Archivio istituzionale della Ricerca - Bocconi
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Understanding Python
No full textUnderstanding Python is a comprehensive guide designed to help readers master the Python programming language. Authored by Massimo Ballerini, Maurizio De Pra, and Maria Chiara Debernardi, this book provides a detailed exploration of Python's features and capabilities. It covers fundamental concepts, advanced techniques, and practical applications, making it suitable for both beginners and experienced programmers. The book includes numerous examples and exercises to reinforce learning and enhance problem-solving skills. With its clear explanations and structured approach, Understanding Python is an essential resource for anyone looking to improve their programming proficiency and apply Python effectively in various domains
An index of intergenerational justice: main concepts and preliminary evidence from the Age-It Research Program
No full textObjectives: Aging reshapes the balance between younger and older generations within the population. These demographic shifts have significant
implications for economic and environmental resource allocations and the transformation of social and political status and individual rights. To
explore these dynamics, we present findings from Spoke 7 (Cultural and Political Dimensions of Ageing Societies) of the Age-It Research Program,
which has developed a novel Index of Intergenerational Justice.
Methods: The Index of Intergenerational Justice, applied to a broad sample of European countries, captures three key dimensions of justice:
distributive fairness, social (status and relational) equality, and political equality. We focus on differences across age groups, rather than across
cohorts, due to well-documented challenges in direct cohort comparisons. The distributive fairness dimension covers economics (relative poverty,
unemployment, permanent contracts, wages), health (unmet medical needs), and the environment (environmental risk exposure). The social
equality dimension captures social isolation (measured through leisure activities, internet access, social contacts, and close relationships), discrimination,
and mental well-being. Finally, the political equality dimension considers political perceptions, political engagement, and political
representation.
Results: Preliminary findings reveal substantial differences across age groups in the distributive fairness dimension. A cluster of countries appears
to favor older adults, while another favors younger adults. By contrast, in the social equality dimension, nearly all countries tend to favor young adults.
Discussion: The Intergenerational Justice Index provides a valuable tool for assessing fairness across age groups. By highlighting disparities, it
can inform and support public policies aimed at fostering more equitable relationships between generations
La hoja de términos y su negociación
No full textLa inversión en capital implica una asociación temporal, ya que desde el principio
tanto el inversionista como el emprendedor tienen claro que su relación concluirá
eventualmente. Aunque la hoja de términos es el documento que se debe negociar, las
partes primero intercambian información y acuerdan los comportamientos actuales del
emprendimiento, así como los escenarios a medio y largo plazo. En segundo lugar, se
comprometen a trabajar en conjunto con total transparencia para gestionar cualquier
problema de agencia que pueda surgir. El objetivo final, tanto para los inversionistas
como para los emprendedores o accionistas fundadores de la startup, es siempre el
mismo: la creación de valor. Este enfoque marca la diferencia entre las operaciones
exitosas y las que fracasan, permitiendo a ambos obtener los beneficios esperados. Sin
embargo, aunque compartan este objetivo, es común que existan diferencias de opinión sobre varios aspectos del negocio. Los conflictos suelen girar en torno a temas como la duración de la participación del inversionista, las estrategias para incrementar el valor de la empresa, las alianzas financieras e industriales, o las nuevas oportunidades que modifican las condiciones iniciales de la inversión. Ambas partes buscan resolver posibles desacuerdos antes de tomar la decisión de invertir y asociarse, pero es imposible prever los escenarios futuros y legislar para todas las eventualidades. También pueden surgir conflictos derivados de las prioridades del inversionista, quien debe gestionar su propio portafolio con limitaciones asociadas a la tasa interna de retorno (TIR), el vencimiento residual, el capital reglamentario y los pactos establecidos con los inversionistas de su propio fondo
Understanding the Factors Driving the Demand of Structured Investment Products
No full textStructured products have gained increasing popularity among retail investors over the last decade, both in Europe and in the United States. However, based on data on the ex post realized gains of retail clients investing in certificates, the literature has concluded that the high demand of these products may be hard to rationalize within a portfolio optimization framework. In this paper, we investigate whether a rational, perfectly informed investor with constant relative risk aversion (CRRA) preferences who optimally allocates her wealth among risky and riskless assets can ex ante expect to benefit from adding structured products to her portfolio. We show that the utility gains from investment certificates vary dramatically across alternative structures, investment horizons, and levels of risk aversion. We also find that the optimal demand for investment certificates and their benefits depend heavily on the pricing models informing the portfolio assessment and the size of the risk premia associated with them
Istituzioni di diritto privato
No full textSi tratta di un manuale di istituzioni di diritto privato rivolto agli studenti di giurisprudenza
AI in the Vault: AI Act's Impact on Financial Regulation
No full textThis Article examines the implications of the European Union’s Artificial Intelligence Act (AI Act) on the regulatory landscape of AI in the banking and financial sectors. The AI Act, a pioneering legislative framework, classifies AI systems based on their risk levels and mandates stringent requirements for high-risk systems to ensure transparency, accountability, and protection of fundamental rights. This study addresses the critical intersection of AI technology and prudential supervision, highlighting the significant roles of the AI Office, and the AI Board in the governance and oversight of AI applications in finance.
