Repository of the University of Bologna.
["viewname_eprint_types" not defined] = Monografia
Mostrando recursos 1 - 20 de 803
Bankruptcy Remoteness and Incentive-compatible Securitization - Chiesa, Gabriella
ecuritization performs two functions. One refers to the risk allocation between the bank and outside investors; the other consists of creating transferable/liquid securities. A key ingredient of liquid/claimtransferability is bankruptcy remoteness - the insolvency of the sponsor (the loan originator) has no impact on the securities. We explore the implications of bankruptcy remoteness on risk allocation and regulatory/policy issues. Under traditional banking, when debt/deposits coexist with securitization, bankruptcy remoteness amounts to: i) a seniority structure when debt/deposits (the claim that insist on the bank as a whole) have the lowest priority; ii) the bank finds it optimal to grant securities...
Safe Assets’ Scarcity, Liquidity and Spreads - Chiesa, Gabriella
This paper constructs a simple general equilibrium model to analyse the interactions between the financial and the real sector in an environment where liquidity holdings is an input of the credit/investment process. The supply of liquidity is constrained in that income pledgeability limits inside liquidity, and not all sovereign debt is safe/liquid. We pin down the determinants of liquidity/collateral premia and bond spreads, and with reference to the eurozone: (i) the implications of the ECB’s policies on liquidity provision and credit, and (ii) the debt management policy that would increase welfare with
no need for transfer payments.
Arts vs Engineering: The Choice among Consumption of and Investment in Education - Romano, Richard; Tampieri, Alessandro
In this paper we develop a model in which students choose their university coursework based on both investment and consumption incentives. We show that these education decisions are socially inefficient. This result is driven by the fact that students do not consider an externality in the working environment of acquiring education for investment purposes. We show when and how it is possible to design tuition fees in such a way that students acquire the socially optimal level of education.
Process Innovation and Product Quality Improvement in a Dynamic Monopoly - Lambertini, Luca; Orsini, Raimondello
We investigate the optimal R&D portfolio of a single-product monopolist investing in cost-reducing activities accompanied by efforts improving the quality of its product. There emerges that the firm’s relative incentives along the two directions are conditional upon market affluency, measured by consumers’ willingness to pay for quality, and R&D efforts are complements at equilibrium. We also perform the stability analysis, showing that a stable branch exists along the quality dimension only.
Dealing with minor illnesses: the link between primary care
characteristics and First Aid Clinics’ attendancesA - Donatini, Andrea; Fiorentini, Gianluca; Lippi Bruni, Matteo; Mammi, Irene; Ugolini, Cristina
The reformulation of existing boundaries between primary and secondary care, in order to shift selected services traditionally provided by Emergency Departments to community-based alternatives has determined a variety of organisational solutions aimed at reducing the ED overcrowding. One innovative change has been the introduction of fast-track systems for minor injuries or illnesses, whereby community care providers are involved in order to divert patients away from EDs. These facilities offer an open-access service for patients not requiring hospital treatments, and may be staffed by nurses and/or primary care general practitioners operating within, or alongside, the ED. To date little research has...
Time Preference Instability, Financial and Working Status - Giannetti, Caterina
In this paper we study the drivers of change in individuals’ discount rates. Our panel dataset allows us to jointly consider socio-demographics, financial status and literacy, as well as job characteristics among the possible determinants. Our results suggest that individual time-preferences are not stable over time, especially among individuals who hold debts. Labour market variables do not play any direct role. A large part of the variation, however, is not explained by none these drivers. This supports the view that discount rates are related to an underlying unobservable individual trait.
Fiscal Rules and Public Spending: Evidence from Italian Municipalities - Gregori, Wildmer Daniel
The aim of this paper is to investigate the extent to which local budget spending composition reacts to fiscal rules variations. I consider the budget of Italian municipalities and exploit specific changes in the Domestic Stability Pact’s rules, to perform a difference-in-discontinuities analysis. The results show that not all rules are equally effective: imposing a cap on the total amount of consumption and investment is not as binding as two caps, one specific for consumption and a different one for investment spending. More specifically, the consumption variation is triggered by changes in the level of wages and services spending, while...
