Archivio istituzionale della Ricerca - Bocconi
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Bottom-up markup fluctuations
No full textWe study markup cyclicality in a granular macroeconomic model with oligopolistic competition. We first characterize how firm, sectoral, and aggregate markups comove with output at different levels of aggregation in response to firm-level shocks. We quantify the model's ability to reproduce salient features of the cyclical properties of measured markups in French administrative firm-level data from the bottom (firm) level to the aggregate level. We document that (i) firm-level markups rise with market share and sector-level markups with concentration, (ii) the relationship between markups and sectoral output varies by firm size-negative for small firms but positive for large ones, (iii) sector-level markups move positively with sectoral output, and (iv) sectoral markups show no systematic relationship with aggregate output. Our model helps rationalize these seemingly conflicting patterns of markup cyclicality in the data
Food safety in the era of digital agriculture: a bibliometric study on IoT-Based Innovations
No full textRoughly one-third of the food produced globally is lost or wasted at some stage along the supply chain, according to the United Nations Food and Agriculture Organization. Inefficiencies along the food value chain and in consumption have considerable environmental, economic, and social impacts, thus representing a global challenge. Digitalization in agriculture has great potential to improve efficiency, effectiveness, sustainability, resilience, and competitiveness across this sector through Internet of Things (IoT), Blockchain, sensors, data analytics and AI-based tools, leading to more targeted and precise agricultural operations and improved traceability. The EU Policy Guidelines for 2024-2029 showcase this potential by giving a key and priority role to supporting the entire food supply chain. In this research, particular attention will be given to safeguarding food safety through the use of IoT. A bibliometric analysis will be conducted on the Scopus research items (timeframe: 2012-2024). This analysis will enable us to examine the intellectual structure of this field of study and outline its main applications, as well as identify the key critical issues in its implementation. The future lines of research, as well as their academic and practical implications, will be highlighted
Commercial, but Legitimate Interest: The Court of Justice Calls the Dutch Data Protection Authority to Order
No full textThe ECJ's decision in Koninklijke Nederlandse Lawn Tennisbond v Autoriteit Persoonsgegevens clarifies the interpretation of 'legitimate interest' under Article 6(1)(f) of the GDPR. The Court found that a purely commercial interest can constitute a legitimate interest, provided that it is lawful and balanced against the rights of data subjects. This directly challenges the restrictive position of the Dutch DPA, which excluded commercial purposes from the scope of legitimate interests. The judgment emphasises that legitimacy does not require a legal basis enshrined in law, but must satisfy the three-part test of legitimate interest. It also highlights the importance of the other two conditions of the test, namely the expectations of data subjects and the absence of less intrusive alternatives. The judgment is an important step towards harmonising the application of the GDPR across Member States, particularly when it comes to balancing commercial interests with the protection of personal data
Does stepping-back from IFRS pay off? Evidence from European unlisted firms’ cost of debt
No full textThis study examines the association between voluntarily stepping back from IFRS to national GAAP and the cost of debt among European unlisted firms. Using a dataset of 42,987 observations from seven European countries between 2012 and 2022, we find that companies reverting to national GAAP are associated with a lower cost of debt after stepping back. This finding remains consistent regardless of their earnings management level after the transition. Unlike earlier evidence suggesting that IFRS adoption initially reduced the cost of debt, our results, based on a more recent time series, reflect a shift in lender perception. Having observed unlisted firms report under IFRS for several years, lenders may have come to view national GAAP as equally or even more reliable for assessing credit risk in the private firm context
Commento all'art. 225 r.d. 16 marzo 1942, n. 267
No full textRinvio al commento dell'art. 218 l. fall
Sustainable Lending and Network Dynamics
No full textThe research investigates whether interconnectedness in the syndicated
loan market differs between green and sustainability-linked loans
compared to traditional loans and how it has evolved in the past few years
Governance gambits and business judgment in in/out-sourcing tactics
No full textThis article investigates the burgeoning trend of proceduralization within corporate law, with a spotlight on the proceduralization of the board of directors. It delves into the contrasting strategies regarding board composition, scrutinizing the delicate balance between nurturing skill diversity within the board and outsourcing specific functions.
Through an extensive analysis of existing literature and pertinent case law, the paper examines the intricate faced by corporations when presented with the choice between specialized directors and external consultants. It scrutinizes concepts such as the business judgment rule in the age of external expertise, particularly emphasizing its inherent paradox. This contradiction manifests in situations where endeavors devoid of consultancy expenses, ostensibly perceived as more financially advantageous for shareholders, may unexpectedly expose directors to potential liability owing to perceived harm to shareholder interests. Conversely, analogous operations incurring consultancy costs, ostensibly affirming equity, may elude similar scrutiny. In addition, the paper delves into the realms of risk management and corporate accountability, particularly in the contemporary landscape marked by a heightened reliance on outside experts.
Furthermore, the paper explores the idea of “theatre boards” resulting from the increasing dependence on external expertise, and it identifies two pivotal cross-sectoral shifts shaping corporate governance dynamics: the growing influence of diverse stakeholder cohorts and the ascendancy of consultancy firms as providers of board services. This interplay between political economy and consultancy trajectory highlights significant changes in the corporate advisory landscape.
In conclusion, the paper reflects on the strategic evolution of consultancy firms, envisaging a shift towards becoming board service providers à la Bainbridge. By examining the implications of employing outside experts on corporate governance accountability, the application of the business judgment rule, and conflicts of interest protections, this study underscores the transformation of boards of directors into stages for performance.
Therefore, the paper to the literature by shedding light on the evolving dynamics of corporate governance and the role of external expertise therein, particularly concerning the application of foundational pillars of corporate law such as the business judgment rule, fiduciary duties, accountability and conflicts of interests
Green backlash and right-wing populism
No full textThis Review delves into the politics of climate policy, specifically focusing on the so-called green backlash—that is, rising resistance from voters, parties and governments to the climate transition. We present a narrative review of the literature on the political consequences of climate policies, highlighting the presence of backlash among citizens negatively affected by decarbonization efforts. Populist right forces emerge as the primary beneficiaries of the backlash as they tend to be more sceptical regarding anthropogenic climate change and less supportive of climate policies. In turn, their electoral success has negative implications for countries’ climate policymaking and performance. Finally, we draw insights from the literature to reflect on what can be done to improve the political sustainability of climate policies