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Dibattito su Storie di imprese - Neri, Massimo; Chiapparino, Francesco; Pencarelli, Tonino; Poma, Lucio; Cori, Enrico; Di Toma, Paolo; Rinaldini, Matteo; Scapolan, Annachiara; Masino, Giovanni; Maggi, Bruno
Storie di imprese (TAO Digital Library, 2010), dedicated to the organizational transformations of five enterprises (Fiat Auto, Finmeccanica, Ciba Specialty chemicals, Zurich, Poste Italiane) during the 2000-2010 decade, stimulated a wide debate. This publication, which collects the commentaries and discussions of three seminar that took place in different Universities with the participation of scholars from different disciplines, continues the reflection about the crucial question: How do enterprises change?
Servo e padrone, o della (in)dipendenza. Un percorso da Aristotele ai nostri giorni
I. Teorie e dibattiti - Sarti, Raffaella
Muovendosi tra filosofia politica, storia politica, storia culturale, storia di genere, storia sociale, demografia storica e sociologia, questo libro, composto di due volumi, anzitutto ripercorre sul lungo periodo, a partire da Aristotele e con un focus sull’età moderna, i modi di concepire il rapporto servo-padrone, cercando di valutarne l’influenza sulla costruzione della categoria di cittadinanza (vol. I, cap. I).
L’attenzione si sposta poi sulla Prima Rivoluzione inglese e la Rivoluzione francese, due momenti fondamentali nell’elaborazione delle moderne categorie di cittadinanza, ricostruendo il tortuoso percorso che trasformò i domestici da esclusi in cittadini (vol. I, cap. II): un percorso mai del tutto...
Revealing incentives for vertical integration in the presence of glocal policies - Giannoccolo, Pierpaolo; Vergari, Cecilia
Local and regional policy makers are acquiring an increasingly active role in affecting firms’ specialization decisions that in turn influence firms’ vertical organization. We analyse the relation between vertical integration incentives and trade liberalization in the presence of glocal policies, i.e., specific (local) policies that have international (global) impact.
More precisely, one of the most important reasons for vertical integration in the presence of sunk costs of specialization is avoiding the risk of hold up. We introduce the idea that this sunk cost can be manipulated by the policy maker at national/regional/local level. We characterize the conditions under which policies are...
On the properties of linear supply functions in oligopoly - Delbono, Flavio; Lambertini, Luca
In this note we revisit the result by Menezes and Quiggin (2012), showing that under linear supply function competition, the same Nash equilibrium results when arms choose slopes or intercepts of their supply functions. This is because the first order conditions emerging in the two strategy spaces are not linearly independent.
Temps de travail et régulation sociale / Tempo di lavoro e regolazione sociale - Thoemmes, Jens; Maggi, Bruno; Salento, Angelo; Masino, Giovanni; Rinaldini, Matteo; Pompa, Leonardo; Berdicchia, Domenico; Olgiati, Vittorio
Jens Thoemmes’ research about working time negotiations and his theory on social regulation were discussed in a TAO Research Programs seminar that took place in November 2014, at the University of Milano. This publication includes the invited author’s introductory conference, the comments of participating researchers about Thoemmes’ research and theory, and his replies.
Government fiscal efforts vs. labour union strikes. Strategic substitutes or complements? - Castellani, Massimiliano; Fanelli, Luca; Savioli, Marco
To unveil the strategic interaction between the government and the labour union in a unionised economy, a policy-game model is estimated by cointegrated Vector Autoregressive system using Italian quarterly data (1960-2009) on government budget surplus (fiscal efforts), hours not worked (strikes), unemployment and real wages. The long-run cointegration relationships are interpreted as the players' reaction functions and the long-run equilibrium as the equilibrium of the game. The identification of the long-run cointegration relationships allows indeed to determine if efforts and strikes are strategic complements or
strategic substitutes. Finally, speed of long-run adjustment provides insights about the effectiveness
of government and labour union...
