Archivio istituzionale della Ricerca - Bocconi
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Leveraged finance exposure in the banking system: systemic risk and interconnectedness
No full textIn the post-pandemic era, the exposure to leveraged finance has emerged as a key factor of vulnerability for banks, coping with increasing inflation and interest rates. For this reason, the growth of the leveraged loans market is receiving significant attention from the Authorities (e.g. ECB, 2022). In this paper, we analyze an original sample of leveraged loans (1699) that combines instrument-specific information and the composition of the syndicates, with a specific focus on the G-SIBs participation from 2014 to 2021. The aim is to identify risk indicators that take into account the G-SIBs exposure to risky leveraged loans, the potential impact of the banks’ size and their interconnectedness. For this purpose, using M-Quantile regression for binary data, it is possible to obtain a first indicator measuring heterogeneity among banks in terms of credit risk exposure, a second indicator that combines the previous one with the banks’ size, and a third indicator as a measure of interconnectedness between banks
Public–private hybrid organisations in the public sector: evidence and future directions from a systematic literature review
No full textThis paper presents a systematic literature review based on the PRISMA approach (final sample of 95 records) that investigates how public – private hybrid organizations (HOs) in the public sector have been studied in the literature. Specifically, this work adopts an organizational perspective to develop an analytical framework based on three dimensions: the relationship between HOs and their environment, the organizational manifestations of hybridity and the outputs of HOs. By providing conceptual clarity on the construct of HOs, this work identifies spaces for cross-fertilization between HOs and analogous – yet distinct – constructs, such as public – private partnerships and corporatization
Sophisticated reasoning, learning, and equilibrium in repeated games with imperfect feedback
Get PDFWe analyze the infinite repetition with imperfect feedback of a simultaneous or sequential game, assuming that players are strategically sophisticated---but impatient---expected-utility maximizers. Sophisticated strategic reasoning in the repeated game is combined with belief updating to provide a foundation for a refinement of self-confirming equilibrium. In particular, we model strategic sophistication as rationality and common strong belief in rationality. Then, we combine belief updating and sophisticated reasoning to provide sufficient conditions for a kind of learning--that is, the ability, in the limit, to exactly forecast the sequence of future observations--thus showing that impatient agents end up playing a sequence of self-confirming equilibria in strongly rationalizable conjectures of the one-period game
Governing the complexity of change: managing the drug Evrysdi(R) in the metropolitan City of Turin
No full textThe document discusses the introduction and management of the drug Evrysdi(R) in the Metropolitan City of Turin, focusing on its governance, decision-making, and operational processes. The drug is used to treat Spinal Muscular Atrophy (SMA), a rare neuromuscular disease. The initiative involved collaboration between key healthcare institutions, including the AOU Città della Salute e della Scienza di Torino and the ASL Città di Torino, to streamline the distribution and administration of this novel treatment. The case highlights the complexity of managing innovative drugs, the importance of multi-professional collaboration, and the operational challenges, such as centralizing procurement and ensuring proper patient access through hospital pharmacies. Additionally, the document covers the pivotal decisions made by clinicians, pharmacists, and regional authorities to ensure smooth implementation and continued treatment for SMA patients. Key challenges include maintaining effective communication across institutions, ensuring seamless home delivery of medications, and the development of a sustainable governance model for future healthcare innovations
Il diritto pubblico dell’economia: oggetto, modelli ed evoluzione storica
No full textIl presente contributo introduce la nozione di diritto pubblico dell’economia attraverso la narrazione dell’evoluzione teorica dell’oggetto di tale disciplina e l’analisi dei modelli di sistemi economici succedutisi nelle diverse epoche storiche, fino a delineare l’attuale quadro generale del mercato europeo
Debate: place-based public service ecosystems and the performance of local public services
No full textThis article draws out the key lessons of Greta Nasi, Maria Cucciniello, and Carmine Bianchi, together with Stephen Osborne's, to explore the import of place-based public service ecosystems (PSEs) for the performance of public services
Il tennōsei, gli Oligarchi e il processo costituente Meiji
No full textIl contributo analizza il perocesso costituente del periodo Meiji che ha portato all'adozione della prima Costituzione giapponese nel 1889. In particolare, sono analizzate le varie bozze proposte dai c.d. Oligarchi, gli artefici della "restaurazione" del potere imperiale
Golden Power e disciplina della concorrenza
No full textL'articolo guarda al rapporto tra disciplina del controllo degli investimenti esteri (in Italia, Golden Power) e diritto della concorrenza. L'articolo in particolare si chiede se esista un'area di conflitto potenziale, con riferimento sia ai poteri di veto, sia alle c.d. prescrizioni, e quali siano i potenziali rischi antitrust di una applicazione eccessiva, opaca o selettiva della pur essenziale disciplina del del golden power. In un contesto di appartenenza all'Unione Europea, l'articolo conclude auspicando una riduzione del campo di applicazione del Golden Power, sia ratione loci, sia in relazione ai settori/mercati
Job displacement, unemployment benefits and domestic violence
No full textWe estimate impacts of male job loss, female job loss, and male unemployment benefits on domestic violence (DV) in Brazil. We merge individual-level employment and welfare registers with different measures of DV: judicial cases brought to criminal courts, the use of public shelters by victims, and mandatory DV notifications by health providers. Leveraging mass layoffs for identification, we first show that both male and female job loss, independently, lead to large, and pervasive increases in DV. Using a regression discontinuity design, we then show that access to unemployment benefits does not reduce DV while benefits are being paid, and it leads to higher DV risk once benefits expire. Our findings can be explained by the negative income shock brought by job loss and by increased exposure of victims to perpetrators, as partners tend to spend more time together after displacement. Although unemployment benefits partially offset the income drop following job loss, they reinforce the exposure shock as they increase unemployment duration. Since our results cannot be explained by prominent DV theories, we propose a simple model formalizing these mechanisms
Meso-organisational determinants of healthcare workers’ resilience: results of a scoping review
No full textRecent financial, environmental, and health crises have underscored the critical—but often overlooked—role of healthcare workers (HCWs) for health system resilience. Given the ongoing physical and psychological demands placed on this workforce, understanding the factors that influence their resilience is essential. This scoping review aimed to map and synthesise multidisciplinary evidence on meso-level organisational factors that influence individual resilience among HCWs. Specifically, we focused on identifying workplace-related risk and protective factors within the immediate organisational environment. A scoping review was conducted across multidisciplinary literature, targeting studies that examined individual resilience outcomes in relation to meso-level workplace factors. This approach allowed for the inclusion of diverse study designs and disciplinary perspectives relevant to the research question. A total of 66 studies met the inclusion criteria. The analysis highlighted the importance of intermediate organisational factors—such as job characteristics and empowerment, interpersonal dynamics (e.g., team cohesion, supervisory support), and psychosocial workplace conditions—in shaping HCW resilience. Although resilience is often viewed as an individual trait, this review demonstrates the critical role of meso-level organisational environments in fostering and sustaining HCW resilience. The findings support the need for policies and interventions that strengthen team functioning and workplace climate. Future research should focus on operationalising these insights into actionable strategies that bridge individual and systemic approaches to workforce resilience