Publikationen der Partnerinstitutionen
Sale : an alternative succession route for family firms Granata, Darya;Colombo, Gianluca
Family firms form the majority of organizations around the world, but only few survive beyond the first generation. However, very little has been said about succession routes alternative to intergenerational transfer. This thesis focuses on sale of family businesses, with a particular emphasis on valuation and acquirers' perception of family firm targets. In order to cope with the research...
Partner Institution
Università della Svizzera italiana
Statistical analysis for credit risk modelling Tenconi, Paolo;Mira, Antonietta
The main purpose of the thesis is the prediction of default events for small and medium size companies, by developing useful techniques able to cope with some issues related to anomalies often present in this kind of data, such as rare events and aberrant observations. To treat rare events the Bayesian paradigm is used through Markov Chain Monte Carlo techniques, also adopting the zero...
Partner Institution
Università della Svizzera italiana
The influence of role models on immigrant self-employment Guerra, Giuliano;economiche, Università della Svizzera italiana, Svizzera;Patuelli, Roberto;economiche, Università della Svizzera italiana, Svizzera
Theoretical and empirical research suggests a connection between the presence of role models and the emergence of entrepreneurs. Existing entrepreneurs may act as role models for self-employment candidates by providing successful examples. By explicitly considering the self- employment rates of the natives, which may influence locally the decisions of immigrants towards entrepreneurship, we...
Partner Institution
Università della Svizzera italiana
Message effectiveness in corporate career websites Zamparini, Alessandra;scienze della comunicazione, Università della Svizzera italiana, Svizzera;Calegari, Paola;comunicazione, Università della Svizzera italiana, Svizzera;Lurati, Francesco;della comunicazione, Università della Svizzera italiana, Svizzera
This paper proposes a comprehensive tool for analyzing online recruitment messages, drawing upon dimensions of employers' online communication effectiveness developed in the literature. A codebook is developed to analyze the content of corporate career websites, including the dimensions identified by Cober, Brown and Levy (2004), in order to evaluate employment websites. This is integrated...
Partner Institution
Università della Svizzera italiana
Pension plan funding and stock market efficiency Franzoni, Franscesco;Marín, José M.
The paper argues that the market significantly overvalues firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pension plans for at least 5 years after the first emergence of the underfunding. The low returns are not explained by risk, price momentum, earnings momentum, or accruals. Further, the evidence suggests that investors do...
Partner Institution
Università della Svizzera italiana
Using a choice experiment to estimate the benefits of a reduction of externalities in urban areas with special focus on electrosmog Banfi, Silvia;Filippini, Massimo;Horehájováa, Andrea
Traffic noise, air pollution and electromagnetic pollution (i.e. non-ionizing radiation, also called electrosmog) are typical negative local externalities in urban areas. They are side-effects of human and economic activity (e.g. road transport, telecommunication) and they affect individuals' well-being negatively without compensation. In recent years, the increased number of mobile phone...
Partner Institution
Università della Svizzera italiana
Accounting for WTP/WTA discrepancy in discrete choice models Masiero, Lorenzo;Maggi, Rico
A key input in cost-benefit analysis is represented by the marginal rate of substitution which expresses the willingness to pay, or its counterpart willingness to accept, for both market and non-market goods. The consistent discrepancy between these two measures observed in the literature suggests the need to estimate reference dependent models able to capturing loss aversion by...
Partner Institution
Università della Svizzera italiana
Knowledge integration and dynamic organizational adaptation in family firms Chirico, Francesco;Salvato, Carlo
The speed of change in competitive environments has prompted firms to develop processes directed at enabling organizational adaptation. This is captured by the concept of dynamic capabilities. We focus on a particular form of business organization, that is, the family firm. Specifically, we argue that knowledge integration—a dynamic capability through which family members' specialized...
Partner Institution
Università della Svizzera italiana
Contributions to robustness theory La Vecchia, Davide;Ronchetti, Elvezio;Trojani, Fabio
The goal of this PhD Thesis is the definition of new robust estimators, thereby extending the available theory and exploring new directions for applications in finance. The Thesis contains three papers, which analyze three different types of estimators: M-, Minimum Distance- and R- estimators. The focus is manly of their infinitesimal robustness, but global robustness properties are also...
Partner Institution
Università della Svizzera italiana
Semi-parametric estimation of American option prices Ronchetti, Diego;Gagliardini, Patrick
An American option provides the right to perform a specified financial transaction (sell, buy, exchange) on or before the contract maturity. Many different contracts traded on centralized and OTC markets are of this kind. In particular, a plain vanilla American option is a contract between two parties concerning the possibility of selling or buying a reference asset (underlying) at a specified...
