Archivio istituzionale della Ricerca - Bocconi
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Collapsing bubbles in the prices of cryptocurrencies
Get PDFThis paper investigates the existence of bubbles in the daily prices of the most popular cryptocurrencies, Bitcoin (BTC), Ether (ETH), and Ripple (XRP), employing the recursive methods of Phillips et al. (2015) and Phillips et al. (2011) for testing and date-stamping episodes of exuberant behaviour over a period spanning seven years (2018–2024), including the COVID-19 pandemic
crisis (2020–2021). The critical values of the tests are computed through the composite wild bootstrap technique by Phillips and Shi (2020) to make them robust to time-varying unconditional heteroscedasticity and the multiplicity issue in recursive tests. Results indicate that the prices of the most popular cryptocurrencies traded on decentralized ledgers, BTC and ETH,
exhibited multiple episodes of exuberant behaviour, unambiguously for BTC and depending on the tests for ETH. Bubbles detected in the prices of BTC were due to the halving of the crypto, to market exuberance and to the pandemic crisis; bubbles detected on ETH prices were due to the
launch of NFTs on the Ethereum blockchain, and to the change in investors’ expectations (from exuberant to pessimistic); the change in the stance of monetary policy burst the bubbles of BTC and ETH prices in 2024. No test supports the exuberance of XRP that is traded on a centralized
ledger; weekly data confirm the absence of multiple bubbles. By looking at the presence of bubbles in these different digital ecosystems, we also consider how the technological differences can impact, possibly asymmetrically, bubbles’ formation
Careers in Italy in rocket times: does gender matter?
No full textThe Covid-19 pandemic had a profound impact on careers globally, leading to phenomena such as the “Great Resignation” and “quiet quitting.” This
chapter explores to what extent men and women in Italy experienced pandemic related “career shocks” and how these events affected their career attitudes, perceptions of success, and work-life balance. Using data from the 5C Career Barometer survey (2020–2021), 284 Italian managers and professionals were analyzed. The results show that while both men and women faced similar shocks, women experienced more frequent family and
health-related challenges, such as the loss of a loved one or difficulties related to children. Women also reported higher levels of social isolation, burnout, and technostress, particularly due to remote work. Despite these challenges, women re-evaluated the meaning of their careers,
placing greater importance on work-life balance and financial security compared to men. However, men reported higher levels of career optimism. Overall, the chapter highlights how the pandemic exacerbated gender inequalities in careers, with particularly severe psychological and organizational effects on women
The Constitutionalisation of Platform Governance: Digital Constitutionalism and Democracy from a Societal Perspective
No full textThe governance of digital technologies is at a critical juncture, as the interplay between globalisation and sovereignty shapes the evolving regulatory landscape. This thesis investigates the constitutionalisation of digital politics, focusing on how sovereigntist and universalist discourses converge and diverge in the governance of digital platforms. By analysing these dynamics, the research examines how digital platforms mediate power and legitimacy within and beyond national contexts, evaluates the role of digital constitutionalism in promoting democratic values and human rights in a globalised yet fragmented regulatory environment, and explores how a societal approach to constitutionalism reconciles the tensions between global standards and local specificities. The thesis employs a comparative methodology to explore these questions, drawing from political theory, legal analysis, and case studies, including the European Union’s Digital Services Act (DSA), Meta’s Oversight Board, and the constitutionalisation of digital politics in Brazil. The methodological framework combines a genealogical perspective of digital regulation with critical legal theory, incorporating societal and post-structuralist approaches to constitutionalism. These methods allow the thesis to critically assess the normative aspirations and geopolitical realities underpinning digital governance. The thesis argues that the liberal and normative framework of digital constitutionalism extends traditional constitutional principles to the digital realm but often falls short in addressing the transnational complexities of platform governance. This