Archivio istituzionale della Ricerca - Bocconi
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The role of lockups in stock mergers
No full textWe document the frequent use of stock lockup agreements in mergers and acquisitions (M&As) paid in stock and examine the corporate determinants and consequences of the use and duration of lockups. Lockup agreements prohibit target shareholders from selling shares issued by the acquirer as a means of payment for a prespecified period. We find support for the hypothesis that target shareholders agree to lockups to precommit to hold on to the acquirer’s stock if they believe the merger’s long-term fundamentals are strong. Consistent with our hypothesis, lockups come with larger acquirer announcement returns, particularly when acquirer valuations are high; ex ante, lockup adoption likelihood increases with acquirers’ valuation. Lockups also come with higher deal completion likelihood, shorter merger negotiations, and higher long-term operating performance. We conclude the market interprets lockups as a signal of strong fundamentals, particularly when acquirers’ valuations are high
Revisiting productivity dynamics in Europe: a new measure of utilization-adjusted TFP growth
Get PDFWe compute new estimates of Total Factor Productivity (TFP) growth in the five
largest European economies. Our estimates account for positive profits and use firm
surveys to proxy for unobserved changes in factor utilization. These novelties have a
major impact: our estimated TFP growth series are substantially less volatile and less
cyclical than the ones obtained with standard methods. Based on our approach, we
provide annual industry-level and aggregate TFP series, as well as the first estimates of
profit and utilization-adjusted quarterly TFP growth in Europe
Competition and defaults in online search
Get PDFThis paper offers the first systematic quantitative assessment of default-option interventions designed to mitigate Google’s search dominance. By analyzing interventions in the European Economic Area, Russia, and Turkey, we find that, across all three cases, changes to default settings effectively reduced Google’s market share. The causal impact amounts to less than 1 percentage point in the EEA and over 10 percentage points in Russia and Turkey. Differences arise from intervention nuances, including the size of the targeted users’ group, local market characteristics, and remedy designs
Smart cities, landscape and urban regeneration: ranking methods
No full textThe chapter offers an analysis of the topic of smart cities and the evolution of urban planning. Land use law has been a subject of major attention and repeated in-depth studies aimed at mapping out the evolution of the concept. Over the last two centuries, the way in which land regulation is understood has developed in line with industrial society. The notion of a “smart city” has emerged on a global scale, initially adopting an extremely broad scope that includes all aspects of land regulation: from building regulations to town planning law, and from networks and public services to the use of IT and participatory arrangements.
The interplay, overlap, and often tension between urban planning interests in a strict sense and external interests, which were soon defined as “differentiated,” was the main factor in bringing about the shift to the next phase, which is still ongoing. Due to the variegated and heterogeneous nature of the interests now at stake, it is not possible to order them into a stable hierarchy.
The new model of urban planning, enriched by the interpenetration of various public interests and transformed into a larger vehicle, is contradictory. On the one hand, the mediation between expectations that are not rigidly ordained or at least only partially harmonized calls for a centripetal approach; on the other hand, this requires the maintenance of, and indeed the increasing search for, some measure of local consensus. As such, the urban dimension has now perhaps irreversibly embarked on a classificatory pathway that has gradually become more technological in nature, in line with the genesis of the idea of "smartness." The concepts drawn from traditional sociology and political science must confront the consensual self-legitimization of technology, which offers an image of rationalization that probably exceeds its own capacities.
The contribution finally takes into consideration various types of international rankings, such as the Global Cities Report published by ATKearney, the Global Outlook Global Cities of the Future, the Japanese Global Power City Index, and many others
Guilt aversion and inequality in dictator games
No full textWe examine the interplay between guilt aversion and inequality in decision-making, specifically in the context of a dictator game. Considering different initial allocations of the surplus, we investigate how the material opportunity cost of reducing inequality influences sharing behavior, revealing a complex relationship among guilt-driven choices and material opportunity costs
Obesity epidemic in European countries: from an unaddressed risk factor to a medicalized disease?
