Archivio istituzionale della Ricerca - Bocconi
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Market reactions to fintech M&A: evidence from event study analysis of financial institutions
No full textThe rise of fintech has disrupted traditional financial services, prompting banks and asset managers to respond strategically, often through mergers and acquisitions. This study investigates the short-term market reaction to M&A announcements involving fintech targets by incumbent financial institutions. Using an event study methodology centered on different event windows and cumulative abnormal returns computed via the market model, the analysis incorporates regression models with bidder-, deal-, and target-level variables to identify the drivers of performance. The results show that, on average, financial institutions experience negative abnormal returns around announcement dates, suggesting limited short-term value creation. Higher market-to-book ratios and tax rates are positively associated with CARs, while lower profit margins are linked to better market reactions. Subsample comparisons reveal that U.S. acquirers underperform their European peers, commercial banks fare worse than asset managers and investment banks, and pre-COVID-19 deals yield more favorable returns than post-COVID-19 ones. Robustness checks using different market benchmarks demonstrate that key patterns—especially those related to geography and timing—are sensitive to benchmark selection. Overall, this study highlights market skepticism toward fintech acquisitions by traditional financial institutions, particularly in specific contexts, and emphasizes the importance of controlling for structural factors when interpreting abnormal returns
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 Europ
Art. 240-bis - Confisca in casi particolari
No full textL’art. 240-bis disciplina la c.d. confisca allargata. Si tratta di un’ipotesi speciale di confisca - originariamente prevista dall’art. 12-sexies, d.l. 8.6.1992, n. 306 - che è disposta obbligatoriamente in caso di condanna o applicazione della pena su richiesta delle parti per uno dei gravi delitti indicati dallo stesso art. 240-bis, e che colpisce i beni, il denaro o le altre utilità di cui il condannato non può giustificare la provenienza e di cui risulta essere titolare o avere la disponibilità a qualsiasi titolo in valore sproporzionato al proprio reddito, dichiarato ai fini delle imposte sul reddito, o alla propria attività economic
From pilot to planet: scaling United Nations’ blockchain projects for a sustainable future
No full textWithin the framework of the 2030 Agenda and to achieve the Sustainable Development Goals (SDGs), science,technology and innovation play an even more central role. Building on this foundation, the primary objective of thispaper is to explore the potential applications of blockchain in supporting the achievement of these sustainabilitygoals. Starting from a review of the relevant literature on this topic, the main fields in which blockchain cancontribute to sustainable development will be identified. The main blockchain applications will then be analyzedand categorized according to these SDGs. This research will then critically present the main blockchain-basedprojects that emerged in the first stage of the study and were implemented by the United Nations. The mainobjectives and benefits of each project will be analyzed. This is where the originality of this paper lies. To the bestof the author’s knowledge, this is one of the first attempts to present a comprehensive overview of the UnitedNations’ projects related to SDGs 1, 2, 5, 7, 9, 13, and 16. This paper, which bridges the gap between innovationmanagement and the sustainability field, will contribute to the increasingly current debate on sustainability issuesand be beneficial to scholars, practitioners, and policymakers alike
Touchpoint digitali per costruire la loyalty
No full textLa customer loyalty rappresenta una risorsa strategica nei mercati competitivi, specialmente dove i clienti sono scarsi e il passaggio da un brand all’altro è agevole. Stabilizzando le relazioni a lungo termine tra clienti e aziende, la loyalty contribuisce, per esempio, ad aumentare le vendite, influenzare le decisioni di acquisto dei clienti e accrescere la quota di mercato. Concettualmente, la loyalty è multidimensionale: le componenti attitudinali (cognitive, affettive e conative) e comportamentali evolvono nel tempo e influenzano gli outcome della loyalty in modo diverso. Pertanto, gestire e misurare tali componenti congiuntamente è fondamentale per la performance. Nello scenario attuale, la trasformazione digitale ridefinisce il modo in cui la loyalty si forma, si manifesta e viene coltivata. Le app mobile, l’e-commerce, le interfacce conversazionali, le piattaforme, i pagamenti digitali e altri progressi tecnologici moltiplicano i touchpoint, amplificano la possibilità di ottenere dati, sviluppano la personalizzazione e aumentano il coinvolgimento, ma possono anche sollevare questioni di trasparenza, privacy e coerenza tra i canali. L’integrazione omnichannel è ora fondamentale, ma può essere difficile da implementare, perché i dati frammentati e le esperienze disallineate possono minare la fiducia e la soddisfazione dei clienti verso l’insegna. In primo luogo, lo scopo di questo capitolo è mappare i touchpoint dgitali più rilevanti e descrivere come questi influenzano la loyalty dei clienti
