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L’arbitrato con pluralità di parti
No full textI presupposti del litisconsorzio. Il litisconsorzio originario nell'arbitrato rituale. Il litisconsorzio successivo nell'arbitrato rituale.I presupposti del litisconsorzio. Il litisconsorzio originario nell'arbitrato rituale. Il litisconsorzio successivo nell'arbitrato rituale.LUISS PhD Thesi
The Immigration Policy Puzzle
No full textThis paper revisits the puzzle of immigration policy: standard economic theory predicts that free immigration improves natives' welfare, but (with few historical exceptions) an open door policy is never implemented in practice. What rationalizes the puzzle? We �rst review the
model of immigration policy where the policy maker maximizes national income of natives net of the tax burden of immigration (Borjas, 1995). We show that this model fails to provide realistic policy outcomes when the receiving region's technology is described by a standard Cobb-Douglas or CES function, as the optimal policy imposes a complete ban on immigration or implies an unrealistically large number of immigrants relative to natives. Then the paper describes three extensions of this basic model that reconcile theory with evidence. The �rst introduces a cost
of integration of the immigrant community in the destination country; the second takes into account the policy maker's redistributive concern across different social groups; the last extension considers positive spillover effects of (skilled) migrants on the receiving economy.This paper revisits the puzzle of immigration policy: standard economic theory predicts that free immigration improves natives' welfare, but (with few historical exceptions) an open door policy is never implemented in practice. What rationalizes the puzzle? We �rst review the
model of immigration policy where the policy maker maximizes national income of natives net of the tax burden of immigration (Borjas, 1995). We show that this model fails to provide realistic policy outcomes when the receiving region's technology is described by a standard Cobb-Douglas or CES function, as the optimal policy imposes a complete ban on immigration or implies an unrealistically large number of immigrants relative to natives. Then the paper describes three extensions of this basic model that reconcile theory with evidence. The �rst introduces a cost
of integration of the immigrant community in the destination country; the second takes into account the policy maker's redistributive concern across different social groups; the last extension considers positive spillover effects of (skilled) migrants on the receiving economy.Non-Refereed Working Papers / of national relevance onl
Optimal policy and consumption smoothing effects in the time-to-build AK model
No full textIn this paper the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanisms in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover the link among the time to build parameter, the maximum capital reproduction rate, and the magnitude of the smoothing effect is deeply investigated and compared with what happens in a vintage capital model characterized by the same technology and utility function. Finally we have analyzed the effect of time to build on the speed of convergence of the main aggregate variables.In this paper the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanisms in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover the link among the time to build parameter, the maximum capital reproduction rate, and the magnitude of the smoothing effect is deeply investigated and compared with what happens in a vintage capital model characterized by the same technology and utility function. Finally we have analyzed the effect of time to build on the speed of convergence of the main aggregate variables.Non-Refereed Working Papers / of national relevance onl
Education, Reputation or Network? Evidence from Italy on Migrant Workers Employability
No full textThe strong adverse selection that immigrants face in hosting labour markets may induce them to adopt some behaviours or signals to modify employers’ beliefs. Relevant mechanisms for reaching this purpose are personal reputation; exploiting ethnic networks deeply-rooted in the hosting country; and high educational levels used as an indirect signal of productivity. On this last point, the immigrant status needs a stronger signal compared to that necessary for a local worker, and this may lead the immigrant to accept job qualifications which are lower than those achievable through the embodied educational level. This could explain the over education problem that characterizes many countries, Italy included. The aim of the paper is to investigate whether the above mentioned mechanisms are adopted by immigrants in Italy, a crucial country for EU immigration flows, and if they are useful in increasing immigrants’ likelihood of employment. The empirical analysis has been conducted using the dataset from a national Labour Force Survey which provides information on 6,860 documented immigrants. We estimate a logit model for immigrants’ likelihood of being employed, focusing on the above mentioned mechanisms: reputation, ethnic networks and educational level. Moreover we concentrate on the interaction effects of the mechanisms and investigate whether one of them wins on the others. Results show that each of the three mechanisms is statistically and economically significant and exerts positive influence: all factors contribute to increasing the immigrant’s probability of being employed. Anyway, a high level of education increases the probability of being employed more than the belonging to ethnic networks deeply-rooted in Italy. The specific embodied capital of workers matter relatively more. This is relevant for labour public policies in this specific realm since the human capital lever is a possible direct target of various public policies and private human capital investments.The strong adverse selection that immigrants face in hosting labour markets may induce them to adopt some behaviours or signals to modify employers’ beliefs. Relevant mechanisms for reaching this purpose are personal reputation; exploiting ethnic networks deeply-rooted in the hosting country; and high educational levels used as an indirect signal of productivity. On this last point, the immigrant status needs a stronger signal compared to that necessary for a local worker, and this may lead the immigrant to accept job qualifications which are lower than those achievable through the embodied educational level. This could explain the over education problem that characterizes many countries, Italy included. The aim of the paper is to investigate whether the above mentioned mechanisms are adopted by immigrants in Italy, a crucial country for EU immigration flows, and if they are useful in increasing immigrants’ likelihood of employment. The empirical analysis has been conducted using the dataset from a national Labour Force Survey which provides information on 6,860 documented immigrants. We estimate a logit model for immigrants’ likelihood of being employed, focusing on the above mentioned mechanisms: reputation, ethnic networks and educational level. Moreover we concentrate on the interaction effects of the mechanisms and investigate whether one of them wins on the others. Results show that each of the three mechanisms is statistically and economically significant and exerts positive influence: all factors contribute to increasing the immigrant’s probability of being employed. Anyway, a high level of education increases the probability of being employed more than the belonging to ethnic networks deeply-rooted in Italy. The specific embodied capital of workers matter relatively more. This is relevant for labour public policies in this specific realm since the human capital lever is a possible direct target of various public policies and private human capital investments.Non-Refereed Working Papers / of national relevance onl
