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description Publicationkeyboard_double_arrow_right Research , Other literature type , Book , Preprint , Article , Part of book or chapter of book 2013 ItalyPublisher:Elsevier BV Aguzzoni, Luca; Argentesi, Elena; Buccirossi, Paolo; Ciari, Lorenzo; Duso, Tomaso; Tognoni, Massimo; Vitale, Cristiana;handle: 11585/192044 , 10419/85055 , 10419/159747 , 10419/84675
We study the effect of a merger in a dynamic high-technology industry - the videogame market - which is characterized by frequent introduction of new products. To assess the impact of the merger between two large specialist retailers in the UK, we perform a difference-in-differences analysis comparing the price evolution of the merging parties to that of their 7 major competitors on an original sample of 196 videogames belonging to six different consoles. The results of our econometric analyses suggest that there has been a reduction in the general level of prices of both new and pre-owned games after the merger. This decline has been more marked for the merging parties, which suggests that the merger between Game and Gamestation did not lead to a substantial lessening of competition; rather it is consistent with the existence of efficiency gains.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2013Archivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013Research Papers in EconomicsPreprint . 2013Full-Text: http://amsacta.unibo.it/3836/1/WP908.pdfData sources: Research Papers in EconomicsArchivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2336938&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess RoutesGreen bronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2013Archivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013Research Papers in EconomicsPreprint . 2013Full-Text: http://amsacta.unibo.it/3836/1/WP908.pdfData sources: Research Papers in EconomicsArchivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2336938&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2011Publisher:Elsevier BV Authors: Arolda Elbasani;Arolda Elbasani;doi: 10.2139/ssrn.1956888
How and to what extent have European ideas transformed the political-administrative institutions in the candidate countries in the East? Which conditions work to mitigate and undermine the impact of the European Union (EU) in these contexts? Research on post-communist transformations, by and large, holds EU enlargement as a successful attempt of institutional transfer in the candidate countries. However, while the EU proved to be successful in the first wave of enlargement in the East, we know much less about its effects in ‘borderline’ cases that lack the will and/or the capacity to pursue required reforms, thus posing a real challenge to EU enlargement strategy. The paper aims to trace the effects of enlargement in challenging domestic environments focusing on public administration reform in post-communist Albania. Differently from the classic Europeanization literature, the bottom-up approach used here, seeks to bring to the fore the crucial role of domestic agency to download and sometimes mitigate European transfers in the national arena. Evidence from the case study shows that governing actors have used EU enlargement as a means to further their strategic goals – they have preferred to talk the talk of reform in order to reap the benefits associated with EU integration and broader external assistance, but also resist implementation of new rules that curtail the political control of the state and the ongoing system of spoils built throughout the post-communist transition. The EU’s broad thresholds on administrative reform and the weak association between monitoring of progress and rewards have left ample space for the governing actors to merely pay lip service to the EU prescriptions, while getting full control of a politicized administration.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2009add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1956888&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 6 citations 6 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2009add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1956888&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2009 ItalyPublisher:SAGE Publications Authors: COLOMBINO, Ugo; A. NESE;COLOMBINO, Ugo; A. NESE;handle: 11386/1954798 , 2318/94708
Prevailing trends in the management of European museums underline the importance of additional museum services in fostering and encouraging the optimization of cultural assets while facilitating the collection of resources necessary for conservation. This paper considers the case of the archaeological site of Paestum (Salerno) and presents an analysis of individual preferences in relation to specific policies of cultural heritage management, each characterized by the supply of different museum services. Since the diversity of these services can prompt different individual preferences, the analysis allows for heterogeneity of parameters among individuals.