Partner Institution
Università della Svizzera italiana
The effects of connectivity and culture on foreign direct investment decisions Wang, Lei;Lomi, Alessandro;Larsen, Erik
With the significant growth in Foreign Direct Investment (FDI) in the past two decades, both investment managers and policy makers are keen to know the factors determining the location of FDI. The eclectic theory, while being the most popular and dominant theories in international investment, failed to fully capture the behavioral dynamics of international investment. For instance, FDI location...
Partner Institution
Università della Svizzera italiana
World monetary discrepancies Cencini, Alvaro
This paper suggests that the global current account and global capital and financial account discrepancies are the twin result of a common cause. This cause can be identified in the payment of net interests on debt. Re-interpreting the World Bank's definition of capital flight, we will show that both discrepancies can be consistently accounted for by Schmitt's analysis of the double charge of...
Partner Institution
Università della Svizzera italiana
Electoral Competition as a Determinant of Fiscal Decentralization Jametti, Mario;Joanis, Marcelin
Fiscal decentralization is high on the agenda in policy fora. This paper empirically investigates the underlying causes of fiscal decentralization, based on the predictions of a simple political economy model. We argue that the likeliness that a central government engages in devolution of powers depends in important ways on the political forces that it faces, the theory''s main insight...
Partner Institution
Università della Svizzera italiana
What future for the international and the European monetary systems? Cencini, Alvaro
The process of globalization affecting goods and financial markets together with the increase in capital mobility have led economists to reconsider the problem of exchange rates. The aim of this paper is to consider the ‘soft' peg and the ‘hard' peg exchange rates solutions in order to show: 1. that each of them entails serious drawbacks for the countries implementing it; and 2. that the...
Partner Institution
Università della Svizzera italiana
US residential energy demand and energy efficiency Filippini, Massimo;Hunt, Lester C.
This paper estimates a US frontier residential aggregate energy demand function using panel data for 48 ‘states' over the period 1995 to 2007 using stochastic frontier analysis (SFA). Utilizing an econometric energy demand model, the (in)efficiency of each state is modelled and it is argued that this represents a measure of the inefficient use of residential energy in each state (i.e....
Partner Institution
Università della Svizzera italiana
The futures price volatility in the crude oil market Bakanova, Asyl;Barone-Adesi, Giovanni
The main goal of this thesis is to present and evaluate different procedures for modeling and forecasting volatility, and examine the relative accuracy of these forecasts using data from the light, sweet crude oil futures market traded at New York Mercantile Exchange (NYMEX). First, we consider various volatility models and find that the models, which account for long memory, has the best...
Partner Institution
Università della Svizzera italiana
The role of job satisfaction in transitions into self-employment Guerra, Giuliano
As observed in many advanced economies experiencing an increase of self-employment rates since the late 1970s, a flourishing small- and medium-size enterprise sector is traditionally associated with positive economic development and growth. In the regional context, areas benefiting from an established entrepreneurial culture are in general more successful and innovative, as well as better...
Partner Institution
Università della Svizzera italiana
Sharing high growth across generations Song, Zheng;Storesletten, Kjetil;Wang, Yikai;Zilibotti, Fabrizio
Intergenerational inequality and old-age poverty are salient isuues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension reforms, using a dynamic general equilibrium model that incorporates population dynamics and...
Partner Institution
Università della Svizzera italiana
Estimating dynamic consumption of antibiotics using panel data Filippini, Massimo;Laura Guadalupe Gonzales Ortiz;Masiero, Giuliano
To some extent, antibiotics are similar to addictive goods, since current consumption is reinforced by past use because of bacterial resistance, which represents a growing concern in many countries. The purpose of this paper is to explore how consumers adjust their current level of antibiotic consumption towards desired levels over time. We construct a balanced panel dataset (2000-2007) for 20...
Partner Institution
Università della Svizzera italiana
Assessing the impact of antibiotic policies in Europe Filippini, M.;González Ortiz, L. G.;Masiero, G.
Because of evidence of causal association between antibiotic use and bacterial resistance, the implementation of national policies has emerged as a interesting tool for controlling and reversing bacterial resistance. The aim of this study is to assess the impact of public policies on antibiotic use in Europe using a differences-in-differences approach. Comparable data on systemic...
Partner Institution
Università della Svizzera italiana
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