Archivio istituzionale della Ricerca - Bocconi
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Does the predator become the prey? Knowledge spillover and protection in alliances
No full textDoes a firm that successfully absorbs knowledge from an alliance partner learn to protect its own knowledge in subsequent alliances? Our analysis of 529 alliances of East Asian firms during 1999–2015 suggests that as firms more skillfully overcome their partners’ knowledge protection, they learn to better protect their own knowledge in subsequent alliances. However, such vicarious learning increases at a diminishing rate and is further weakened by the firm’s relative absorptive capacity and the value chain scope of the previous alliance. Our study extends research on learning in alliances by demonstrating cross-alliance dynamics and by revealing conditions under which absorbing knowledge from previous partners helps a firm protect its own knowledge in subsequent alliances
Corporate compliance choices in the Italian Legal System
No full textIn the Italian legal system when dealing with corporate economic crimes, reference should be made to Legislative Decree 231/2001. This Decree, introduced for the first time an administrative liability of legal persons and entities without legal personality for the crimes committed by employees and executives, effectively requiring corporations to self-regulate through the adoption of a compliance program able to prevent the commission of misconduct capable of affecting the company’s benefit.
Accordingly, the adoption of an effective compliance programme constitutes a fundamental tool for the corporation in preventing and combating the commission of crimes, in cooperating with public authorities, and in self-defending in case of the starting of a criminal proceeding against the company.
In this framework, the first part of this chapter offers an introduction to the system of corporate liability in the Italian legal order. The second section deals with the corporate compliance choices in the adoption and effective implementation of compliance programmes in the light of Legislative Decree 231/01 as interpreted by Italian case law. The third part and the conclusion deal with the virtuous practice of internal investigations, especially in the case of reported allegations of misconduct, taking into consideration the benefits in terms of liability exemption and sanction reductions
An American macroeconomic picture: supply and demand shocks in the frequency domain
Full text linkWe provide a few new empirical facts that theoretical models should feature in order to be consistent with US data. 1) There are two classes of shocks: demand and supply. Supply shocks have long-run effects on economic activity, demand shocks do not. 2) Both supply and demand shocks are important sources of business cycles fluctuations. 3) Supply shocks are the primary driver for consumption fluctuations, demand shocks for investment. 4) The demand shock is closely related to the credit spread, while the supply shock is essentially a news shock. The results are obtained using a novel approach which combines frequency domain identification and Dynamic Factor Model analysis
Driving ESG performance: CEO succession impact in European listed firms
No full textPurpose – The purpose of the paper is to examine the effect of chief executive officer (CEO) succession on
environmental, social and governance (ESG) performance and whether the characteristics of the incoming CEO, in
terms of both gender and career horizon, are able to affect the relationship between CEO succession and ESG score.
Design/methodology/approach – The paper investigates a sample of European-listed companies between
2010 and 2021. Difference-in-difference and fixed-effects regressions are employed as the base empirical
methodology. In addition, the robustness of the empirical findings is assessed by employing alternative
methodologies and a different ESG proxy.
Findings – The empirical findings show the existence of a positive link between CEO succession and ESG
performance and that this relationship is affected by two characteristics of the incoming CEO. Specifically, the
empirical evidence indicates that the positive effect is magnified by the gender and the career horizon of the
incoming CEO.
Originality/value – Considering the lack of research, this paper is the first one that opens a debate about the
effects of CEO succession on corporate ESG performance in several European countries. By employing a
unique sample of European listed firms, which has never been examined in other empirical research, this study
highlights the importance of the demographic features of the incoming CEOs that should be taken into
consideration during their selection process
Fiscal centralization and spatial inequality in economic mobility in the U.S.
