Archivio istituzionale della Ricerca - Bocconi
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Verità e giustizia riparativa
No full textHa spazio la “verità” in questo contesto, che si svolge programmaticamente al di fuori del processo penale? E se ha uno spazio, di quale “verità” è possibile parlare nell’ambito della giustizia riparativa
Finance without exotic risk
No full textWe address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any cross-sectional differences in required returns. We obtain three results. First, variation in EBRs accounts for a large chunk of cross-sectional return spreads in value, investment, size, and momentum factors. Second, time variation in these spreads is predictable from that in EBRs, holding constant scaled price variables (as proxies for time varying required returns). Third, firm characteristics often seen as capturing risk premia predict disappointment of expectations and low EBRs. Overall, return spreads typically attributed to exotic risk factors are explained by predictable movements in non-rational expectations of firms’ earnings growth
Essays on the Public Policy of Mobility.
Full text linkThis Ph.D. thesis explores the relationship between public policy and individual mobility across space and time, with a particular focus on vulnerable populations. The three chapters aim not only to assess the effects of public policies on citizens but also to uncover the mechanisms driving these effects. Although the primary context is Brazil, the insights offered are universal. The thesis begins with an examination of historical policies, specifically the Brazilian Nationalization Campaign of the 1930s and 1940s, which sought to assimilate immigrants. It investigates how these policies influenced the human capital development of immigrants and their descendants throughout the twentieth century. The second chapter shifts to contemporary issues, analyzing the impact of poverty alleviation programs, particularly the Conditional Cash Transfer program Bolsa Família, on the social mobility of low-income households in Brazil. It tracks labor market outcomes for children who were beneficiaries in 2005 and examines their continued reliance on social programs in adulthood (2015-2019). The final chapter looks to the future, addressing the challenges posed by climate change to vulnerable populations. It investigates how social benefits, particularly the Bolsa Família program, contribute to the resilience strategies of vulnerable agricultural producers in Brazil between 2015 and 2020
The strategic power of customer relationships: leveraging loyalty to create value
No full textIn an increasingly complex economic and market scenario, building quality customer relationships is a necessary condition for business success. Given all the resources required to retain customers, there is a need to demonstrate how customer loyalty affects the consistency and durability of revenue streams and, consequently, the value of the company.
In particular, greater customer loyalty leads to longer-term relationships, which in turn generate higher profits, shore up
the firm’s competitive position, and reduce future cash flow ris
Nuove questioni interpretative in materia di quote di spettanza sul prezzo dei farmaci
No full textIl capitolo esame analizza il tema delle quote di spettanza sul prezzo dei farmaci trai soggetti che partecipano alla filiera di distribuzione. Più in particolare, si riflette sulla portata dell’articolo 13, comma 1, lett. b), d.l. 39/2009, con cui è stato inserito un regime eccezionale che ha previsto che, in alcuni casi, la quota di spettanza per le aziende farmaceutiche si riduca al 58,65%, circoscrivendo l’applicazione della norma ai farmaci equivalenti.
In riferimento al campo di applicazione del regime ordinario e del regime speciale di spettanza si sono susseguite vertenze innanzi al giudice amministrativo e conseguenti chiarimenti in materia pubblicati da parte dell’AIFA. Il Consiglio di Stato ha, inizialmente, sottolineato la ratio della norma, volta a razionalizzare la spesa farmaceutica territoriale, a patto che farmacisti e grossisti siano coinvolti nel processo distributivo del farmaco. In seguito, la medesima giurisprudenza ha ricordato il carattere speciale della normativa a fronte della nozione di farmaco equivalente, specificandone l’ambito e la portata, ed annullando a più riprese le riduzioni delle quote di spettanza operate dall’AIFA, ammettendo che il regime derogatorio rinviene la propria ragione nel riconoscere a farmacisti e grossisti maggiore guadagno, incentivando il consumo di medicinali fungibili, aventi minor costo per la collettività. Tuttavia, l’indirizzo della giurisprudenza non è stato del tutto recepito da AIFA, che intende applicare la disciplina di cui all’art. 13, comma 1, lett. b), d.l. 39/2009 anche ad altri farmaci, in tal modo il contenzioso risulta ancora aperto.
