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Constrained Portfolio Choices in the Decumulation Phase of a Pension Plan
No full textThis paper deals with a constrained investment problem for a defined contribution (DC) pension fund where retirees are allowed to defer the purchase of the annuity at some future time after retirement. This problem has already been treated in the unconstrained case in a number of papers. The aim of this work is to deal with the more realistic case when constraints on the investment strategies and on the state variable are present. Due to the difficulty of the task, we consider the basic model of [Gerrard, Haberman & Vigna, 2004], where interim consumption and annuitization time are fixed. The main goal is to find the optimal portfolio choice to be adopted by the retiree from retirement to annuitization time in a Black and Scholes financial market. We define and study the problem at two different complexity levels. In the first level (problem P1), we only require no short-selling. In the second level (problem P2), we add a constraint on the state variable, by imposing that the final fund cannot be lower than a certain guaranteed safety level. This implies, in particular, no ruin. The mathematical problem is naturally formulated as a stochastic control problem with constraints on the control and the state variable, and is approached by the dynamic programming method. We give a general result of existence and uniqueness of regular solutions for the Hamilton-Jacobi-Bellman equation and, in a special case, we explicitly compute the value function for the problem and give the optimal strategy in feedback form. A numerical application of the special case - when explicit solutions are available - ends the paper and shows the extent of applicability of the model to a DC pension fund in the decumulation phase.This paper deals with a constrained investment problem for a defined contribution (DC) pension fund where retirees are allowed to defer the purchase of the annuity at some future time after retirement. This problem has already been treated in the unconstrained case in a number of papers. The aim of this work is to deal with the more realistic case when constraints on the investment strategies and on the state variable are present. Due to the difficulty of the task, we consider the basic model of [Gerrard, Haberman & Vigna, 2004], where interim consumption and annuitization time are fixed. The main goal is to find the optimal portfolio choice to be adopted by the retiree from retirement to annuitization time in a Black and Scholes financial market. We define and study the problem at two different complexity levels. In the first level (problem P1), we only require no short-selling. In the second level (problem P2), we add a constraint on the state variable, by imposing that the final fund cannot be lower than a certain guaranteed safety level. This implies, in particular, no ruin. The mathematical problem is naturally formulated as a stochastic control problem with constraints on the control and the state variable, and is approached by the dynamic programming method. We give a general result of existence and uniqueness of regular solutions for the Hamilton-Jacobi-Bellman equation and, in a special case, we explicitly compute the value function for the problem and give the optimal strategy in feedback form. A numerical application of the special case - when explicit solutions are available - ends the paper and shows the extent of applicability of the model to a DC pension fund in the decumulation phase.Non-Refereed Working Papers / of national relevance onl
A Negishi’s Approach to Competitive Equilibrium with Risk of Default
No full textWe study competitive equilibrium in sequential economies under limited commitment. Default induces permanent exclusion from nancial markets and endogenously determined solvency constraints prevent debt repudiation. We establish Welfare Theorems under a weaker notion of constrained efficiency, inspired by Malinvaud, corresponding to the absence of welfare improving feasible redistributions over nite (though indenite) horizons. A Negishi's Method permits to show that, for any arbitrary value of social welfare in between autarchy and constrained optimality, there exists an equilibrium attaining that value. This method is also exploited to verify equilibrium indeterminacy.We study competitive equilibrium in sequential economies under limited commitment. Default induces permanent exclusion from nancial markets and endogenously determined solvency constraints prevent debt repudiation. We establish Welfare Theorems under a weaker notion of constrained efficiency, inspired by Malinvaud, corresponding to the absence of welfare improving feasible redistributions over nite (though indenite) horizons. A Negishi's Method permits to show that, for any arbitrary value of social welfare in between autarchy and constrained optimality, there exists an equilibrium attaining that value. This method is also exploited to verify equilibrium indeterminacy.Non-Refereed Working Papers / of national relevance onl
The Interplay among Organizational Structures along the Creation of an IS to Manage Archaeological Finds
