Archivio istituzionale della Ricerca - Bocconi
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Principles of secondary market disclosure
No full textThe Market Abuse Regulation (MAR) is a key pillar of EU financial markets, designed to provide secondary markets with a high level of transparency. MAR establishes, through a broad definition, what constitutes insider information and requires issuers to disclose, as soon as possible, any corporate inside information. After nearly a decade, the application of the MAR revealed divergent interpretations across Member States and high compliance costs for issuers. In response, the European Commission proposed, as part of the Listing Act, amendments to certain original provisions of MAR. Aiming to enhance legal certainty and reduce regulatory burdens, the Listing Act identifies, in more detail, which information could be disseminated and when, addressing the excessive vagueness surrounding the notion of inside information. It removes the original MAR provision requiring issuers to disclose protracted processes or intermediate steps of certain transactions or operations. The goal is to reduce the risk of premature disclosures that could mislead investors and negatively impact secondary markets, while promoting convergent interpretation by national regulators. With the Listing Act, the notion of inside information became twofold since the MAR will also continue to adopt the original notion to prevent insider trading and preserve market integrity. The open question is whether these amendments will contribute to harmonize issuers’ disclosure, interpretations, and practices across Europe, leading to more integrated and strong capital markets
The relationship between trust and compliance in the Italian NHS: Results of the People's Voice Survey
No full textBackground
Public health systems are assessed not only for outcomes but also for their ability to sustain legitimacy and trust. Trust supports long-term cooperation, while mandates can secure immediate adherence but risk eroding trust and weakening future willingness to comply. Italy illustrates this paradox, combining strong outcomes and extensive COVID-19 mandates with comparatively low public confidence.
Objective
To examine how trust, compliance, and intention to comply interact in the Italian health system, in the context of policies that rely on obligation rather than persuasion.
Methods
We analyzed data from the People’s Voice Survey conducted in Italy on a representative sample of 1001 adults. Outcomes were trust in the National Health Service, compliance with COVID-19 vaccination, and intention to comply with future directives. Determinants included perceptions of public influence, trust in scientists, vaccine attitudes, and past healthcare experiences, with education and income as moderators.
Results
Trust in the NHS was predicted by public influence, trust in scientists, and positive experiences, while negative experiences reduced it. Compliance was driven mainly by vaccine attitudes, with negative experiences lowering adherence. Intention to comply was associated with both general and policy-specific beliefs. Education moderated the role of trust in scientists, and income shaped the effect of experiences.
Conclusions
Trust sustains future cooperation, whereas reliance on obligation may erode it even in high-performing systems. Policies should foster transparency, responsiveness, and patient experience, and strengthen education as a stable foundation, since mandates ensure short-term adherence but not long-term cooperation
Can we solve societal grand challenges by designing a prosocial economic system?
No full textDovev Lavie, professor of strategic management at Bocconi University, draws his utopia from a lucid
perspective on our present: our current economic system incentivizes opportunistic behavior over
prosocial behavior, thereby penalizing acts of kindness and reciprocity. He proposes to change the incentives system to create a “cooperative economy”, which involves a redistribution system through the subsidization of prices flowing from high-income consumers to low-income consumers. This would
enable us to pursue a profession of choice and starting a business with financial security, thereby encouraging entrepreneurship. Further attributes of the cooperative economy include a stronger sense of community through increased interactions, digital platforms that protect fair competition, and protect from opportunistic behavior, a reduction in salary differences and the prevention of concentration of wealth and power
Harnessing financial incentives for health promotion: A scoping review of prevention programs implemented in upper-middle and high-income countries
No full textThe recent demographic and epidemiological trends, coupled with escalating healthcare costs, necessitate innovative strategies for health promotion and disease prevention. Financial incentives have gained attention as potential tools to encourage desirable health behaviors. This study aims to map real-world programs employing financial incentives for health promotion implemented by public institutions or insurance companies in upper-middle and high-income countries, focusing on program characteristics, incentive structures and available impact assessments.
Using a scoping review methodology, we identified 27 programs spanning tax-funded and insurance-based healthcare systems. Most programs targeted primary prevention, incentivizing behaviors such as vaccination and physical activity, with several multidimensional initiatives addressing multiple health behaviors simultaneously. Incentives ranged from cash payments to vouchers, often linked to measurable outcomes like vaccination completion or activity levels monitored through wearables. The collected evidence suggests these programs can positively influence targeted behaviors. At the same time, solid impact evaluations were lacking for a relevant number of programs in scope, cost-effectiveness estimates remain limited, and the long-term sustainability of behavior change after incentives are removed or reduced calls for additional real-world investigation.