Tourism Economics; R... arrow_drop_down Tourism Economics; Research Papers in EconomicsArticle . Preprint . 2008Full-Text: http://www3.unisa.it/uploads/2551/105_dp.pdfArchivio della Ricerca - Università di SalernoArticle . 2009Data sources: Archivio della Ricerca - Università di Salernoadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.5367/000000009788254395&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 13 citations 13 popularity Average influence Average impulse Top 10% Powered by BIP!more_vert Tourism Economics; R... arrow_drop_down Tourism Economics; Research Papers in EconomicsArticle . Preprint . 2008Full-Text: http://www3.unisa.it/uploads/2551/105_dp.pdfArchivio della Ricerca - Università di SalernoArticle . 2009Data sources: Archivio della Ricerca - Università di Salernoadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.5367/000000009788254395&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2004Publisher:Elsevier BV Authors: Mario Cimoli; Michele Di Maio;Mario Cimoli; Michele Di Maio;doi: 10.2139/ssrn.1002590
Due to an extraordinary growth performance during the last two decades the Chilean neo-liberal model of development, based on the exploitation of the country’s static comparative advantages, has turned into a benchmark for most developing countries. The aim of this paper is to discuss the long term sustainability of the Chilean neo-liberal model of development. We present new empirical results obtained by using CAN2000 as well as input-output analysis that describe the Chilean model of development during the period 1986-1998. On the basis of these stylised facts, a simple ricardian-evolutionary model is developed in order to offer an interpretative framework to discuss the conditions under which Chile could maintain the current catching-up process in the long run. The main conclusion is that, with the recent ceasing of the push effects of the neo-liberal policies, it is unlikely that an increase of the export volume, given its structural characteristics, will be sufficient to this end. Indeed, an increase of the country’s sectoral industrial interdependence and an improvement of its international specialisation pattern towards goods with higher technological content and higher income elasticity of world demand are necessary conditions for maintaining the current catching-up process in the long run.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2004Full-Text: http://repec.deps.unisi.it/quaderni/426.pdfadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1002590&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 1 citations 1 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2004Full-Text: http://repec.deps.unisi.it/quaderni/426.pdfadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1002590&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2012 ItalyPublisher:CAIRN Authors: Pasquale Commendatore; Antonio Pinto;Pasquale Commendatore; Antonio Pinto;doi: 10.3917/cep.061.0187
handle: 11588/500853
Résumé Dans cet article, nous proposons un modèle de croissance et de répartition néo-kaleckien. Nous introduisons deux types de dépenses publiques : dépenses gouvernementales de consommation et d’investissement. Nous étudions leurs effets sur le degré d’utilisation d’équilibre des équipements et sur la croissance. Deux cas sont envisages: le cas où la faille du gouvernement est variable; b) le cas où à taille de gouvernement fixe, la composition des dépenses publiques varie. Nos résultats se démarquent de ceux de la nouvelle théorie de la croissance. Quand les équipements sont sous-utilisés, une augmentation de l’investissement public peut réduire le taux de croissance, si celle-ci ne s’accompagne pas d’une augmentation suffisante de la demande. JEL classification : E12, E25, E62, 041
Archivio della ricer... arrow_drop_down Cahiers d économie Politique / Papers in Political EconomyArticle . 2012 . Peer-reviewedData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.3917/cep.061.0187&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Archivio della ricer... arrow_drop_down Cahiers d économie Politique / Papers in Political EconomyArticle . 2012 . Peer-reviewedData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.3917/cep.061.0187&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2014 ItalyPublisher:Elsevier BV Authors: Roberto Roson; Franz Hubert;Roberto Roson; Franz Hubert;This paper illustrates a methodology for analyzing bargaining games on network markets, by means of numerical models that can be calibrated with real data. Economic incentives to join or to expand a network depend on how the network surplus is being distributed, which in turn depends on a variety of factors: position of each agent (e.g., a country) in a specific network, its reliability in the cooperation scheme (e.g., geo-political stability), existence of market distortions and availability of outside options (e.g., alternative energy sources). This study is aimed at presenting a game theory methodology that can be applied to real world cases, having the potential to shed light on several political economy issues. The methodology is presented and illustrated with application to a fictitious network structure. The method is based on a two-stage pro- cess: first, a network optimization model is used to generate payoff values under different coalitions and network structures; a second model is subsequently employed to identify cooperative game solutions. Any change in the network structure entails both a variation in the overall welfare level and in the distribution of surplus among agents, as it affects their relative bargaining power. Therefore, expected costs and benefits, at the aggregate as well as at the individual level, can be compared to assess the economic viability of any investment in network infrastructure. A number of model variants and extensions are also considered: changing demand, exogenous instability factors, market distortions, externalities and outside options.
