Archivio istituzionale della Ricerca - Bocconi
Not a member yet
30225 research outputs found
Sort by
Competence-Competence, Delegation, and the AAA/ICDR Rules
No full textIn 2021 and 2022, the American Arbitration Association (AAA) and the International Centre for Dispute Resolution (ICDR) amended their arbitration rules to address a “potential controversy” said to be caused by the Restatement of the U.S. Law of International Commercial and Investor-State Arbitration. The “potential controversy” is over whether the rules providing that arbitrators have “the power to rule on [their] own jurisdiction” should be interpreted as delegation clauses—that is, as “clearly and unmistakably” delegating exclusive authority to resolve jurisdictional challenges to the arbitrators instead of the court. Most courts have so interpreted the rules.
By contrast, the Restatement interprets the rules as codifying competence-competence doctrine rather than constituting delegation clauses. Under the Restatement interpretation, the rules make clear that if a party challenges the arbitrators’ authority in arbitration, the arbitrators do not have to suspend the arbitration in order for a court to decide the challenge. But the rules do not exclude the authority of a court to decide jurisdictional challenges raised first in a court proceeding.
The 2021/2022 amendments, which added “without any need to refer such matters first to a court,” simply state what was already implicit in the rules: that the arbitrators’ authority to rule on their own jurisdiction in matters before them means the arbitrators do not “need to refer such matters first to a court.” As such, it reinforces rather than rejects the Restatement’s interpretation of the rules as codifying competence-competence doctrine rather than constituting delegation clauses
The economics of financial stress
No full textWe study the psychological costs of financial constraints and their economic consequences. Using a representative survey of U.S. households, we document the prevalence of financial stress in U.S. households and a strong relationship between financial stress and measures of financial constraints. We incorporate financial stress into an otherwise standard dynamic model of consumption and labour supply. We emphasize two key results. First, both financial stress itself and naivete about financial stress are important components of a psychology-based theory of the poverty trap. Sophisticated households, instead, save extra to escape high-stress states because they understand that doing so alleviates the economic consequences of financial stress. Second, the financial stress channel dampens or reverses the counterfactual large negative wealth effect on labour earnings because relieving stress frees up cognitive resources for productive work. Financial stress also has macroeconomic implications for wealth inequality and fiscal multipliers
Information nudges, subsidies, and crowding out of attention: field evidence from energy efficiency investments
No full textHow can information substitute or complement financial incentives such as Pigouvian subsidies? We answer this question in a large-scale field experiment that cross-randomizes energy efficiency subsidies with information about the financial savings of LED lighting. Information has two effects: It shifts and rotates demand curves. The direction of the shift is ambiguous and highly dependent on the information design. Informing consumers that an LED saves 90% in annual energy costs increases LED demand, but showing them that 90% corresponds to an average of €11 raises demand for less efficient technologies. The rotation of the demand curve is unambiguous: information dramatically reduces both own-price and cross-price elasticities, which makes subsidies less effective. The uniform decrease in price elasticities suggests that consumers pay less attention to subsidies when information is provided. We structurally estimate that welfare-maximizing subsidies can be 200% larger than the Pigouvian benchmark when combined with information
Abstract integration of set-valued functions
No full textWe develop an abstract notion of integration for Effros measurable correspondences whose values are weakly compact subsets of a separable Banach space. This notion is built on a basic monotonicity hypothesis and the simple requirements that the integral assigns at most one value to any single-valued correspondence and evaluates the constant functions in the obvious way; linearity of the integral is not required. These hypotheses alone guarantee that the abstract integral is relatively weakly compact-valued, and its closed convex hull decomposes into the abstract integrals of the measurable selections from that correspondence. We use this decomposition theorem to prove a Fatou-type lemma and a monotone convergence theorem, and to derive necessary and sufficient conditions for the linearity and parametric continuity of the abstract integral. In turn, we apply our main results to obtain simple characterizations of some classical set-valued integrals, and derive (possibly nonadditive) aggregation methods for correspondences. All in all, we find that abstract integration theory yields many results about particular integrals for set-valued maps in a unified manner, often with minimal recourse to measure-theoretic arguments