No full textThe editorial/commentary shortly review the current debate about the determinants of obesity and policy to contrast them. It contributes to the hot debate about the use of new drugs to reduce obesit
Regulating AI autonomy: a constitutional framework for the Digital Era
No full textIl capitolo affronta le tematiche che da una prospettiva costituzionalistica emergono nel passaggio dall'autonomazione algoritmica all'autonomia propria dell'intelligenza artificiale di tipo generativo
Essays in Applied Economics forLabour and Urban Integration
Get PDFThis thesis considers labour and urban contexts where migrants are disproportionately represented.
The first chapter explores an urban policy that aimed to improve public
housing areas with low socio-economic status and a high share of migrants in Denmark, known as the Ghetto Policy.
Using administrative data from the Danish population register and novel data on public housing addresses, the study evaluates the policy’s efficacy and
impact on neighborhood socio-economic composition. The classification of a public housing area reduces average income
and education. These changes are primarily driven by a net out-migration of individuals with higher incomes and
levels of education while there is no significant effect for these indicators on those that remain.
The second chapter zooms into gig work and explores the earnings differential faced by migrants. By
analyzing administrative delivery-level data from an on-demand delivery service in Italy,
the study controls for demand-side factors to isolate supply-side influences. The results show that foreign-born
riders earn significantly less than native-born riders, even when accounting for various controls. The analysis
identifies that familiarity with the host country, network formation, and earnings targets all contribute to
widening the earnings gap between foreign- and native-born riders.
The third chapter investigates the impact of a gig working platforms entry on traditional working arrangements and
how the introduction of gig work opportunities may be traded off. I use a novel dataset that merges comprehensive employer-employee data from the Veneto region with delivery-level information
from Italy’s largest on-demand delivery service platform, the analysis leverages the platform’s staggered rollout
across the region. The findings indicate that the platform’s availability initially increases registered
unemployment, followed by a delayed rise in employment. Individuals engaging in gig work are more likely to secure
fixed-term contracts of shorter duration and experience prolonged periods of registered unemployment after the
platform’s introduction
Value attribution for combination treatments: two potential solutions for an insoluble problem
No full textValue Attribution for Combination Treatments: Two Potential Solutions for an Insoluble Proble
The role of health systems in shaping vaccine decisions: Insights from Italy, Mexico, the United Kingdom, and the United States
Get PDFBackground
The demographic drivers of vaccine uptake and confidence have been well-documented in diverse contexts. However, the role of health systems in improving vaccine uptake and confidence has been less discussed particularly in the post-pandemic period.
Methods
Using nationally representative surveys of adults conducted between December 2022 and April 2023 in Italy, Mexico, the United Kingdom (UK), and the United States (US), we examined demographic, health, and health system determinants of vaccine confidence and uptake of four vaccines for adult respondents or their children: COVID-19, influenza, human papillomavirus (HPV), and measles, mumps, and rubella (MMR). Logistic and linear regression models explored associations between predictors of interest and vaccine outcomes, with coefficients reported on the risk difference and risk ratio scales.
Findings
A total of 5180 respondents were surveyed, one-third of whom had at least one child aged 1–18 years. Having received at least three other preventive health services in the last year was associated with COVID-19 and Flu vaccination in all countries (Risk ratio (RR) 1.04–1.54) and with vaccine confidence in the US (RR 1.10). Having at least three health care visits in the last year and having a regular health provider were also associated with a higher likelihood of vaccine uptake and confidence in some countries. Being confident in one's ability to obtain and afford quality care (i.e. “health security”) had a positive association with at least one outcome in all countries except Mexico (RR 1.07–1.36) and with children COVID vaccination in multi-country regression. Having a regular provider was associated with a higher probability of HPV vaccination for children. Health system engagement and health security showed stronger associations with Flu than COVID-19 vaccination and with vaccine uptake compared to vaccine confidence, although these associations varied across countries. Trust in scientists and trusting the national public health agency were also strongly correlated with several vaccine outcomes.
Interpretation
Our findings highlight the links between health system engagement, health security, and vaccination rates. Health system engagement may be particularly important to mitigate barriers to vaccination related to ‘complacency’ and ‘convenience’