Archivio istituzionale della Ricerca - Bocconi
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Persistence-based capital allocation along the FOMC cycle
No full textThe Federal Reserve holds Federal Open Market Committee and Board Meetings, with six- and two-week cadence, respectively. The financial literature associates these meetings with stock market cycles of corresponding frequencies. These can be exploited through a portfolio strategy that invests in the market at alternate weeks. Since this strategy lacks theoretical foundations, we provide a rigorous framework for detecting market cycles and determining optimal portfolios that profit from them. We isolate uncorrelated components of stock returns associated with two- and six-week cycles, we replicate them and design an optimal portfolio that maximizes the investor's wealth by properly exploiting such cyclicality
Customer management: growth, value and loyalty
No full textSustainability and digital transformation are reshaping how companies create value. In this evolving landscape, marketing plays a vital role in helping organizations navigate complexity, engage stake-holders, foster innovation, and design value propositions that are not only profitable but also socially and environmentally responsible. This book offers a clear and accessible guide to marketing’s evolving contribution to corporate pur-pose and value. Blending theory and practice, it addresses customer centricity, value measurement, client relationships, and the transformative impact of digitalization. The volume is designed for students seeking to deepen their understanding of marketing in a changing world, as well as for managers and professionals committed to developing strategies that com-bine competitiveness with long-term sustainability
The placebo effect of insider dealing regulation
No full textInsiders can profit from material non-public information pertaining to their own firm by trading in the shares of their own company (traditional insider trading) or in the shares of other companies whose stock prices may also be affected by such information (shadow trading). We show that traditional insider trading and shadow trading have the same consequences for financial markets and corporate governance, but only the former is pursued aggressively by regulators in the European Union, the UK and the United States. Drawing on a variety of evidence, including a survey of 200 retail investors, we suggest that, rather than protecting unsuspecting outside investors, such an arrangement enables insiders to profit at their expense. The ban on the more salient practice of traditional insider dealing regulation lulls outside investors into a false sense of security, thus effectively operating as a placebo, whilst insiders can still profit by engaging in shadow trading. We further argue that, ironically, this arrangement may nonetheless be efficient
The Texas Common Ownership Litigation: Sustainability, Competition, and the Boundaries of Asset Manager Capitalism
No full textThe paper critically comments on a preliminary ruling by the Texas Court which, for the first time, accepts the theory of common ownership in order to condemn the actions taken by leading asset managers to induce investee companies to adopt more sustainable conduct.
Il lavoro commenta criticamente una sentenza preliminare della Corte del Texas che accetta, per la prima volta, la teoria della common ownership per condannare le azioni poste in essere dai principali asset manager al fine di indurre le imprese partecipate ad adottare condotte maggiormente sostenibili
L’architettura costituzionale della Svezia: tradizione, adattamento e integrazione europea
No full textThe article analyses the evolution and characteristics of the Swedish constitutional architecture, placing it in the broader contexts of Scandinavian systems and European integration.
After discussing the reasons for the relative marginality of Nordic countries within the Italian
tradition of comparative law, the author highlights the balance between tradition and innovation that characterises the Swedish form of government. The system has evolved through
gradual reforms, often guided by consolidated practices and a widespread political and social
consensus, in the absence of radical conflicts or traumatic ruptures. The autonomy of the
administration, the peculiar conception of jurisdiction, and the central role of the Ombudsman are distinctive features of a model that has long resisted external influences but is now
crossed by dynamics of change, also accentuated by the growing penetration of international
and European la
A large-scale dataset for analysing remote working in urban and rural areas across Europe
No full textThis Data Descriptor presents the collected data on remote work among urban and rural workers, emphasizing differences in perceived flexibility, adaptability, preferences, career impacts, well-being, and productivity. The survey, conducted via Prolific between July and August 2024, captured data from 20,013 participants globally with European nationality, offering insights into the benefits and challenges faced by remote workers. Beyond its initial scope, the dataset can be reused to support a wide range of future studies and policy development initiatives. For instance, researchers can utilize this dataset to explore trends in work-life balance, productivity, and urban policy and planning related to remote work. Additionally, urban planners and policymakers can leverage the data to inform strategies for urban and regional development, infrastructure forecasting, planning, and community support in diverse geographic areas. The dataset’s granularity on socio-economic factors makes it an invaluable resource for developing targeted policies that address urban-rural disparities and foster sustainable remote working arrangements across Europe
Guidelines on collective agreements for solo self-employed
No full textAn Analytical comment and critical assessment of the Guidelines on Collective Agreements for Solo Self-Employed issued by the EU Commissio
Stato e mercato nell’esperienza italiana: dal 1948 a oggi
No full textL’indagine sul rapporto tra Stato italiano e mercato procede concentrandosi sugli anni della ricostruzione nel dopoguerra, del boom economico (1958-1963), delle riforme sociali e politiche, fino all’unificazione monetaria intorno all’Euro del 2001 e prosegue sino ai giorni nostr
A strategic framework for synergizing managed entry agreement efforts to access pharmaceutical products in Saudi Arabia—results from a multi-stakeholder workshop
No full textBackgroundManaged entry agreements (MEAs) between manufacturers and healthcare payers allow health systems to maximize patients' access to treatments while maintaining financial sustainability. However, to work efficiently, MEAs need to be integrated into a country's formal pricing, reimbursement, and market access processes. This study proposes a country-specific MEA framework for pharmaceutical products and sheds light on the key enablers of optimal implementation of MEAs in Saudi Arabia.MethodsThis mixed-methods study was conducted through secondary data collection derived from systematic literature search followed by a half-day multi-stakeholder workshop hosted in Riyadh, Saudi Arabia including representatives from different governmental, quasi-governmental, and private sectors, all of whom had a job role related to pharmaceutical pricing, reimbursement, and market access. A predefined and validated set of questions was used to guide the workshop discussion with props and prompts to elicit more insights on MEAs design and framework from the participants. The workshop discussion and interactions were digitally recorded to enable verbatim transcription, followed by a thematic analysis.ResultsTen themes emerged from the workshop discussion with majority guided the framework design: (1) access to innovative medications; (2) stakeholder views about MEAs; (3) early dialogue; (4) prioritization of MEAs for pharmaceutical products; (5) the regulatory landscape; (6) designing a technical framework for MEAs; (7) innovative payment models; (8) health system governance; (9) challenges for successful implementation; and (10) stakeholder engagement.ConclusionsIn Saudi Arabia, MEAs are perceived as strategic levers to enable health system to navigate the access paradox, particularly for innovative and high-cost therapies. Nevertheless, having in place a robust Saudi-specific framework and anchored regulations and policies is essential to ensure that MEAs enhance-rather than compromise-access, sustainability, and equity. As therapies grow more complex, Saudi Arabia must adopt agile, evidence-adaptive MEAs policy and structure to remain fit for purpose