approach, while promoting values such as the rule of law, transparency, and accountability, remains constrained either by its reliance on state-centric models, its technocratic and juridified adjudication model, or its normative and cosmopolitan approach to global perspectives of constitutionalism, which limits its applicability in diverse political and social contexts. Hence, the thesis advances a societal perspective of digital constitutionalism engaged with critical legal theory, advocating for a paradigm shift that transcends liberal norms by emphasising user participation, democratic deliberation, and the reflexivity between the social and material conditions of power in diverse governance mechanisms. This perspective highlights the potential of digital platforms to serve as agents of democratisation while recognising their embeddedness in geopolitical and economic power structures. These theoretical claims lead to the comparative analysis underscoring the divergence in regulatory approaches between the European Union and Brazil. The EU’s model, rooted in judicial activism and a juridified approach to human rights, seeks to establish global standards through a robust regulatory framework, recasting the cosmopolitan perspective of the EU political project to the digital environment. However, its universalist aspirations risk overlooking the socio-political specificities of regions beyond the Global North. Conversely, Brazil’s framework of digital regulation, combined with judicial activism, reflects a more context-sensitive strategy but faces challenges in maintaining institutional legitimacy amid political polarisation and democratic erosion. The Brazilian case illustrates the limitations of a purely sovereigntist approach, particularly in addressing the global influence of digital platforms and the asymmetric power dynamics between the Global North and South. The thesis concludes by advocating for a societal and critical legal perspective of digital constitutionalism that bridges the gap between normative ideals and the challenges of the contemporary matrix of platform governance. This approach emphasises the interoperability of constitutionalism, enabling the accommodation of diverse political, social, and economic realities within the aims of constraining power in the analogue and digital environments
A Strategic Approach on Expert Evaluations: Three Essays on Restaurant Guides
Get PDFIn today’s information-saturated world, the consumption choices made by individuals and social actors are increasingly shaped by evaluations provided by critics, experts, or end-users. These evaluations play a crucial role in determining the success or failure of products and services, as well as in shaping the reputations and careers of those who offer them in the market. Evaluators thus act as powerful agents of social stratification across various sectors.
This dissertation aims to analyze the social construction of evaluations and the role of gatekeepers in our society. Specifically, it focuses on ratings and evaluations in the culinary field, where critics and gastronomic guides hold positions of authority. The first two chapters explored how these actors influence consumer preferences and construct and legitimize their roles within the culinary field. The third chapter investigates producers’ reactions to changes in their ratings, exploring the influences of repeated evaluation activities. Through the analysis of the criteria used in evaluations, the dynamics of mutual influence among experts’ evaluation outcomes, and the managerial responses to online consumer reviews, this dissertation aims to reveal these processes, flows, and influences by examining the relationship between local and global levels through both qualitative and quantitative methods
Improvement of medication adherence in osteoporosis through telemedicine combined with email: a patient-reported experience and outcome measure-based prospective study
No full textTo evaluate whether adherence to oral bisphosphonate in patients with osteoporosis may be improved by teleconsultation (TC) with or without the combined use of email to contact the bone specialist on demand (enhanced TC). 103 naïve patients with osteoporosis were prescribed branded alendronate (70mg weekly) and randomised to three service modalities (presence, TC and enhanced TC) and evaluated for medication adherence after 12 months of follow-up. Patients allocated to the enhanced TC were provided with the opportunity to contact the bone specialists by email without any restriction.
Patient-reported outcome (PROMs) and measures (patient reported experience measures) were evaluated with respect to the service modality.
