Archivio istituzionale della Ricerca - Bocconi
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Imposta minima globale e imposta liquida globale: la valutazione di due modelli impositivi
No full textNel suo recente lavoro sul sistema di tassazione del reddito liquido osservato in una prospettiva internazionale, Marco Versiglioni (d’ora innanzi “MV”) si pone la seguente domanda: “In ogni Stato, quale legislazione o piuttosto quale modello di legislazione bilaterale o multilaterale può creare o garantire l’entrata di tasse o altri benefici para-commutativi realmente dovuti all’economia digitale rispettando allo stesso tempo sia la funzione della capacità contributiva (capacità contributiva) di ciascuno (cittadino o Stato) appartenente alla comunità internazionale che la funzione degli standard internazionali per proteggere le entrate di ogni Stato?”. MV, poi, anche in risposta ad un quesito specifico a lui posto da Reuven Avi-Yonah nell’ambito di un seminario on-line organizzato dall’Università Bicocca di Milano, chiarisce che analoghe questioni possono essere poste per il Pillar Two OCSE e che, dunque, tutti i vari temi (digitale e non) possono trovare una “risposta unitaria”. Nella seguente nota viene ripercorsa brevemente la struttura dell’argomento che MV propone per fornire una risposta alla domanda sopra riportata (sezione 1) e, successivamente, viene svolta una sorta di “flash back”, vale a dire un breve viaggio a ritroso indietro nel tempo – circa vent’anni – per ricostruire criticamente il percorso che nell’ambito della fiscalità della cd. “economia digitale” ci ha condotto ad oggi – nel 2024 – alla situazione nella quale è stata introdotta una cd. “global minimum tax” (sezione 2). Infine, vengono svolte alcune considerazioni per spiegare come il modello della global minimum tax abbia di fatto sopravanzato il modello ora riproposto da MV (sezione 3). Viene infine tratta una breve conclusione dell’analisi svolta (sezione 4)
An announcement effect in reverse? Evidence from cash-settled convertible bonds
No full textWe analyze the trading activity of underlying shares at the maturity of convertible bonds with cash settlement provisions. Our findings indicate that arbitrageurs and option dealers engage in systematic trading that leads to an increase in trading volumes and changes in the level of short interest in the affected underlying equities. We find significantly positive abnormal returns for the affected stocks if convertible bond-related trading is not contaminated by opposing option-related flows. This finding supports the notion that arbitrageurs can create substantial market impact on shares underlying convertible bonds even without any relevant news dissemination. Therefore, our study adds a new perspective on the relative importance of signaling and arbitrage-related price pressure for announcement effects for convertible bonds
Can you go home again? Performance assistance between boomerangs and incumbent employees
No full textBoomerangs, that is, rehires, should have advantages over other new hires when integrating into an organization due to their familiarity with the work context and their pre-existing relationships. However, research suggests that the effects of hiring boomerangs may not be straightforwardly positive. To better understand these effects, we investigate how boomerangs’ social integration into a work team differs from that of other new hires due to their pre-existing relationships and how those relationships shape their and incumbents’ competence and motivation to provide assistance for collective performance. We theorize and find that boomerangs, compared with new hires, exhibit more performance assistance toward incumbent former and incumbent new colleagues. In contrast, incumbent former colleagues do not direct their performance assistance toward boomerangs, contrary to our prediction, nor do incumbent new colleagues. This study contributes to the nascent literature on boomerangs and the literature on job mobility by finding evidence that prior relationships condition the behavior of both boomerangs and incumbents
Bridging global mandates and local realities: intermediary clusters and interorganizational collaboration for international development
Get PDFAddressing international sustainable development is an urgent and critical challenge. Existing research has focused on the role of individual intermediary organizations in supporting and shaping inclusive local markets to enhance development. However, it has overlooked how clusters of organizations act as intermediaries to build development capacity, and how they do so through local public institutions. This study focuses on the United Nations (UN) system and examines a specific transnational governance arrangement (Delivering as One) that envisioned the creation of local clusters of UN organizations to facilitate institutional capacity-building in developing countries. By comparing the evolution of the eight pilot UN arrangements, we distil a model of how intermediary clusters facilitate local capacity-building through a process of contextual bridging driven by interorganizational collaboration within the cluster. Our findings identify four mechanisms of contextual bridging. The first two—functional amalgamation of operations and development of a cohesive collective voice—strengthened internal collaboration among cluster members; subsequently, sharing authority with local stakeholders and the local calibration of interorganizational collaboration (IOC) allowed the entrenchment of IOC into the local context. Our work contributes to the literature on interorganizational collaboration and transnational governance in the face of global challenges
Common ownership, competition and corporate governance