Price equilibrium and willingness to pay in a vertically differentiated mixed duopoly - Benassi, Corrado; Castellani, Massimiliano; Mussoni, Maurizio
In the framework of a vertically differentiated mixed duopoly, with uncovered market and costless quality choice, we study the existence of a price equilibrium when a welfare-maximizing public firm producing low quality goods competes against a profit-maximizing private firm producing high quality goods. We show that a price equilibrium exists if the quality spectrum is wide enough vis à vis a measure of the convexity of the distribution of the consumers' willingness to pay, and that such equilibrium is unique if this sufficient condition is tightened. Log-concavity of the income distribution is inconsistent with the existence of equilibrium.
Investigating the Strategic Nature of Supply Functions in Oligopoly - Delbono, Flavio; Lambertini, Luca
We show that supply functions cannot be classified as either strategic complements or substitutes according to the twofold criterion advanced by Bulow et al. (1985). This is because while the slope of the best reply is univocally positive, this is not the case with the sign of the cross derivative of marginal profit. We first show this discrepancy in the original Klemperer and Meyer (1989) setting, and then in a linear-quadratic model of differentiated duopoly.
We further confirm and strengthen our result by proving that the game in supply functions is neither supermodular nor submodular.
Public subsidies, TFP and efficiency : a tale of complex relationships - Bernini, Cristina; Cerqua, Augusto; Pellegrini, Guido
This paper shows that a suitable decomposition of TFP can be applied to a large sample of subsidized firms for a relevant period of time, allowing an evaluation of the impact of subsidies on either the roles of technical progress and technical efficiency change or scale and allocative efficiency change as determinants of granted firms’ long-term growth. We measure and decompose TFP using a Stochastic Frontier Analysis (SFA). The impact of capital subsidies on the different components of TFP is captured by a quasi–experimental method (Multiple RDD), exploiting the conditions for a local random experiment created by Law 488/92 (L488),...
The wise use of leisure time. A three-sector endogenous growth model with leisure services - Candela, Guido; Castellani, Massimiliano; Dieci, Roberto
In this paper, starting from the two-sector Uzawa-Lucas model, we study a three-sector endogenous growth model with leisure services. By extending the endogenous growth model with leisure developed by Ladrón-de Guevara et al. , our model generalizes the standard time allocation problem, in that it explicitly accounts for the way total time is allocated between work, education,
purely free time and time spent on leisure services, where the latter represents therefore an additional time-consuming activity. Accordingly, service consumption is tied to a production sector for leisure services in our model. We fully characterize Balanced Growth Path (BGP) equilibria in terms of...
Vertical flexibility, outsourcing and the financial choices of the firm - Moretto, Michele; Rossini, Gianpaolo
We investigate the relationship between the extent of vertical flexibility and the underlying financial choices of a firm. By vertical flexibility we mean the opportunity to outsource a necessary input and to reverse the choice as input market conditions dictate. A firm simultaneously selects the portion of equity and debt and its vertical setting. Debt is provided by a lender that requires the payment of a fixed coupon over time and, as a collateral, an option to buy out the firm in certain circumstances. Debt leads to the same level of flexibility acquired by an unlevered firm. However, investment to...
A Comparative Analysis of Gibrat’s and Zipf’s Law on Urban Population - Modica, Marco; Reggiani, Aura; Nijkamp, Peter
The regional economics and geography literature on urban population size has in recent years shown interesting
conceptual and methodological contributions on the validity of Gibrat’s Law and Zipf’s Law. Despite distinct
modeling features, they express similar fundamental characteristics in an equilibrium situation. Zipf’s law is formalized in a static form, while its associated dynamic process is articulated by Gibrat’s Law. Thus, it is likely that both Zipf’s Law and Gibrat’s Law share a common root. Unfortunately, empirical investigations on the direct relationship between Gibrat’s Law and Zipf’s Law are rather rare and not conclusive.
The present paper aims to answer the question whether...
Pension expectations and reality. What do Italian workers know about their future public pension benefits? - Baldini, Massimo; Mazzaferro, Carlo; Onofri, Paolo
We use 6 waves of the Bank of Italy’s Survey on household income and wealth (SHIW) to check the evolution of workers’ expectations on future pension benefits and retirement age from 2000 to 2012. Based on these two subjective evaluations, we compute a measure of expected pension benefit and compare it with a “true” measure of the same variable that we estimate on the basis of the pension rules in each year of the considered time lapse. By comparing subjective and “true” measures of the variable, we are able to measure the evolution over time of the “expectation error” and...
