanin, Paolo
This paper investigates the relationship between mafia and politics by focusing on the market for votes. It exploits the fact that in the early 1990s the Italian party system collapsed, new parties emerged and mafia families had to look for new political allies. It presents evidence, based on disaggregated data from the Italian region of Sicily, that between 1994 and 2008 Silvio Berlusconi’s party, Forza Italia, obtained higher vote shares in municipalities plagued by mafia. The result is robust to the use of different measures of mafia presence, both contemporary and historical, to the inclusion of different sets of controls...
Being a consultant “expert” in a developing country: the legacy and lessons of Albert Hirschman - Ardeni, Pier Giorgio
After more than half a century, the reflections of Albert O. Hirschman on development assistance, the role of consultant "experts" in providing policy advice and the "visiting economist's syndrome" are still very current. In as much as Hirschman argued against all-encompassing policy frameworks, overall development plans and universal models, "one-size-fits-all" models abstracting from the local, historical, geographic and institutional conditions have remained the prevailing modus operandi of international development agencies and governments in development assistance. In spite of Paul Krugman's criticism of Hirschman's lack of a mathematically-consistent approach in favor of an ad hoc pragmatism, Hirschman's avoidance of assuming a...