Networks and Spatial... arrow_drop_down Networks and Spatial EconomicsArticle . 2014 . Peer-reviewedLicense: Springer TDMData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2382132&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 32 citations 32 popularity Top 10% influence Average impulse Average Powered by BIP!more_vert Networks and Spatial... arrow_drop_down Networks and Spatial EconomicsArticle . 2014 . Peer-reviewedLicense: Springer TDMData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2382132&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2013Publisher:Elsevier BV Authors: Carlo Altomonte; Armando Rungi;Carlo Altomonte; Armando Rungi;We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign) affiliates in all countries worldwide, we find that business groups account for a significant part of value-added generation in both developed and developing countries, with a prevalence in the latter. In order to characterize their boundaries, we distinguish between an affiliate vs. a group-level index of vertical integration, as well as an entropy-like metric able to summarize the hierarchical complexity of a group and its trade-off between exploitation of knowledge as an input across the hierarchy and the associated communication costs. We relate these metrics to host country institutional characteristics, as well as to the performance of affiliates across business groups. Conditional on institutional quality, a negative correlation exists between vertical integration and hierarchical complexity in defining the boundaries of business groups. We also find a robust (albeit non-linear) positive relationship between a group's hierarchical complexity and productivity which dominates the already known correlation between vertical integration and productivity. Results are in line with the theoretical framework of knowledge-based hierarchies developed by the literature, in which intangible assets are a complementary input in the production processes. JEL Classification: L22, L23, F23, L25, D24, G34
SSRN Electronic Jour... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2269638&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 17 citations 17 popularity Average influence Average impulse Average Powered by BIP!more_vert SSRN Electronic Jour... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2269638&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Preprint , Article 2008Publisher:Elsevier BV Authors: Giovanni Ferri;Giovanni Ferri;doi: 10.2139/ssrn.1153363
"New Tigers" (including city commercial banks) outperform state-owned commercial banks burdened with non-performing loans from unprofitable state-owned enterprises. We study whether this is due solely to superior corporate governance (multiple shareholders versus total government ownership) or also to the favorable environment (the New Tigers target affluent China, while state-owned commercial banks operate nationwide). Using a field survey on 20 city commercial banks from three provinces at different levels of economic development, we find better performance at those in the East and worse performance at those controlled by state-owned enterprises. Geography and policy do matter, and reform of state-owned commercial banks is necessary to bring better banking to China.
Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1153363&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1153363&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Preprint , Article 2015Publisher:Elsevier BV Authors: Giovanni Ferri; Angelo Leogrande;Giovanni Ferri; Angelo Leogrande;doi: 10.2139/ssrn.2594265
We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often meant shifting credit management from Originate-to-Hold (OTH) to Originate-to-Distribute (OTD). Moving from STV-OTH to SHV-OTD increased systemic risk damaging the common good of financial stability. STV-oriented banks seemed to weather the GFC relatively better with more heterogeneous systems proving more resilient. Heterogeneity in banking governance-orientations/ownership-structures seems to add value reducing the probability of financial crises.
Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2594265&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 4 citations 4 popularity Average influence Average impulse Average Powered by BIP!visibility 1visibility views 1 Powered bymore_vert Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2594265&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2012 ItalyPublisher:Elsevier BV Authors: Andrew Ellul; Chotibhak Jotikasthira; Christian T. Lundblad; Yihui Wang;Andrew Ellul; Chotibhak Jotikasthira; Christian T. Lundblad; Yihui Wang;handle: 11588/820276
We provide new empirical evidence concerning the contentious debate over the use of historical cost versus fair value accounting in regulating financial institutions. These accounting rules, through their interactions with capital regulation, alter financial institutions’ optimal portfolio choice and trading behavior. The insurance industry provides a natural laboratory in which to explore these interactions. First, there exist significant differences in regulatory accounting rules; life insurers have greater flexibility to hold speculative-grade instruments at historical cost than property and casualty insurers. Second, within an insurer’s investment portfolio, detailed data are available on transactions, positions, and, most importantly, the regulatory accounting treatment for each security. When faced with severe downgrades among their holdings in asset-backed securities (ABS), life insurers largely continue to hold the downgraded securities at historical cost and instead selectively sell their corporate bond holdings with the highest unrealized gains, inducing significant price declines. This is particularly true for life insurers facing regulatory capital constraints and with high ABS exposures. This behavior is largely absent among property and casualty insurers; they instead disproportionately sell their re-marked ABS holdings. Historical cost accounting creates an altered incentive environment in which constrained financial institutions sell assets to realize gains. Insofar as this behavior transmits shocks across potentially unrelated markets, historical cost accounting is not a panacea.
Archivio della ricer... arrow_drop_down The Journal of FinanceArticle . 2015 . Peer-reviewedLicense: Wiley Online Library User AgreementData sources: CrossrefResearch Papers in EconomicsPreprint . 2014Full-Text: http://www.csef.it/WP/wp375.pdfData sources: Research Papers in Economicsadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1989490&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 136 citations 136 popularity Top 1% influence Top 10% impulse Top 10% Powered by BIP!more_vert Archivio della ricer... arrow_drop_down The Journal of FinanceArticle . 2015 . Peer-reviewedLicense: Wiley Online Library User AgreementData sources: CrossrefResearch Papers in EconomicsPreprint . 2014Full-Text: http://www.csef.it/WP/wp375.pdfData sources: Research Papers in Economicsadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1989490&type=result"></script>'); --> </script>
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description Publicationkeyboard_double_arrow_right Research , Other literature type , Book , Preprint , Article , Part of book or chapter of book 2013 ItalyPublisher:Elsevier BV Aguzzoni, Luca; Argentesi, Elena; Buccirossi, Paolo; Ciari, Lorenzo; Duso, Tomaso; Tognoni, Massimo; Vitale, Cristiana;handle: 11585/192044 , 10419/85055 , 10419/159747 , 10419/84675
We study the effect of a merger in a dynamic high-technology industry - the videogame market - which is characterized by frequent introduction of new products. To assess the impact of the merger between two large specialist retailers in the UK, we perform a difference-in-differences analysis comparing the price evolution of the merging parties to that of their 7 major competitors on an original sample of 196 videogames belonging to six different consoles. The results of our econometric analyses suggest that there has been a reduction in the general level of prices of both new and pre-owned games after the merger. This decline has been more marked for the merging parties, which suggests that the merger between Game and Gamestation did not lead to a substantial lessening of competition; rather it is consistent with the existence of efficiency gains.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2013Archivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013Research Papers in EconomicsPreprint . 2013Full-Text: http://amsacta.unibo.it/3836/1/WP908.pdfData sources: Research Papers in EconomicsArchivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2336938&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess RoutesGreen bronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2013Archivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013Research Papers in EconomicsPreprint . 2013Full-Text: http://amsacta.unibo.it/3836/1/WP908.pdfData sources: Research Papers in EconomicsArchivio istituzionale della ricerca - Alma Mater Studiorum Università di BolognaPart of book or chapter of book . 2013add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2336938&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2011Publisher:Elsevier BV Authors: Arolda Elbasani;Arolda Elbasani;doi: 10.2139/ssrn.1956888