No full textInformation connected to archaeological finds is highly relevant, but no information system is specifically available to manage it. The introduction of a new Information System to track events and record information related to the life cycle of each find is a big challenge, as it requires an adapta- tion between technology and organization. By means of a case study based on a structuration theory perspective, this paper describes the interactions between professionals and technological experts and between users and technology in the creation process of a new information system devoted to finds management in archaeology. Such interactions happened in the context of a project in which a system to manage information on finds was designed, experimented, discussed, and then developed.Information connected to archaeological finds is highly relevant, but no information system is specifically available to manage it. The introduction of a new Information System to track events and record information related to the life cycle of each find is a big challenge, as it requires an adapta- tion between technology and organization. By means of a case study based on a structuration theory perspective, this paper describes the interactions between professionals and technological experts and between users and technology in the creation process of a new information system devoted to finds management in archaeology. Such interactions happened in the context of a project in which a system to manage information on finds was designed, experimented, discussed, and then developed.Uninvited Submission
Narrowing Organizational Information Complexity
No full textThe aim of this work is to provide a new view of Information Technology as an instrument of reducing wrong environmental interpretation in decision process. Uncertainty is an aspect of organizational decision making with which organizations must live and that influences firm performance. In fact the presence of uncertainty, that environmental complexity brings on management decision, affects decision process and underlines the problem of getting and analyzing environmental information. To solve this problem, that’s to control environmental complexity, we see DSS, as an help managers to synthesize internal and external information and to reduce their information needs. Comparing firms that implement Decision Support System we believe that they can give a strong help in reducing perceived complexity in decision process, thus enabling firm reduce variance of expected results of a decision. At this stage of the work, we focus only on the preliminary steps explaining our model but this is not tested yet, for this reason this work is configured as a working-paperThe aim of this work is to provide a new view of Information Technology as an instrument of reducing wrong environmental interpretation in decision process. Uncertainty is an aspect of organizational decision making with which organizations must live and that influences firm performance. In fact the presence of uncertainty, that environmental complexity brings on management decision, affects decision process and underlines the problem of getting and analyzing environmental information. To solve this problem, that’s to control environmental complexity, we see DSS, as an help managers to synthesize internal and external information and to reduce their information needs. Comparing firms that implement Decision Support System we believe that they can give a strong help in reducing perceived complexity in decision process, thus enabling firm reduce variance of expected results of a decision. At this stage of the work, we focus only on the preliminary steps explaining our model but this is not tested yet, for this reason this work is configured as a working-paperUninvited Submission
Il Sindacato Europeo e la contrattazione collettiva
No full textThe paper investigates the role and functions of the European trade union. The first part is dedicated to the troubled evolution featuring the establishing of European social dialogue as a way to involve social parties at Community level, from Werner report (1970) to the Charter of fundamental rights of the European Union proclaimed in Nice. The research then focuses on the actors of social dialogue at European level until the birth of the ETUC, the European Trade Union Confederation, as a result of a progressive aggregation process of trade union organizations, once separate. The third part analyzes collective agreements in the EU legal framework, along with the various types of collective bargaining – “forced or reinforced” collective bargaining and “free” collective bargaining - in order to deepen the persistent problems connected to the effectiveness of these agreements. The conclusions are dedicated to exploring the reasons which led to the crisis of EU collective bargaining and to the renewal of social dialogue through transnational collective bargaining.The paper investigates the role and functions of the European trade union. The first part is dedicated to the troubled evolution featuring the establishing of European social dialogue as a way to involve social parties at Community level, from Werner report (1970) to the Charter of fundamental rights of the European Union proclaimed in Nice. The research then focuses on the actors of social dialogue at European level until the birth of the ETUC, the European Trade Union Confederation, as a result of a progressive aggregation process of trade union organizations, once separate. The third part analyzes collective agreements in the EU legal framework, along with the various types of collective bargaining – “forced or reinforced” collective bargaining and “free” collective bargaining - in order to deepen the persistent problems connected to the effectiveness of these agreements. The conclusions are dedicated to exploring the reasons which led to the crisis of EU collective bargaining and to the renewal of social dialogue through transnational collective bargaining.Monograph's chapter