This study was the first to analyze the characteristics of real-world implementations of health promotion programs based on financial incentives, complementing existing evidence from experimental studies. Insights from this review can inform the design of more effective and possibly sustainable programs, emphasizing the role of financial incentives in fostering personal responsibility for health while supporting the sustainability of healthcare systems
Earnings management and investor protection during a banking crisis: the role of the "spare tire" effect
No full textThis article analyzes the association between earnings management and investor protection during banking crises. Using a sample of firms from 16 European countries for the period 2006-2018, we show that, as banking conditions worsen, firms are more likely to manage earnings upward in countries with a stronger institutional environment, where alternative sources of financing are better available and more accessible. Moreover, we show that this strategy is successful because these firms are able to raise relatively more equity financing. JEL Classification M41, G1
Lo stato dell’industria farmaceutica in Italia e nel mondo
No full textIl capitolo analizza i numeri derivanti dal livello della produzione in crescita del settore farmaceutico. L’industria farmaceutica italiana è caratterizzata per alti valori di spese per i dipendenti, investimenti in produzione con riferimento anche ai settori ad alta intensità tecnologica, ponendosi ad un alto livello rispetto ai posti di lavoro creati, ove, per altro, il gender gap è sensibilmente ridotto.
A livello globale, il mercato farmaceutico nord-americano e quello europeo giganteggiano rispetto agli altri mercati continentali e si stimano aumenti continui del fatturato nei prossimi anni, complice anche una vertiginosa crescita degli studi clinici effettuati virtualmente e da remoto.
Con riguardo al mercato europeo, la spesa sanitaria pubblica è di gran lunga superiore alla spesa sanitaria privata e, più in generale, la spesa per i farmaci è correlata alla ricchezza prodotta, seppur le dimensioni di mercato non abbiano un’incidenza proporzionale sul PIL.
A fronte dei dati riportati, pare evidente che l’industria farmaceutica mondiale stia vivendo un momento positivo, pur rimanendo l’auspicio che alle necessità del mercato vengano fornite le risorse adeguate
The value of financial intermediation: evidence from online debt crowdfunding
Get PDFMost online marketplaces are peer-to-peer. Credit ones, however, are not and they have resurrected many features of traditional financial intermediaries. To understand why, we use online credit as a laboratory to investigate the value of financial intermediation. We develop a structural model of online debt crowdfunding and estimate it on a novel database. We find that abandoning the peer-to-peer paradigm raises lender surplus, platform profits, and credit provision, but exposes investors to liquidity risk. A counterfactual where the platform resembles a bank by bearing liquidity risk can generate larger lender surplus and credit provision when liquidity is low and lenders are risk averse
Adoption of artificial intelligence applications in clinical practice: insights from a survey of healthcare organizations in Lombardy, Italy
Get PDFBackground: Artificial intelligence (AI) offers transformative potential in healthcare, yet its adoption is hindered by cultural, organizational, and technological barriers, and little is known about their actual use in clinical practice. The aim of this study was to explore current trends in the adoption of AI applications across healthcare organizations in Lombardy, Italy.
Methods: This is a survey study that targeted public and private healthcare organizations in Lombardy and conducted between December 2023 and February 2024, with follow-ups between May and June 2024. It included three sections with up to 22 questions: mapping of clinical AI applications, organizational governance of AI, and perceived adoption barriers.
Results: Among the 46 responding organizations, 56 AI applications were identified. Most applications focused on analyzing images or structured health data, and supported diagnostic, prognostic, or treatment optimization activities. Routinely used applications were Conformité Européenne-marked, with radiology being the main clinical area of use. Three distinct approaches emerged. While most organizations (57%) have not yet adopted AI applications, among adopters, 13% are developing AI tools, while 30% exclusively purchase commercial solutions.
Conclusions: There is considerable variability in both the types and stages of AI applications adopted in clinical practice by healthcare organizations in Lombardy. In terms of functions, most implementations support diagnostic and prognostic tasks, with strong emphasis on imaging-based tools. Regarding innovation strategies, varying approaches, ranging from exclusively purchasing AI applications to hybrid models that include in-house development, were observed. These findings support broader ecosystem efforts to understand and guide AI implementation in healthcare
Related party transactions
No full textThis chapter examines related party transactions (RPTs), explaining their prevalence across jurisdictions and their potential to facilitate both value creation and shareholder expropriation. It distinguishes between RPTs and tunneling, showing how dominant shareholders may use RPTs to extract private bene ts while recognizing that some RPTs serve legitimate business purposes. The chapter analyses key regulatory approaches to mitigate tunneling, including prohibitions, procedural safeguards such as independent director and majority-of-the-minority approval, mandatory disclosure, external independent advice, and ex post judicial review. It stresses that these measures depend on effective enforcement institutions and a business culture that rejects tunneling as an acceptable practice. Finally, the chapter concludes that without experienced regulators, active judicial oversight, and market actors committed to fair corporate governance, legal reforms targeting RPTs cannot prevent minority shareholder expropriation