Lobbying in a multidimensional policy space with salient issues - Roberti, Paolo
We present a citizen-candidate model on a multidimensional policy space with lobbying, where citizens regard some issues more salient than others. We find that special interest groups that lobby on less salient topics move the implemented policy closer to their preferred policy, compared to the ones that lobby on more salient issues. When we introduce two types of citizens, who differ with respect to the salience of issues, we find pooling equilibria where voters are not able to offset the effect of lobbying on the implemented policy. This result is in sharp contrast with previous work on unidimensional citizen-candidate models...
Testing exogeneity of multinomial regressors in count data models: does two stage residual inclusion work? - Geraci, Andrea; Fabbri, Daniele; Monfardini, Chiara
We study a simple exogeneity test in count data models with possibly endogenous multinomial treatment.
The test is based on Two Stage Residual Inclusion (2SRI). Results from a broad Monte Carlo study provide novel
evidence on important features of this approach in nonlinear settings. We find differences in the finite sample performance of various likelihood-based tests under correct specification and when the outcome equation is misspecified due to neglected over-dispersion or non-linearity. We compare alternative 2SRI procedures and uncover that standardizing the variance of the first stage residuals leads to higher power of the test and reduces the bias of...
When Foul Play Seems Fair: Dishonesty as a Response to Violations of Just Deserts - Kline, Reuben; Galeotti, Fabio; Orsini, Raimondello
We investigate the norm of just deserts and its effect on honesty. Just deserts is an essential norm in a market society, and honesty is an important factor in economic and
social exchange. In particular, we analyze what happens when the social distributive rules betray the reasonable expectation that who deserves more will obtain a larger payoff. Using a formal-theoretic framework—equity theory—we explore the nexus between the perception of just deserts and honesty, combining cross-national survey (WVS)
evidence and data from two laboratory experiments—conducted in the United States and Italy—to study whether violations of the principle of just deserts contribute to an...
The Role of Indicator Selection in Nowcasting Euro Area GDP in
Pseudo Real Time - Girardi, Alessandro; Golinelli, Roberto; Pappalardo, Carmine
Building on the literature on regularization and dimension reduction methods, we have developed a quarterly forecasting model for euro area GDP. This method consists in bridging quarterly national accounts data using factors extracted from a large panel of monthly and quarterly series including business surveys and financial indicators. The pseudo real-time nature of the information set is accounted for as the pattern of publication lags is considered. Forecast evaluation exercises show that predictions obtained through various dimension reduction methods outperform both the benchmark AR and the diffusion index model without pre-selected indicators. Moreover, forecast combination significantly reduces forecast error.
Luck vs Skill in Gambling over the Recession. Evidence from Italy - Capacci, Sara; Randon, Emanuela; Scorcu, Antonello E.
We perform an econometric analysis of the gambling market in Italy over the recession (2009-2012), observing the consumption patterns in "luck" and "skill" games. We find a different effect between the early and late period of the crisis. Whereas gambling initially behaves as normal good,
in the long run luck games increase with the worsening of economic conditions. Moreover, skill games are more persistent and influence luck games, but not the opposite. Skill players choose simple lottery games, but luck players cannot handle complex games. Our results provide insights
on investment choices in financial markets among expert and naïve buyers.
Eco labels and tourism flows: How much is a Blue Flag worth? - Capacci, Sara; Scorcu, Antonello E.; Vici, Laura
The rise in destination accessibility and the emergence of new market segments have increased the competition among tourism destinations, both at national and international level. In order to gain a significant competitive advantage over competitors, destinations increasingly make use of signals that certify and communicate the level of quality provided. While existing research on tourism certifications mostly pertains to quality evaluation, this study exploits quantitative methods to assess the economic impact of destinations’ labels. The analysis considers one of the most popular certification of environmental quality attributed to beaches, the Blue Flag award. It explores the relationship between the certification...