Da ultimo, le novità introdotte con la Legge di Bilancio 2025 mediante l’art. 1, co. 324, operante una variazione delle quote di spettanza, hanno lasciato dubbi, avendo addirittura qualcuno ipotizzato che il legislatore intendesse abrogare implicitamente la disciplina speciale delle quote di spettanza. In realtà, parrebbe ammissibile ritenere che la citata disposizione intenda incidere sulla ripartizione delle quote tra aziende e grossisti, senza voler eliminare la riduzione operata dall’ art. 13, comma 1, lett. b), d.l. 39/2009. Tuttavia, in seguito al recente intervento legislativo sono seguite interpretazioni contrastanti dai soggetti della filiera e pare necessario un rapido intervento chiarificatore, volto ad evitare ulteriore aggravio del contenzioso in materia
Three Essays on Early Stage Entrepreneurial Teams: Formation, Evolution and Configurations
Full text linkIn recent years, there has been an increasing interest in early-stage entrepreneurial team formation.Despite the importance placed by scholars through scientific and anecdotal evidence on the importance of entrepreneurial team formation decisions, team formation decisions are often overlooked in favor of understanding and bettering decisions about business ideas.Moreover, such studies often treat idea and team formation decisions as silos, while in reality, they often interact and could potentially explain differences in startup outcomes.Given the importance of human capital on startup outcomes, it is crucial to understand how entrepreneurial teams are formed and how we could form better teams.The uncertainty inherent in the startup process adds complexity and dynamism to such decisions; the cost of decision errors could be fatal mainly due to the resource constraints that early-stage startups often face. By exploring how entrepreneurs could make better team formation decisions, how decisions about the idea affect team formation, and how the idea and team co-evolve, I aim to contribute to entrepreneurial team formation and, more broadly, to early-stage entrepreneurship literature.In the first paper, A Scientific Approach to Entrepreneurial Founding Team Formation, I conceptualize a process called ‘Team Validation’ by applying a structured decision-making framework called the entrepreneurs-as-scientists approach to entrepreneurial founding team formation.Through a conceptual model, I suggest that implementing this structured process will reduce decision errors in team formation decision-making through a better understanding of team requirements and improved skills-requirements fit, which could enhance the resource efficiency of the team and, thereby, the startup.In the second paper, Scientific Training and Entrepreneurial Team Formation: Evidence from a Field Experiment in Colombia, I investigate if and how scientific training given to make decisions about business ideas affects team formation decisions in early-stage startups.Through statistical modeling and graphical descriptive analyses, I theorize and test these secondary effects and explore the mechanisms and reasons for such ripple effects.In this paper, I find evidence that scientific training in making decisions about ideas affects team formation decisions.Specifically, I find that scientific training on decision-making about entrepreneurial ideas leads to a higher likelihood and a greater number of team changes.This effect is fully mediated by idea pivots by entrepreneurs. My findings are based on data from an RCT conducted in Bogota, Colombia, involving 207 startups.In the third paper, Configurations of Idea-Team Co-evolution in Early-Stage Startups Trained with the Theory-and-Evidence-Based Approach, I explore descriptively how entrepreneurs trained with the theory-and-evidence-based approach impact solo entrepreneurs and entrepreneurial teams differently based on the differences in configurations of idea and team changes.Preliminary evidence of descriptive analysis, based on data collected from an RCT conducted in Colombia, suggests that, while solo entrepreneurs more often engage in change to both teams and ideas at the same time than teams of entrepreneurs, entrepreneurial teams show a higher frequency of not changing either team or idea compared to solo entrepreneurs.These initial findings suggest that solo entrepreneurs make larger, resource-intensive changes than entrepreneurial teams, with all solo entrepreneurs making at least one change, which could mean earlier stabilization of the idea and team. But more entrepreneurial teams exhibit some level of “stickiness” of ideas and teams by making no changes within the entire observational window, which could mean they may miss out on a better idea because they were unwilling to search outside the boundaries of team capabilities or the new idea may be executed inefficiently with a mismatched team
The Social Reality of Organised Crime in Australia: Lawfare, Security, and the Politics of Exclusion in the Settler-Colonial State
Full text linkThis thesis critically examines the legal, political, and social construction of organised
crime within the Australian settler-colonial context, using Operation Ironside as a case
study. It interrogates how the state defines, enforces, and narrates organised crime to serve
broader interests of sovereignty, economic control, and racialised securitisation. While
dominant legal and criminological frameworks present organised crime as an objective
phenomenon, this research argues that its definition is inherently political, operating as
a mechanism for legitimising state power, managing internal threats, and criminalising
economic activities that fall outside state-sanctioned financial systems.
