Archivio istituzionale della Ricerca - Bocconi
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The allocation of incentives in multilayered organizations: evidence from a community health program in Sierra Leone
No full textDoes the allocation of incentives across the hierarchy of an organization matter for its performance? In an experiment with a large public health organization, we find that health care provision is highly affected by how incentives are allocated between frontline workers and their supervisors. Sharing incentives equally between these two layers raises health visits by 61% compared with unilateral allocations and uniquely improves health service provision and health outcomes. We provide reduced-form and structural evidence that effort complementarities and contractual frictions drive these results and explore the implications for the optimal design of incentive policies in multilayered organizations
Asymmetric transmission of oil supply news
No full textWe provide new evidence on the asymmetries in the transmission of oil supply
news shocks in the US using a nonlinear Proxy-SVAR. A shock that increases oil
prices has large and persistent effects on real activity and relatively small effects
on prices. On the contrary, a shock that reduces oil prices has smaller real effects
and large effects on prices. We rationalize these findings through the behavior of
uncertainty: uncertainty increases independently of the sign of the shock, amplifying
the contractionary real effects of a positive shock and dampening the expansionary
real effects of a negative shock. The opposite holds for prices.We find little
evidence of an asymmetric response of monetary policy
Art. 240 - Confisca
No full textLa confisca, definita dall’art. 236 c.p. misura di sicurezza, consiste nel trasferimento coattivo e definitivo a favore dello Stato di beni a vario titolo riconducibili ad attività illecite
Formal governance matters: when, how, and why states act on the IMF Executive Board
No full textInternational financial institutions (IFIs) are central actors shaping global development. Scholarship on these institutions’ governance has primarily explored unequal voting rights and informal channels of decision-making. Much less is known about the actual decision-making processes that transpire in the IFIs’ formal governance structures, where votes are rarely taken. This article redirects academic scrutiny to these structures to reveal hitherto unobserved state behavior. Empirically, we examine decision-making at the International Monetary Fund (IMF), a key actor in the diffusion of market-oriented reforms. We introduce a novel dataset systematizing all comments of IMF Executive Board members over 3,111 developing-country-specific discussions between 1995 and 2015. First, regression analysis reveals that the interventions by the IMF’s most powerful member-states—the United States, Germany, Japan, France, and the United Kingdom—correlate with their bilateral trade and aid interests. Second, these countries frequently reference each other in debates, demonstrating how coalitions work in practice. Third, we find that the preferences they express for market liberalization vis-à-vis countries in the Global South are associated with an increase in market-liberalizing conditions in subsequent lending programs. Taken together, this article reveals the usefulness of examining formal deliberations in IFIs, contributing to a fuller understanding of decision-making processes in the international political economy
Cost–Benefit Analysis of Trans-Arterial Radio-Embolization with Y-90 Glass Microspheres Versus Drug-Eluting Bead Trans-Arterial Chemo-Embolization in Patients with Hepatocellular Carcinoma in Italy
No full textPurpose
To evaluate the cost–benefit of Trans-Arterial Radio-Embolization (TARE) with Y-90 glass microspheres compared to Drug-Eluting Bead Trans-Arterial Chemo-Embolization (DEB-TACE) in patients with intermediate- and early-stage hepatocellular carcinoma (HCC) not eligible for surgery or ablation.
Materials and Methods
A partitioned survival model estimated life years (LYs) and costs over a 2-year horizon, considering the complete initial care pathway. The analysis was conducted in two scenarios, TARE with standard (SD) or personalized dosimetry (PD). Clinical data were sourced and adapted from the TRACE study, and real-world resource utilization and costs were collected from five high-volume Italian oncology centers. A micro-costing approach assessed value for money from the hospital perspective, expressed as Incremental Net Monetary Benefit (INMB), applying a willingness-to-pay (WTP) threshold of 50,000€/LY.
Results
TARE showed greater survival (SD: 1.617 LYs, PD: 1.823 LYs vs 1.331 LYs DEB-TACE) and higher overall costs (SD: 32,381€, PD: 32,922€ vs 27,735€ DEB-TACE) at 2 years, reflecting its greater healthcare utilization driven by better outcomes. TARE was associated with a positive INMB (SD: 9,664€; PD: 19,429€), demonstrating cost-effectiveness.
Conclusion
Due to improved survival and a positive INMB under both standard and personalized dosimetry, TARE is more cost-effective than DEB-TACE, showing greater value for money compared to DEB-TACE. These results aim to support informed decision-making on the treatment options for patients with unresectable HCC
L’azione legale contro BlackRock, Vanguard e State Street: un’analisi economica e politica
No full textIl caso States v. BlackRock vede undici Stati americani a guida repubblicana accusare i tre maggiori gestori patrimoniali globali (BlackRock, Vanguard e State Street) di aver violato le norme antitrust coordinando strategie per ridurre la produzione di carbone nelle imprese partecipate, aumentandone i prezzi. L'accusa sostiene che i Big Three abbiano utilizzato pretesti ambientalisti (criteri ESG) per esercitare pressioni coordinate sulle società carbonifere, producendo effetti analoghi a quelli di un cartello. La difesa replica che le strategie ESG riflettono i doveri fiduciari verso investitori sensibili alla sostenibilità e che la considerazione dei rischi climatici rientra nella prudente gestione del portafoglio. Il caso ha forte valenza politica, contrapponendo Stati dipendenti dal carbone, che vedono l'attivismo ESG come regolamentazione privata illegittima, a gestori patrimoniali che sostengono di rappresentare le preferenze dei propri investitori.
La controversia si colloca all'intersezione di due fenomeni strutturali: l'ascesa dell'attivismo ESG, che ridefinisce gli obiettivi dell'impresa oltre la massimizzazione del profitto, e la common ownership, ossia la presenza di azionisti comuni in imprese concorrenti, che può produrre effetti anticoncorrenziali anche senza accordi espliciti. Il caso solleva questioni fondamentali per il diritto antitrust: come distinguere riduzioni dell'output motivate da autentici obiettivi ambientali da strategie collusive mascherate; come regolare la common ownership quando azionisti con partecipazioni in più imprese rivali hanno interesse a ridurre la concorrenza; e come aggregare preferenze eterogenee degli azionisti quando questi perseguono valori etici oltre al profitto. L'esito del procedimento influenzerà profondamente l'evoluzione della politica della concorrenza e il futuro delle strategie ESG a livello globale
Prime riflessioni circa l'impatto dell'ideologia politica sulla reportistica di sostenibilità
No full textCon questo studio esaminiamo come l'ideologia politica delle aziende influenzi la disclosure ESG (Environmental, Social, and Governance) nelle società quotate
Art. 236 - Delle misure di sicurezza patrimoniali - Specie: regole generali
No full textCommento all'art. 236 del codice penal