How and to what extent have European ideas transformed the political-administrative institutions in the candidate countries in the East? Which conditions work to mitigate and undermine the impact of the European Union (EU) in these contexts? Research on post-communist transformations, by and large, holds EU enlargement as a successful attempt of institutional transfer in the candidate countries. However, while the EU proved to be successful in the first wave of enlargement in the East, we know much less about its effects in ‘borderline’ cases that lack the will and/or the capacity to pursue required reforms, thus posing a real challenge to EU enlargement strategy. The paper aims to trace the effects of enlargement in challenging domestic environments focusing on public administration reform in post-communist Albania. Differently from the classic Europeanization literature, the bottom-up approach used here, seeks to bring to the fore the crucial role of domestic agency to download and sometimes mitigate European transfers in the national arena. Evidence from the case study shows that governing actors have used EU enlargement as a means to further their strategic goals – they have preferred to talk the talk of reform in order to reap the benefits associated with EU integration and broader external assistance, but also resist implementation of new rules that curtail the political control of the state and the ongoing system of spoils built throughout the post-communist transition. The EU’s broad thresholds on administrative reform and the weak association between monitoring of progress and rewards have left ample space for the governing actors to merely pay lip service to the EU prescriptions, while getting full control of a politicized administration.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2009add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1956888&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 6 citations 6 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2009add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1956888&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2009 ItalyPublisher:SAGE Publications Authors: COLOMBINO, Ugo; A. NESE;COLOMBINO, Ugo; A. NESE;handle: 11386/1954798 , 2318/94708
Prevailing trends in the management of European museums underline the importance of additional museum services in fostering and encouraging the optimization of cultural assets while facilitating the collection of resources necessary for conservation. This paper considers the case of the archaeological site of Paestum (Salerno) and presents an analysis of individual preferences in relation to specific policies of cultural heritage management, each characterized by the supply of different museum services. Since the diversity of these services can prompt different individual preferences, the analysis allows for heterogeneity of parameters among individuals.
Tourism Economics; R... arrow_drop_down Tourism Economics; Research Papers in EconomicsArticle . Preprint . 2008Full-Text: http://www3.unisa.it/uploads/2551/105_dp.pdfArchivio della Ricerca - Università di SalernoArticle . 2009Data sources: Archivio della Ricerca - Università di Salernoadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.5367/000000009788254395&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 13 citations 13 popularity Average influence Average impulse Top 10% Powered by BIP!more_vert Tourism Economics; R... arrow_drop_down Tourism Economics; Research Papers in EconomicsArticle . Preprint . 2008Full-Text: http://www3.unisa.it/uploads/2551/105_dp.pdfArchivio della Ricerca - Università di SalernoArticle . 2009Data sources: Archivio della Ricerca - Università di Salernoadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.5367/000000009788254395&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2004Publisher:Elsevier BV Authors: Mario Cimoli; Michele Di Maio;Mario Cimoli; Michele Di Maio;doi: 10.2139/ssrn.1002590
Due to an extraordinary growth performance during the last two decades the Chilean neo-liberal model of development, based on the exploitation of the country’s static comparative advantages, has turned into a benchmark for most developing countries. The aim of this paper is to discuss the long term sustainability of the Chilean neo-liberal model of development. We present new empirical results obtained by using CAN2000 as well as input-output analysis that describe the Chilean model of development during the period 1986-1998. On the basis of these stylised facts, a simple ricardian-evolutionary model is developed in order to offer an interpretative framework to discuss the conditions under which Chile could maintain the current catching-up process in the long run. The main conclusion is that, with the recent ceasing of the push effects of the neo-liberal policies, it is unlikely that an increase of the export volume, given its structural characteristics, will be sufficient to this end. Indeed, an increase of the country’s sectoral industrial interdependence and an improvement of its international specialisation pattern towards goods with higher technological content and higher income elasticity of world demand are necessary conditions for maintaining the current catching-up process in the long run.
Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2004Full-Text: http://repec.deps.unisi.it/quaderni/426.pdfadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1002590&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 1 citations 1 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down Research Papers in Economics; SSRN Electronic JournalArticle . Preprint . 2004Full-Text: http://repec.deps.unisi.it/quaderni/426.pdfadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1002590&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article 2012 ItalyPublisher:CAIRN Authors: Pasquale Commendatore; Antonio Pinto;Pasquale Commendatore; Antonio Pinto;doi: 10.3917/cep.061.0187
handle: 11588/500853
Résumé Dans cet article, nous proposons un modèle de croissance et de répartition néo-kaleckien. Nous introduisons deux types de dépenses publiques : dépenses gouvernementales de consommation et d’investissement. Nous étudions leurs effets sur le degré d’utilisation d’équilibre des équipements et sur la croissance. Deux cas sont envisages: le cas où la faille du gouvernement est variable; b) le cas où à taille de gouvernement fixe, la composition des dépenses publiques varie. Nos résultats se démarquent de ceux de la nouvelle théorie de la croissance. Quand les équipements sont sous-utilisés, une augmentation de l’investissement public peut réduire le taux de croissance, si celle-ci ne s’accompagne pas d’une augmentation suffisante de la demande. JEL classification : E12, E25, E62, 041
Archivio della ricer... arrow_drop_down Cahiers d économie Politique / Papers in Political EconomyArticle . 2012 . Peer-reviewedData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.3917/cep.061.0187&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Archivio della ricer... arrow_drop_down Cahiers d économie Politique / Papers in Political EconomyArticle . 2012 . Peer-reviewedData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.3917/cep.061.0187&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2014 ItalyPublisher:Elsevier BV Authors: Roberto Roson; Franz Hubert;Roberto Roson; Franz Hubert;This paper illustrates a methodology for analyzing bargaining games on network markets, by means of numerical models that can be calibrated with real data. Economic incentives to join or to expand a network depend on how the network surplus is being distributed, which in turn depends on a variety of factors: position of each agent (e.g., a country) in a specific network, its reliability in the cooperation scheme (e.g., geo-political stability), existence of market distortions and availability of outside options (e.g., alternative energy sources). This study is aimed at presenting a game theory methodology that can be applied to real world cases, having the potential to shed light on several political economy issues. The methodology is presented and illustrated with application to a fictitious network structure. The method is based on a two-stage pro- cess: first, a network optimization model is used to generate payoff values under different coalitions and network structures; a second model is subsequently employed to identify cooperative game solutions. Any change in the network structure entails both a variation in the overall welfare level and in the distribution of surplus among agents, as it affects their relative bargaining power. Therefore, expected costs and benefits, at the aggregate as well as at the individual level, can be compared to assess the economic viability of any investment in network infrastructure. A number of model variants and extensions are also considered: changing demand, exogenous instability factors, market distortions, externalities and outside options.
Networks and Spatial... arrow_drop_down Networks and Spatial EconomicsArticle . 2014 . Peer-reviewedLicense: Springer TDMData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2382132&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 32 citations 32 popularity Top 10% influence Average impulse Average Powered by BIP!more_vert Networks and Spatial... arrow_drop_down Networks and Spatial EconomicsArticle . 2014 . Peer-reviewedLicense: Springer TDMData sources: Crossrefadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2382132&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2013Publisher:Elsevier BV Authors: Carlo Altomonte; Armando Rungi;Carlo Altomonte; Armando Rungi;We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign) affiliates in all countries worldwide, we find that business groups account for a significant part of value-added generation in both developed and developing countries, with a prevalence in the latter. In order to characterize their boundaries, we distinguish between an affiliate vs. a group-level index of vertical integration, as well as an entropy-like metric able to summarize the hierarchical complexity of a group and its trade-off between exploitation of knowledge as an input across the hierarchy and the associated communication costs. We relate these metrics to host country institutional characteristics, as well as to the performance of affiliates across business groups. Conditional on institutional quality, a negative correlation exists between vertical integration and hierarchical complexity in defining the boundaries of business groups. We also find a robust (albeit non-linear) positive relationship between a group's hierarchical complexity and productivity which dominates the already known correlation between vertical integration and productivity. Results are in line with the theoretical framework of knowledge-based hierarchies developed by the literature, in which intangible assets are a complementary input in the production processes. JEL Classification: L22, L23, F23, L25, D24, G34
SSRN Electronic Jour... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2269638&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 17 citations 17 popularity Average influence Average impulse Average Powered by BIP!more_vert SSRN Electronic Jour... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2269638&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Preprint , Article 2008Publisher:Elsevier BV Authors: Giovanni Ferri;Giovanni Ferri;doi: 10.2139/ssrn.1153363
"New Tigers" (including city commercial banks) outperform state-owned commercial banks burdened with non-performing loans from unprofitable state-owned enterprises. We study whether this is due solely to superior corporate governance (multiple shareholders versus total government ownership) or also to the favorable environment (the New Tigers target affluent China, while state-owned commercial banks operate nationwide). Using a field survey on 20 city commercial banks from three provinces at different levels of economic development, we find better performance at those in the East and worse performance at those controlled by state-owned enterprises. Geography and policy do matter, and reform of state-owned commercial banks is necessary to bring better banking to China.
Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1153363&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 3 citations 3 popularity Average influence Average impulse Average Powered by BIP!more_vert Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1153363&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Preprint , Article 2015Publisher:Elsevier BV Authors: Giovanni Ferri; Angelo Leogrande;Giovanni Ferri; Angelo Leogrande;doi: 10.2139/ssrn.2594265
We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often meant shifting credit management from Originate-to-Hold (OTH) to Originate-to-Distribute (OTD). Moving from STV-OTH to SHV-OTD increased systemic risk damaging the common good of financial stability. STV-oriented banks seemed to weather the GFC relatively better with more heterogeneous systems proving more resilient. Heterogeneity in banking governance-orientations/ownership-structures seems to add value reducing the probability of financial crises.
Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2594265&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 4 citations 4 popularity Average influence Average impulse Average Powered by BIP!visibility 1visibility views 1 Powered bymore_vert Research Papers in E... arrow_drop_down add ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.2594265&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.eudescription Publicationkeyboard_double_arrow_right Article , Preprint 2012 ItalyPublisher:Elsevier BV Authors: Andrew Ellul; Chotibhak Jotikasthira; Christian T. Lundblad; Yihui Wang;Andrew Ellul; Chotibhak Jotikasthira; Christian T. Lundblad; Yihui Wang;handle: 11588/820276
We provide new empirical evidence concerning the contentious debate over the use of historical cost versus fair value accounting in regulating financial institutions. These accounting rules, through their interactions with capital regulation, alter financial institutions’ optimal portfolio choice and trading behavior. The insurance industry provides a natural laboratory in which to explore these interactions. First, there exist significant differences in regulatory accounting rules; life insurers have greater flexibility to hold speculative-grade instruments at historical cost than property and casualty insurers. Second, within an insurer’s investment portfolio, detailed data are available on transactions, positions, and, most importantly, the regulatory accounting treatment for each security. When faced with severe downgrades among their holdings in asset-backed securities (ABS), life insurers largely continue to hold the downgraded securities at historical cost and instead selectively sell their corporate bond holdings with the highest unrealized gains, inducing significant price declines. This is particularly true for life insurers facing regulatory capital constraints and with high ABS exposures. This behavior is largely absent among property and casualty insurers; they instead disproportionately sell their re-marked ABS holdings. Historical cost accounting creates an altered incentive environment in which constrained financial institutions sell assets to realize gains. Insofar as this behavior transmits shocks across potentially unrelated markets, historical cost accounting is not a panacea.
Archivio della ricer... arrow_drop_down The Journal of FinanceArticle . 2015 . Peer-reviewedLicense: Wiley Online Library User AgreementData sources: CrossrefResearch Papers in EconomicsPreprint . 2014Full-Text: http://www.csef.it/WP/wp375.pdfData sources: Research Papers in Economicsadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1989490&type=result"></script>'); --> </script>
For further information contact us at helpdesk@openaire.euAccess Routesbronze 136 citations 136 popularity Top 1% influence Top 10% impulse Top 10% Powered by BIP!more_vert Archivio della ricer... arrow_drop_down The Journal of FinanceArticle . 2015 . Peer-reviewedLicense: Wiley Online Library User AgreementData sources: CrossrefResearch Papers in EconomicsPreprint . 2014Full-Text: http://www.csef.it/WP/wp375.pdfData sources: Research Papers in Economicsadd ClaimPlease grant OpenAIRE to access and update your ORCID works.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.This Research product is the result of merged Research products in OpenAIRE.
You have already added works in your ORCID record related to the merged Research product.All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=10.2139/ssrn.1989490&type=result"></script>'); --> </script>
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