Of 89 patients who were persistent to therapy, 66% displayed optimal medication adherence, with odds being 4.5 higher in patients receiving enhanced TC versus
those receiving the other services. TC service modality was considered in general to be worse in quality than in presence visits, whereas the combination with email use as in enhanced TC was sufficient to compensate for the perceived decrease in quality of care. Enhanced TC did not have any impact on the perception of quality of life as assessed by PROMs
L’istituto del maso chiuso nella prospettiva comparata di Austria e Germania
No full textIl contributo analizza la disciplina del maso chiuso negli ordinamenti di Germania e Austria
Top management teams hierarchical structures: an exploration of multi-level determinants
No full textAlthough the role structure of top management teams (TMT) is a relevant topic in strategic leadership research, the hierarchical structure of TMTs still needs to be explored. In this study, we conduct an exploratory analysis to understand better how TMTs are hierarchically structured and what drives different hierarchical configurations across TMTs. Our empirical analysis of 260 Standard & Poor firms between 2007 and 2018 offers unique insights. Primarily, we discover that even though TMT sizes remained constant between the years of observation, they became less hierarchical in structure, meaning that TMTs became relatively flatter. Moreover, we find that several factors related to CEO characteristics, strategic leadership, corporate governance, and firm and environmental conditions drove the changes in the hierarchical structure of TMTs. These combined empirical insights call for nuanced theoretical explanations of TMT hierarchical structures. We contribute to the TMT literature mainly by highlighting the development of different TMT hierarchical structures and providing new insights into their determinants
Exploring Customer-Firm Interactions on Social Media: The Role of Firm Response Strategies on Customer Satisfaction
Get PDFIn the evolving landscape of marketing, both print media and social media have emerged as pivotal tools for reaching and engaging with consumers. Historically, print media has served as a cornerstone for sending marketing messages to customers, enabling marketers to disseminate information widely and effectively. In contemporary times, social media has transcended the traditional boundaries, transforming into a dynamic platform where firms and customers interact directly. This shift has turned social media into a vital arena for customer support and engagement, facilitating real-time communication and interactions. Recent advancements in artificial intelligence (AI), particularly the introduction of large language models (LLMs), provide diverse potentials for transforming various aspects of marketing and communication. These AI-driven technologies promise to enhance the efficiency and personalization of customer-firm interactions, while also offering new tools for improving the accuracy and reliability of information dissemination.
This thesis comprises three essays, each exploring different facets of marketing in the digital age. The first essay, titled "The Art of Responding to Customer Online Messages: The Role of Response Standardization," which is a joint word with my advisor Professor Gaia Rubera, Professor of Marketing at Bocconi University, delves into the intricacies of customer-firm interactions on social media platforms. The landscape of customer-firm interactions which has undergone a significant transformation with social media platforms becoming central to these engagements. Customers increasingly prefer reaching out to brands directly through these platforms for support, favoring this method over traditional avenues. Prior research highlights the benefits for brands in addressing online messages, noting impacts on firm value and customer behavior. Studies have examined the effectiveness of various response strategies such as active listening, empathy, and response tailoring in online interactions. However, the rise of social media as a two-way communication channel has necessitated the use of standardized responses by firms to manage resources efficiently. This study investigates the impact of response standardization on customer satisfaction by analyzing a large dataset from a social media platform, encompassing over one million messages between 167 firms and their customers across 26 industries. The findings indicate that while standardized responses generally lower customer satisfaction, they are particularly effective for highly dissatisfied customers. This underscores the potential of generative AI and advanced conversational agents to enhance response personalization at minimal costs, introducing significant variability in firm responses.
The second essay, titled “The Game After the Whistle: The Effect of Soccer Matches on Government Bonds”, which is a joint word with my advisor Professor Gaia Rubera Professor of Marketing at Bocconi University, examines the economic ramifications of national football match outcomes on 10-year government bond yields. By evaluating 703 World Cup and 808 European Championship matches from 1990 to 2022, the study explores the causal impact of match results (win, loss, tie) on bond yields within an event study framework. The findings reveal that despite an immediate negative reaction following a loss, bond yields experience a rebound from the first to the second trading day post-match. This phenomenon suggests an initial adverse market response to a national loss, followed by a quick recovery. The study posits that this flip can be partially attributed to governments' positive manipulation of economic news sentiment following a loss, highlighting the interplay between significant sporting events and economic sentiment