Noncompete agreements in a rigid labor market: the case of Italy
No full textNoncompete agreements limiting the mobility of workers have been found to be widespread in the United States, a flexible and lightly regulated labor market. We explore the use of noncompete agreements in a rigid and highly regulated labor market, where labor mobility is low, and the labor market is highly regulated via legislation and collective bargaining. Based on a novel survey of Italian workers and an analysis of the regulatory framework, our study shows how trends and patterns in the use of noncompete agreements are not specific to a flexible labor market. Even in a rigid and highly regulated labor market, noncompete agreements are widespread, and often do not comply with the minimum legal requirements, and yet workers are not aware of their enforceability. This suggests that institutions and labor market regulations are not enough per se, especially when targeted groups are not properly informed, and incentives to comply are minimal
Regional Citrate Anticoagulation Versus Systemic Heparin in Continuous Kidney Replacement Therapy: Examining the Role of Evidence in Health Technology Assessment
Get PDFIntroduction: Continuous kidney replacement therapy (CKRT) is an established treatment supporting kidney function in patients with severe acute kidney disease. Systemic heparin and regional citrate anticoagulation (RCA) are the main anticoagulation strategies to prevent dialysis filter loss due to clotting, a complication of all KRT, including CKRT. The present study aims to comprehensively compare two anticoagulation strategies by collecting available clinical and economic evidence for an adult population under CKRT through a systematic literature review and meta-analysis. Methods: Randomized controlled trials, prospective/retrospective observational studies and economic analyses, involving systemic heparin or RCA, were searched through PubMed and Web of Science databases. Extracted data focused on clinical parameters, adverse events and cost items. Meta-analyses were conducted on data points with numeric outcomes to compare the two anticoagulation techniques. An evaluation of the quality of the evidence was also conducted using the GRADE system. Results: Seventy-two studies were eligible for this meta-analysis. Statistically significant differences between heparin and RCA were observed in ionized calcium levels (mmol/l; heparin 1.19, RCA 1.13), bleeding events (heparin 12.6%, RCA 2.4%), filter lifespan (hours; heparin 16.43, RCA 36.69), clotting issues (heparin 50.7%, RCA 21.3%), filter failure rate (heparin 67.7%, RCA 13.5%), hypocalcemia (heparin 0.1%, RCA 4.4%) and alkalosis (heparin 0.4%, RCA 6.6%) rates. Limitations include heterogeneity across studies, particularly for RCA, and potential biases, although the overall methodological quality ranged from moderate to low. Conclusions: Based on the evidence presented, despite higher rates of hypocalcemia and alkalosis, RCA demonstrates advantages over heparin, including a reduction in bleeding events, prevention of filter clotting and improvement in filter lifespan. Additionally, the cost outcome demonstrated comparable statistics depending on the RCA protocol considered, which supports the potential cost-effectiveness of RCA. RCA provides clear clinical and potential organizational benefits and comparable cost statistics with a reasonable level of confidence in the evidence for the economic data
Transforming Retail: The Impact of Technological Innovations and the Metaverse on Shopping Experiences
Get PDFOver the past decades, technological innovations have transformed the way people shop, from traditional brick-and-mortar stores to online and phygital shopping, and now to shopping in the metaverse. As a result, understanding the factors that impact shoppers’ use and perception of technologies, which in turn affect their behavioral outcomes, is a crucial role for both retail industry players and academic researchers in the retail field.
In Chapter 1, I investigated the factors influencing virtual consumption in the metaverse. In the exploratory study, while looking at virtual consumption through the prism of self-extension and symbolic consumption theories and taking into consideration the social nature of metaverse worlds, I proposed that to positively impact virtual consumption, metaverse platform characteristics need to provide a comfortable environment to enhance the number and quality of social interactions, while virtual products should be designed to facilitate efficient self-extension and communication of symbolic values. The findings of my study, which included a survey of the metaverse users, revealed that the sociability of the platform (opportunities to interact in the metaverse world), the ease of making a purchase and the ease of platform use (means of comfortable environment for interactions and consumption), as well as the social and emotional values of the virtual products (means of self-extension and symbolic consumption), make a statistically significant impact on the intention to purchase virtual goods directly or indirectly.