The study is structured around four key dimensions of organised crime as a legal and
political construct: (1) the historical and contemporary formulation of organised crime
laws in Australia and their colonial and imperial legacies; (2) the enforcement of these
definitions through surveillance, intelligence-led policing, and preemptive legal measures;
(3) the sentencing patterns and outcomes of individuals prosecuted under organised crime
frameworks, with a particular focus on ethnicity and class; and (4) the media’s role in
constructing public perceptions of organised crime, reinforcing moral panics and justifying
extraordinary state powers. Through statistical analysis of outcomes from Operation
Ironside and critical discourse analysis of media reporting, the thesis reveals patterns of
racial and class-based disparities in sentencing, as well as the alignment between media
narratives and state securitisation agendas.
By drawing on critical legal studies, criminology, and postcolonial theory, this thesis
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situates organised crime within the broader apparatus of the settler-colonial state. It
highlights how organised crime laws function as tools of governance, enabling legal exceptions that expand state authority and consolidate economic hierarchies. The findings
contribute to contemporary debates on criminalisation, surveillance, and state power,
challenging the assumed neutrality of organised crime frameworks and advocating for a
more critical, historically situated understanding of crime, security, and justice
The Kaleidoscopic 1905 of Mr. Justice Oliver Wendell Holmes. What two unrelated opinions could tell us about immigration law, American jurisprudence, and twentieth century exceptionalisms
No full textIn 1905 Justice Oliver Wendell Holmes delivered two historical yet different opinions: the dissenting one in Lochner v. New York (198 U.S. 45) and the majority one in United States v. Ju Toy (198 U.S. 253). Comparing the two opinions written by the same Justice a few days apart, a contradiction seems to emerge: while the former has been widely known and celebrated as showing the progressivism of Holmes, the latter has had far more limited fame precisely because it upheld the “executive oppression” (Dickinson, 1927) of aliens. Notwithstanding this, a comparative analysis of these opinions involving labour and immigration regulation by the government ultimately shows more similarities than inconsistencies. Consequently, their analysis could provide an opportunity to recast the multifarious contribution of Holmesian jurisprudence (which has already been interpreted in many different ways) to the evolution of American law in terms of individual rights, balance of powers, and more broadly democracy. Moreover, it would also provide insight into the development of some exceptionalism(s) as a useful tool employed by American jurisprudence toward the evolution of American constitutionalism in the first decades of the 20th century
Collective rights, competition, and self-employed workers in the EU: recent developments and ongoing problems
No full textThe article examines the intricate relationship between competition law and collective rights in EU regulations, critically assessing whether and to what extent self-employed workers can exercise collective rights based on the Court of Justice of the European Union (CJEU) case law. Additionally, it considers the European Commission’s recent initiative to acknowledge and expand the collective dimension of self-employed workers. To address the specific collective rights of genuine self-employed workers, the Commission, acting in its capacity as the EU’s competition authority, has taken steps in the Guidelines on the Application of Union Competition Law to Collective Agreements to steer towards a renewed interpretation of the scope of application of Article 101 of the Treaty on the Functioning of the European Union (TFEU), with the aim of
excluding collective bargaining agreements concluded by or on behalf of certain categories of solo-self-employed workers from its scope.
In light of the above, the article provides a critical analysis of the Guidelines and evaluates the degree to which the current EU legal framework aligns with fundamental collective rights while attempting to offer renewed hermeneutical solutions to alter the consolidated line of systematic construction of the relationship between collective rights and competition law
Politics at work
No full textWe study how individual political views shape firm behavior and labor market outcomes using new microdata from Brazil. We first show that business owners are considerably more likely to employ copartisan workers. This phenomenon is in part driven by the overlapping of political and social networks. Multiple tests—surveys, event studies, analyses of wage premia and promotions within the firm, and a field experiment—further highlight how business owners’ political preferences directly influence firms’ employment decisions. A channel of political discrimination appears more relevant than one of political quid pro quo between firms and politicians