Sciopero nei servizi pubblici essenziali e prospettive di riforma
No full textThe essay addresses the issue of reforming the law on the right to strike in the essential public services sector. The analysis is based on non-legislative rules and on the reasons for approving Law 146/1990 and the subsequent amendment of 2000. The Author then goes on to examine the principles contained in the bill recently approved by the Italian Parliament with the aim of putting an end to the incessant strikes which increasingly threaten citizens’ constitutional right of movement. For a large part, the provision of the bill – some of which amend existing legislation, some of which are completely new –can be shared given the fact that they take into account both the observations of the competent Independent Authority and the decisions of the courts. On the contrary, the provisions concerning the threshold required to proclaim a strike raise perplexity given the fact that they adversely effect the right to strike.The essay addresses the issue of reforming the law on the right to strike in the essential public services sector. The analysis is based on non-legislative rules and on the reasons for approving Law 146/1990 and the subsequent amendment of 2000. The Author then goes on to examine the principles contained in the bill recently approved by the Italian Parliament with the aim of putting an end to the incessant strikes which increasingly threaten citizens’ constitutional right of movement. For a large part, the provision of the bill – some of which amend existing legislation, some of which are completely new –can be shared given the fact that they take into account both the observations of the competent Independent Authority and the decisions of the courts. On the contrary, the provisions concerning the threshold required to proclaim a strike raise perplexity given the fact that they adversely effect the right to strike.Articles published in or submitted to a Journal without I
I.S. performance management systems : la prospettiva dell'action research
No full textAlthough IS Performance Management Systems seem to be the right solution for the CIO and IS department’s problems, they are not so widespread in companies and they do not cover all the dimensions of IS Performance evaluation.
This thesis attempts to address this issue by investigating what factors affect the design and implementation of IS Performance Management Systems and how these factors influence their shape. Therefore we have built a theoretical framework that has two aims: (1) to provide
a wide set of IS Performance dimensions and measures which can support companies in the design of their IS Performance Management Systems and (2) to identify the factors which affect the choice of IS Performance dimensions and
measures. In order to reach the first objective, we built a model organized into four Measurement Areas according to the Balanced Scorecard concept. But in these areas we attempted to gather all the measures and dimensions that we found in the literature. The four Measurement Areas are as follows: (1) Business Contribution and Value, (2) Customer Orientation, (3) IS Processes and (4) Change and Innovation.
Whereas, in order to achieve the second aim the Research Framework also identifies three types of variables that affect the shape of IS Performance Management Systems. They are: (1) contingency variables; (2) IS variables; (3)
relational variables. The research methodology was defined considering two aspect: (1) the nature of the variables included in the Research Framework that requires a long period of observation in order to be investigated and (2) the companies necessity of help to face problems and of framework to use as guide in the design and development
process of IS Performance Management Systems in order to improve the rate of successfully delivering these Systems. Therefore action research methodology was chosen to undertake this research. The evidence from the analysis of the four action research projects shows that some variables, e.g. Strategy, Environment and Technology, only affect one or two Measurement Areas, whereas other variables have an impact on the whole IS Performance Measures set, e.g. Maturity level of IS department, Power
balance and Individual. The analysis also points out that these variables affect each other, e.g. IS department size and Maturity level of IS department. We believe that this research has some relevant managerial implications and can
contribute to the establishment of a robust and complete model with which to evaluate IS Business Value that practitioners can apply in their companies.Although IS Performance Management Systems seem to be the right solution for the CIO and IS department’s problems, they are not so widespread in companies and they do not cover all the dimensions of IS Performance evaluation.