The importance of this research lies in its detailed exploration of the AI Act’s potential to shape the future of AI governance in Europe, particularly within the financial sector, where the need for clear regulatory frameworks is most pressing. Despite existing literature focusing on the integration of AI in banking supervision and the associated risks, gaps remain in understanding how these regulatory frameworks can effectively oversee AI’s transformative impact on financial markets.
Our research questions center on the effectiveness and coherence of the AI Act in regulating AI within the EU banking sector, examining its implications for high-risk AI applications like creditworthiness assessments and the deployment of General-Purpose AI (GPAI) models.
Key findings of this study reveal that, while the AI Act provides a robust framework for AI governance, several challenges persist, including the need for better coordination between regulatory bodies and the development of supplementary guidelines to address emerging AI applications.
These findings contribute significantly to both academic and regulatory discourses by providing insights into the evolving legal landscape governing AI in finance. They highlight the importance of adaptive regulatory frameworks that can safeguard ethical AI deployment while fostering technological advancements and protecting consumer interests. The study’s comprehensive analysis of the AI Act offers valuable recommendations for policymakers and stakeholders, aiming to enhance the regulatory oversight of AI in the financial sector and ensure its responsible and effective use
Norme imperative e libertà statutaria nel venture capital
No full textl'articolo esamina i profili della disciplina delle società di capitali rispetto ai quali la prassi operativa delle operazioni di venture capital hanno evidenziato limiti o impedimenti derivanti dalla presenza di norme imperative del diritto societario. Si sostiene in proposito che solo in parte tali ostacoli derivano della rigidità delle norme vigenti, mentre in buona parte essi traggono roigine dalla loro interpretazione, spesso tralatizia e non pienamente giustificat
Audi Alteram Partem: an experiment on selective exposure to information
No full textWe report the results of an experiment on selective exposure to information. A decision maker interested in learning about an uncertain state of the world can acquire information from one of two sources that have opposite biases: when informed on the state, they report it truthfully; when uninformed, they report their favorite state. A Bayesian decision-maker is better off seeking confirmatory information unless the source biased against the prior is sufficiently more reliable. In line with the theory, subjects are more likely to seek confirmatory information when sources are symmetrically reliable. On the other hand, when sources are asymmetrically reliable, subjects are more likely to consult the more reliable source even when prior beliefs are strongly unbalanced and this source is less informative. Our experiment suggests that base rate neglect and simple heuristics (e.g., listen to the most reliable source) are important drivers of the endogenous acquisition of information
Domestic judicial transplant of OECD interpretive solutions or principles
No full textConvergence or divergence in respect of the OECD Model of tax treaties is achieved at the level of individual treaties concluded by countries through the adoption of provisions that are, or are not, based on the OECD Model. This convergence or divergence can also be achieved through law in action, and specifically through judicial decisions or administrative guidelines which may be ‘inspired by’ or ‘refer to’ the OECD Commentary. In particular, interpretive solutions or principles advanced by the OECD Commentary can be considered by national judges in the application and interpretation of specific treaties. This chapter focuses on how this occurs, proposing a model in which OECD interpretive solutions or principles circulate through ‘judicial transplants’ activated by domestic courts
Voluntary disclosures and monetary policy: evidence from quantitative easing
Get PDFThis study investigates the influence of central bank private-sector quantitative easing (QE) policies on firms' voluntary disclosures. While the effects of QE on borrowing costs and asset prices are well documented, spillovers in the disclosure realm remain understudied. This study specifically analyzes the effects of the Corporate Sector Purchase Program (CSPP), a private-sector QE policy implemented by the European Central Bank (ECB) in 2016, targeting corporate bonds in the euro area. Applying a difference-in-differences methodology to pre- and post-CSPP periods, I find that firms whose bonds the central bank purchased under the CSPP decreased their voluntary disclosures, particularly those related to cash flows and liabilities. My analysis attributes this decrease to reduced demand for firm-specific information from the central bank. My findings highlight the indirect consequences of QE monetary policy tools on corporate disclosure and contribute to the understanding of the transmission of monetary policy and investor-clientele dynamics