Poverty in Germany from the Black Death until the beginning of industrialization
No full textThis paper provides macro-level estimates of the prevalence of poverty in preindustrial Germany, from the Black Death to the onset of industrialization in the nineteenth century. Based on a new body of evidence we show that poverty declined after two large-scale catastrophes: the Black Death in the fourteenth century and the Thirty Years’ War in the seventeenth. Poverty increased substantially in the sixteenth century, and stagnated in the eighteenth and early nineteenth centuries. This pattern is broadly in line with a Malthusian model of the preindustrial economy, but also with several other explanations of poverty. Circa 1600, poverty and inequality extraction were at a historical peak – right when social conflict erupted in Germany
The free movement of people and the success of far-right parties: evidence from Switzerland’s border liberalization
Get PDFThe main theories explaining electoral backlash against immigration focus on citizens’ cultural, economic, and security concerns. We test these predictions in Switzerland, which opened its labor market to neighboring countries in the 2000s. Employing a difference-in-differences design, we document a substantial rise in immigrant workers in Swiss border municipalities after the border opened. This was accompanied by a 6-percentage-point (95% confidence interval 2–10) increase in support for anti-immigrant parties, equivalent to a 32% rise at the mean. However, we find no adverse effects on citizens’ employment, wages, or subjective perceptions of economic, cultural, or security threats. Instead, we describe how far-right parties introduced novel narratives related to overcrowding to advance hostility toward immigrants. We provide evidence that this rhetoric targeted border municipalities, where it had the greatest impact on voters susceptible to political persuasion. Together, these findings suggest that elites can play a role in driving anti-immigrant votes
Multivariate risk attitude: a comparison of alternative approaches in sustainability policies
No full textRisk aversion has an unambiguous meaning in the univariate context: But, what does it mean to be risk averse in the multivariate case? Concave Risk
Aversion (CRA) and Multivariate Risk Aversion (MRA) are relevant extensions of the risk aversion concept used in the univariate case to the multivariate case, corresponding to concave and ultramodular utility classes, respectively. Although CRA and MRA can coexist, they are dramatically different in some ways, leading to opposite preferences under some circumstances, as in the face of irreversible risks. We introduce the notions of purely concave and purely multivariate risk aversion, related to disjoint utility classes. We apply the purely risk aversion notions to the field of sustainability, where catastrophic and irreversible outcomes can be faced, in order to highlight and compare the consequences of the two approaches on sustainability policies. In this respect, we provide three main results. First, the kind of risk aversion determines the pursued goal. Second, the principle of rejecting any fair bet is not always preserved. Third, sustainability policies induced by different risk aversions, if repeated, produce final states in which mean-variance criterion holds
Economic analysis and international law
No full textThis Oxford Bibliography entry examines scholarship employing rational choice theory, bounded rationality, and behavioral economics to analyze various problems and areas in international law. It begins by introducing key reference works and tools rationalist international legal scholars use. Subsequent sections explore the application of economic analysis to various subfields, including the sources of international law (customs and treaties), compliance and effectiveness, international dispute resolution, international organizations, international trade law, international finance law, international environmental law, and international human rights law. The entry highlights how economic analysis, particularly game theory and contract theory, has been used to understand state behavior, treaty formation, and the effectiveness of international legal norms. It also acknowledges critiques of the rational choice approach and discusses alternative perspectives, such as behavioral international law and economics
Buy baits and consumer sophistication: field evidence from instant rebates
No full textAre consumers in the marketplace aware of their cognitive limitations? I answer this question in the context of a ubiquitous form of price discrimination: “instant rebates" that require active redemption. In a large-scale field experiment with a major online retailer, I find that consumers correctly increase demand when the firm offers a redemption reminder, but they fail to reduce demand when the firm increases the hassle required to redeem. Structural estimates reveal that, while consumers are fairly sophisticated about the probability of forgetting to redeem the rebate, they vastly underestimate the hassle of redeeming it by 20 EUR per consumer