Aspetti del Primitivismo in Italia - Borgogelli, Alessandra; Bonzano, Raffaella; Cavallini, Francesco; Nardoni, Pierluca
Nei primi due decenni del Novecento si diffonde anche in Italia uno stile espressionista, in cui le icone sintetiche del Simbolismo sono sottoposte a un trattamento brutale che elimina richiami ultra-terreni a favore di “visioni” crude e immanenti, caratterizzate da una ripresa sistematica del passato italiano. Questo “Primitivismo” si attua anche grazie a una potente “deformazione”, soprattutto in Toscana. La “linea sintetica” dell’arte toscana evidenzia il rapporto che lega gli artisti del periodo ai predecessori Macchiaioli, soffermandosi sui alcuni protagonisti (Lorenzo Viani, Spartaco Carlini, Moses Levy, Amedeo Modigliani), fino agli sconfinamenti regressivi nel mondo popolare ed infantile che nel caso...
Inside the Virtuous Cycle between Productivity, Profitability, Investment and Corporate Growth: An Anatomy of China Industrialization - Yu, Xiaodan; Dosi, Giovanni; Grazzi, Marco; Lei, Jiasu
This article explores the dynamics of market selection by investigating of the relationships linking productivity, profitability, investment and growth, based on China's manufacturing firm-level dataset over the period 1998-2007. First, we find that productivity variations, rather than relative levels, are the dominant productivity-related determinant of firm growth, and account for 15%-20% of the variance in firms' growth rates. The direct relation between profitability and firm growth is much weaker as it contributes for less than 5% to explain the different patterns of firm growth. On the other hand, the profitability-growth relationship is mediated via investment. Firm's contemporaneous and lagged profitabilities...
Indirect exporters and importers - Grazzi, Marco; Tomasi, Chiara
This paper analyses the relation between firms' productivity and the different modes of participation to international trade. In particular, we account for the
> possibility that firms can not only export their products, but also internationally source their inputs, either directly or indirectly. Using a cross section of firm-level data for several advanced and developing economies, the study confirms the productivity-sorting prediction according to which domestic firms are less efficient than those resorting to an export intermediary, while the latter are less productive than producers which export directly. We show that the same sorting exists also on the import side. Finally,...
What do firms know? What do they produce? A new look at the relationship between patenting profiles and patterns of product diversification - Dosi, Giovanni; Grazzi, Marco; Moschella, Daniele
In this work we analyze the relationship between the patterns of firm diversification, if any, across product lines and across bodies of innovative knowledge, proxied by the patent classes where the firm is present. Putting it more emphatically we investigate the relationship between "what a firm does" and "what a firm knows". Using a newly developed dataset matching information on patents and products at the firm level, we provide evidence concerning firms' technological and product scope, their relationships, the size-scaling and coherence
properties of diversification itself. Our analysis shows that typically firms are much more diversified in terms of products...
Mascagni, Mocchi, Sonzogno. La Società Teatrale Internazionale (1908-1931) e i suoi protagonisti - Paoletti, Matteo
Fondata nel 1908, la Società Teatrale Internazionale (STIn) nasce con lo scopo di superare la crisi del teatro lirico attraverso una rivoluzione secondo criteri “industriali” dei modelli ottocenteschi di produzione, riunendo intorno a un capitale imponente, organizzato in una società anonima per azioni, i principali protagonisti della scena teatrale dell'Italia liberale (in primis Pietro Mascagni, gli editori Edoardo e Renzo Sonzogno, l'agente Walter Mocchi, il soprano Emma Carelli). Attiva fino al 1931, la società verrà liquidata dal Governatorato fascista di Roma, che diventato azionista nel 1926 troverà nella STIn – e nel teatro di sua proprietà, il Costanzi – un...
Cournot Retrouvé under Price or Supply Function Competition - Delbono, Flavio; Lambertini, Luca
This paper aims at participating in the long-lasting debate about the analytical foundations of the Cournot equilibrium. In a homogeneous oligopoly, under standard regularity conditions, we prove that Cournot-Nash emerges both under (i) price competition and Cournot conjectures; and (ii) supply function competition with ex post market clearing. We demonstrate both results within a model of exogenous product differentiation.