In Chapter 2, I investigated how avatar identification impacts virtual consumption and through which mechanism. Similar to Chapter 1, I viewed virtual consumption through the prism of self-extension and symbolic consumption theories. I proposed that since users extend their selves through avatars in the virtual world, they have a stronger connection, or avatar identifications, with avatars that better represent their selves, what results in a stronger intention to purchase virtual goods to enhance those avatars. The results of my research indicated that current metaverse users have different self-representation strategies (the real/better self, the other self, and the fantasy self) in the metaverse, leading to different levels of avatar identification. Furthermore, my research demonstrated that avatar identification is positively related to the intention to purchase virtual clothing/accessories through serial mediation by alerting the need for self-expression and enjoyment.
In Chapter 3, I explored how technologies that provide different shopper benefits (usefulness vs. engagement) at the pre-purchase stage of the shopper journey impact shopper behavior intentions toward the retailer. In my research, through a series of four studies (surveys of consumers), I categorized 13 technologies on the basis of usefulness vs. engagement they provide and tested the impact of technologies providing different interlinks of those benefits on shopper behavior. According to the research results, the use of technologies impacts shopper behavior intentions via a mediating route through their effect on shoppers’ perceived value of their shopping experience. Additionally, the perceived usefulness of technology is a core factor impacting shoppers’ perceived value of their shopping experience and shoppers’ behavior intentions. At the same time, while engagement on its own does not make a significant impact, the combination of engagement and usefulness offers a higher value proposition to shoppers than usefulness alone.
The findings from my research contribute to the academic literature by adding valuable insights to the topics of “Virtual consumption in the Metaverse” and “Shoppers and Retail Technologies”, as well as to industry professionals by providing guidance on the key characteristics of metaverse platforms and retail technologies that impact shoppers’ behavior
ESG dynamics: assessing the link between sustainability practices and the cost of capital
No full textThis paper investigates the relationships between environmental, social, and governance performance and the cost of capital
in the European context. Using data from 489 publicly listed companies in the STOXX Europe 600 index over an 8- year period
(2015–2022), comprising 3317 firm- year observations, we analyze variations in this relationship over time. Our findings indi-
cate that companies with strong ESG performance tend to enjoy lower costs of debt, reflecting favorable borrowing conditions
perceived by debt financiers. Conversely, we observe a positive relationship between ESG performance and the cost of equity,
suggesting higher expected returns for equity investors due to perceived long- term risk. Furthermore, temporal analysis reveals
that the relationship between ESG performance and the cost of capital became more pronounced from 2020 to 2022, potentially
driven by heightened attention to sustainability practices and regulatory interventions. This study contributes to the theoretical
understanding of the evolving role of sustainability in financial markets and its implications for corporate finance decision
ESG prioritization: the impact of sustainability on mitigating bankruptcy risk
No full textThis research analyzes the intricate dynamics of how ESG factors influence bankruptcy likelihood within global listed com-
panies. Utilizing a comprehensive dataset and a combination of fixed effect models along with a machine learning technique,
the study confirms the assertion that corporations with robust corporate social responsibility practices are less likely to incur
bankruptcy. The findings align with the stakeholder theory, advocating for companies to accord importance to all stakeholders'
interests. Intriguingly, all three dimensions of ESG demonstrate a positive overall influence on the Z-
Score, emphasizing their
financial significance. However, a complexity emerges: while ESG positively impacts a company's Z-
Score in the short term, this
effect may disappear over longer time periods except for the governance factor which retains lasting relevance. Notably, work-
force management, emissions control, and efficient overall management surface as critical variables in diminishing bankruptcy
likelihood. This research underscores the intricate relationship between ESG and financial performance, highlighting the need
for companies to prioritize authentic and enduring ESG initiatives harmonized with their strategic objectives and values, to foster
stakeholder trust and promote long- term financial stability