No full textThis paper presents a theoretical framework for determining the ownership stakes held by financial investors in companies competing in the same product market, commonly referred to as the level of common ownership. In our model, these investors are primarily motivated by the anticipation of capital gains resulting from the impact of common ownership on product market competition, which enhances profitability for the firms involved. However, common ownership also undermines effective corporate governance by diminishing blockholders' incentives to engage in value-enhancing behaviors, such as managerial monitoring. These adverse effects on corporate governance act as limiting factors, ultimately determining the equilibrium level of common ownership
Global sensitivity analysis via optimal transport
No full textWe examine the construction of variable importance measures for multivariate responses using the theory of optimal transport. We start with the classical optimal transport formulation. We show that the resulting sensitivity indices are well-defined under input dependence, are equal to zero under statistical independence, and are maximal under fully functional dependence. Also, they satisfy a continuity property for information refinements. We show that the new indices encompass Wagner's variance-based sensitivity measures. Moreover, they provide deeper insights into the effect of an input's uncertainty, quantifying its impact on the output mean, variance, and higher-order moments. We then consider the entropic formulation of the optimal transport problem and show that the resulting global sensitivity measures satisfy the same properties, with the exception that, under statistical independence, they are minimal but not necessarily equal to zero. We prove the consistency of a given-data estimation strategy and test the feasibility of algorithmic implementations based on alternative optimal transport solvers. Application to the assemble-to-order simulator reveals a significant difference in the key drivers of uncertainty between the case in which the quantity of interest is profit (univariate) or inventory (multivariate). The new importance measures contribute to meeting the increasing demand for methods that make black-box models more transparent to analysts and decision-makers
Statistical Physics Methods for Non-Convex Neural Network Models
Get PDFIn this doctoral thesis I employ the lens of Statistical Physics to study a number of non-convex models of Neural Networks. I start by using the replica method to investigate the loss landscape of a prototypical neural network model, the Negative Perceptron, and use the tool of Linear Mode Connectivity to describe the connection of different types of solutions. I show that the geometry of such solutions can be described as star-shaped, and numerically verify that such connectivity properties hold for solutions found by algorithms. In the same model, and for the Tree-Committee Machine, I study the critical capacity under the full-RSB ansatz, and settle a long standing open problem about the numerical value of such threshold. Comparing it to simulations with Gradient Descent, I observe an algorithmic gap: for some values of the constraint density solutions exists but are not found by the algorithm. I also introduce a transition line that separates a phase where typical states exhibit an Overlap Gap from a phase where no such gap exists, and discuss potential algorithmic implications. Going back to the connectivity properties of the Negative Perceptron, I use the fRSB framework to characterize the disconnection transition. Finally I go beyond the storage setting and study a Spiked Random Feature Model, where a low rank correction to the random feature matrix can be learned, in the teacher-student scenario. I observe a detection phenomenon where a minimum amount of data is needed for the student to align its spike with that of the teacher, and compare it to numerical simulations with real datasets
Customer centricity: un linguaggio organizzativo per affrontare il cambiamento
Get PDFIl contributo esplora il concetto di customer centricity come linguaggio organizzativo per affrontare il cambiamento, evidenziando la sua importanza nella creazione di valore sostenibile e nella transizione digitale. La centralità del cliente è vista come un elemento chiave per sviluppare strategie aziendali che coniughino valore economico, ambientale e sociale. Il testo sottolinea come la sostenibilità e la trasformazione digitale siano forze evolutive che rafforzano la centralità del cliente, promuovendo pratiche aziendali responsabili e innovative. Viene inoltre discusso il ruolo del purpose aziendale nel creare connessioni valoriali ed emotive con i consumatori, migliorando la fedeltà e il benessere psicologico. Infine, il saggio analizza le condizioni necessarie per implementare efficacemente la customer centricity, come l'interazione diretta con i consumatori, la gestione dei processi critici, la diffusione di comportamenti auto-organizzativi, la focalizzazione sul valore per i clienti
Commento all'art. 42 della Costituzione delle Repubblica Italiana
No full textCommento all'art. 42 della Costituzion
Agent-agent conflict: outside directors and co-CEOs in family firms
No full textThis study explains why outside directors in family firms are especially beneficial when co-CEOs are at the helm. Extending agency theory beyond the principal-agent and the principal-principal conflicts, it proposes a refined agent-agent conflict that arises when multiple co-CEOs run the firm. Assuming the principal opportunism, it predicts that outside directors will be beneficial under co-leadership, particularly under mixed co-leadership (i.e., comprising family and non-family co-CEOs) and family generations after the first. An analysis of Italian family firms’ export supports the hypothesized effects. The theoretical implications are discussed and have significance for research on both family businesses and agency theory