This thesis attempts to address this issue by investigating what factors affect the design and implementation of IS Performance Management Systems and how these factors influence their shape. Therefore we have built a theoretical framework that has two aims: (1) to provide
a wide set of IS Performance dimensions and measures which can support companies in the design of their IS Performance Management Systems and (2) to identify the factors which affect the choice of IS Performance dimensions and
measures. In order to reach the first objective, we built a model organized into four Measurement Areas according to the Balanced Scorecard concept. But in these areas we attempted to gather all the measures and dimensions that we found in the literature. The four Measurement Areas are as follows: (1) Business Contribution and Value, (2) Customer Orientation, (3) IS Processes and (4) Change and Innovation.
Whereas, in order to achieve the second aim the Research Framework also identifies three types of variables that affect the shape of IS Performance Management Systems. They are: (1) contingency variables; (2) IS variables; (3)
relational variables. The research methodology was defined considering two aspect: (1) the nature of the variables included in the Research Framework that requires a long period of observation in order to be investigated and (2) the companies necessity of help to face problems and of framework to use as guide in the design and development
process of IS Performance Management Systems in order to improve the rate of successfully delivering these Systems. Therefore action research methodology was chosen to undertake this research. The evidence from the analysis of the four action research projects shows that some variables, e.g. Strategy, Environment and Technology, only affect one or two Measurement Areas, whereas other variables have an impact on the whole IS Performance Measures set, e.g. Maturity level of IS department, Power
balance and Individual. The analysis also points out that these variables affect each other, e.g. IS department size and Maturity level of IS department. We believe that this research has some relevant managerial implications and can
contribute to the establishment of a robust and complete model with which to evaluate IS Business Value that practitioners can apply in their companies.LUISS PhD Thesi
La class action italiana è ormai prossima ai nastri di partenza
No full textArticles published in or submitted to a Journal without IF refereed / of international relevanc
Trust: soggettività tributaria e commerciabilità.
No full textIl trust: l'istituto e la sua diffusione. La soggettività del trust ai fini dell'imposta sui redditi. Il trust tra commerciabilità ed economicità.Il trust: l'istituto e la sua diffusione. La soggettività del trust ai fini dell'imposta sui redditi. Il trust tra commerciabilità ed economicità.LUISS PhD Thesi
Squeezing Price Squeeze Under EC Antitrust Law
No full textThe Nature of Price Squeeze Abuses. A Taxonomy. The Limits of a Price Squeeze Analysis under Antitrust Rules. The US Experience. Price Squeeze Abuses in the EU. The Scope for a Price Squeeze Analysis under Antitrust Law: Some Critical Remarks. The Need for an Antitrust Duty to Deal. The Structure of the Cost-Based Test. Equally or Reasonably Efficient Competitor Test. The Application of the Equally Efficient Competitor Test in the Case of Different Costs or Differentiated Products. The Application of the Equally Efficient Competitor Test when the Supply of an Input to Competitors Entails Additional Costs. The Role of Efficiencies in the Assessment of Price Squeeze Abuses under EC Competition Law: Waiting for Godot.The Nature of Price Squeeze Abuses. A Taxonomy. The Limits of a Price Squeeze Analysis under Antitrust Rules. The US Experience. Price Squeeze Abuses in the EU. The Scope for a Price Squeeze Analysis under Antitrust Law: Some Critical Remarks. The Need for an Antitrust Duty to Deal. The Structure of the Cost-Based Test. Equally or Reasonably Efficient Competitor Test. The Application of the Equally Efficient Competitor Test in the Case of Different Costs or Differentiated Products. The Application of the Equally Efficient Competitor Test when the Supply of an Input to Competitors Entails Additional Costs. The Role of Efficiencies in the Assessment of Price Squeeze Abuses under EC Competition Law: Waiting for Godot.Non-Refereed Working Papers / of national relevance onl