No full textVariation in government spending is a key driver of spatial inequality in social outcomes, including economic mobility. Yet beyond spending levels, the fiscal centralization of subnational governments—i.e., the relative role of higher versus lower-level governments in taxing, spending, and public employment—also differs substantially, traceable to place-specific founding circumstances and path dependent historical trajectories. In this study we ask: is there less spatial inequality in more centralized fiscal systems? We use our findings to motivate the fiscal sociology of place as a framework for revealing how historically conditioned fiscal systems are implicated in the production of place-based inequalities, with the potential to generate new insights and policy interventions
Geographies of discontent: public service deprivation and the rise of the Far Right in Italy
Full text linkElectoral support for far-right parties is often linked to geographies of discontent. We argue that public service deprivation, defined as reduced access to public services at the local level, plays an important role in explaining these patterns. By exploiting an Italian reform that reduced access to local public services in municipalities with fewer than 5,000 residents we demonstrate that far-right support in national elections increased more after the reform in affected municipalities than in unaffected ones. We use geo-coded individual-level survey data and party rhetoric data to explore the mechanisms underlying this result. Our findings suggest that exposure to the reform increased concerns about immigration, and that far-right parties increasingly linked public services to immigration in their rhetoric after the reform. These demand and supply dynamics help us understand how public service deprivation shapes geographic patterns in far-right support
The European Constitutional way to address disinformation in the age of Artificial Intelligence
No full textThe spread of disinformation, such as false and fabricated content as amplified by the expansion of artificial intelligence systems, has captured the attention of policymakers on a global scale. However, addressing disinformation leads constitutional democracies to address questions, particularly regarding freedom of expression as the living core of a democratic society. If, on the one hand, this constitutional right has been considered a barrier to public authorities’ interferences, on the other hand, the spread of fabricated content and manipulative techniques, including deepfakes, challenge liberal views and move the constitutional perspective towards a reactive dimension. This constitutional question is further enriched by the role of online platforms which are essential tiles of a mosaic picturing the potential regulatory strategies and the limit of public enforcement to tackle disinformation. Between liberal and illiberal approaches to address online disinformation, the Union is advancing an alternative policy solution based on a regulatory mix, as underlined by the Digital Services Act, the Strengthened Code of Practice on Disinformation, and the Artificial Intelligence Act. Within this framework, this work argues that the European approach to disinformation is leading to a unique regulatory system focused on the dynamics characterizing the spread of online disinformation
Qualche osservazione di sintesi sulla supposta crisi del diritto antitrust
No full textIl saggio intende ricostruzione le pressioni a cui è stato sottoposto negli ultimi anni il diritto antitrust, criticato per non avere saputo perseguire i suoi obiettivi tradizionali ma la medesimo tempo caricato di un sempre maggiore numero di obiettivi, spesso tra loro non conciliabili
Negative peer feedback and user content generation: evidence from a restaurant review platform
No full textSocial technologies are becoming increasingly central to the day-to-day operations of digital platforms. In this study, we investigate how negative peer feedback shapes user behavior in an online review platform. Leveraging fine-grained digital trace data of users throughout their tenure on the platform, we find interesting insights regarding the impact of negative peer feedback. First, negative feedback improves user retention on the platform relative to users who receive no feedback at all. Moreover, for users who are retained and write their next reviews, we find that negative feedback improves review frequency and quality. These novel findings demonstrate that, contrary to the conventional wisdom, negative peer feedback can benefit the platform’s welfare as it increases user engagement and retention, and that no feedback can be a worse alternative
Essays on Sovereign Debt Crisis
Full text linkThis thesis contains three chapters. The first one, which is the main one, investigates the role of lenders' expectations in propagating the Greek sovereign debt crisis within the Eurozone periphery. It documents which type of lenders contribute most to the spreading, provides a rationalization, and quantifies the effect on countries' default probabilities. Using data from Consensus Economics survey, I classify lenders according to their GDP forecast precision before the Greek sovereign debt crisis started. During the Greek crisis, the less precise lenders changed their forecast and portfolio against the rest of the Eurozone periphery more than the more precise ones. The rationalization with more empirical support is that less precise lenders present a stronger forecast correlation across Eurozone periphery countries' GDP than the more precise lenders. Thus, upon receiving news about Greece, the former update their forecast for the rest of the Eurozone periphery relatively more. I introduce this mechanism in an otherwise standard quantitative sovereign default model; in this economy, the country faces a price schedule almost 4 percent lower than in the rational lenders' benchmark.
The second chapter is a joint work with Filippo de Marco. We analyze the role of
expectations in bank lending in the context of an inflation increase. Banks that expect a
higher inflation increase their lending to indebted companies with respect to banks that
expect a lower inflation.
The last chapter studies the contagion of the Tequila Crisis to Argentina through
two countries’ endogenous default model, where countries’ fundamentals are correlated.
International rational lenders incorporate a country’s debt decision to update their expectations about the other country’s fundamentals and, ultimately, its default probabilit