Mapping Alternative Models of Global Politics
No full textThis paper investigates the principal competing visions of global politics that are currently advanced in the public discourse about globalization in opposition to the traditional state-centered perspective. The first part of the paper develops an analysis of ideal models as cultural resources that grounds the different reading of human bonds. The second part applies the notion of ideal models to the new scenario of globalization, and identifies four alternative interpretations of the notion of global politics: namely Neo-liberalism, Cosmopolitanism, Alter-globalism, and Dialogue among Civilizations. The principal characteristics of these four notions are presented in order to map the current debate on the future of global politics.This paper investigates the principal competing visions of global politics that are currently advanced in the public discourse about globalization in opposition to the traditional state-centered perspective. The first part of the paper develops an analysis of ideal models as cultural resources that grounds the different reading of human bonds. The second part applies the notion of ideal models to the new scenario of globalization, and identifies four alternative interpretations of the notion of global politics: namely Neo-liberalism, Cosmopolitanism, Alter-globalism, and Dialogue among Civilizations. The principal characteristics of these four notions are presented in order to map the current debate on the future of global politics.Articles published in or submitted to a Journal without IF refereed / of international relevanc
Market Impact and Trading Protocols of Hidden Orders in Stock Markets
No full textWe empirically study the market impact of trading orders. We are specically interested in large
trading orders that are executed incrementally, which we call hidden orders. These are reconstructed
based on information about market member codes using data from the Spanish Stock Market and the
London Stock Exchange. We nd that market impact is strongly concave, approximately increasing
as the square root of order size. Furthermore, as a given order is executed, the impact grows in time
according to a power-law; after the order is nished, it reverts to a level of about 0:5We empirically study the market impact of trading orders. We are specically interested in large
trading orders that are executed incrementally, which we call hidden orders. These are reconstructed
based on information about market member codes using data from the Spanish Stock Market and the
London Stock Exchange. We nd that market impact is strongly concave, approximately increasing
as the square root of order size. Furthermore, as a given order is executed, the impact grows in time
according to a power-law; after the order is nished, it reverts to a level of about 0:5Refereed Working Papers / of international relevanc
L'arbitrato internazionale fra Stati: il caso Eritrea-Etiopia.
No full textLa controversia fra Eritrea ed Etiopia. La Eritrea-Ethiopia Boundary Commission (EEBC). La delimitazione e demarcazione del confine. La Eritrea-Ethiopia Claims Commission (EECC). Il procedimento e il risarcimento dei danni.La controversia fra Eritrea ed Etiopia. La Eritrea-Ethiopia Boundary Commission (EEBC). La delimitazione e demarcazione del confine. La Eritrea-Ethiopia Claims Commission (EECC). Il procedimento e il risarcimento dei danni.LUISS PhD Thesi
Profili sistematici dell'arbitrato nel diritto amministrativo.
No full textArbitrato e altre forme di prevenzione e risoluzione delle controversie con la Pubblica Amministrazione. Transigibilità e compromettibilità per arbitri nel diritto amministrativo – la
compromettibilità per arbitrato irrituale. La disciplina dell’«arbitrato nel diritto amministrativo», l’impugnazione del lodo e la fase esecutiva.Arbitrato e altre forme di prevenzione e risoluzione delle controversie con la Pubblica Amministrazione. Transigibilità e compromettibilità per arbitri nel diritto amministrativo – la
compromettibilità per arbitrato irrituale. La disciplina dell’«arbitrato nel diritto amministrativo», l’impugnazione del lodo e la fase esecutiva.LUISS PhD Thesi
Altruism and Social Integration
No full textWe report on a two-stage experiment in which i) we first elicit the social network within a section of undergraduate students and ii) we then measure their altruistic attitudes by means of a standard Dictator game. We observe that more socially integrated subjects are also more altruistic, as betweenness centrality and reciprocal degree are positively correlated with the level of giving, even after controlling for framing and social distance, which have been shown to significantly affect giving in previous studies. Our findings suggest that social distance and social integration are complementary determinants of altruistic behavior.We report on a two-stage experiment in which i) we first elicit the social network within a section of undergraduate students and ii) we then measure their altruistic attitudes by means of a standard Dictator game. We observe that more socially integrated subjects are also more altruistic, as betweenness centrality and reciprocal degree are positively correlated with the level of giving, even after controlling for framing and social distance, which have been shown to significantly affect giving in previous studies. Our findings suggest that social distance and social integration are complementary determinants of altruistic behavior.Refereed Working Papers / of international relevanc
L'appropriazione di corporate opportunities da parte di amministratori di società: tests giurisprudenziali e definizione della fattispecie
No full textLa dottrina delle corporate opportunities si inserisce nel vasto tema degli agency costs connessi al rapporto tra azionisti e amministratori e pertanto costituisce un argomento comune a tutte le società per azioni dei paesi a economia avanzata. Il legislatore italiano del 2003 ha affrontato la questione con una norma sostanzialmente incompleta: essa prescrive essenzialmente che una data condotta è vietata e fonte di responsabilità per l’amministratore infedele. Non è detto ciò che si intende per opportunità d’affari, né se l’appropriazione, di per sé illecita, può essere autorizzata dalla società e a quali condizioni. La questione, del resto, è comune a tutti gli ordinamenti con strutture societarie analoghe, quindi è necessario guardare agli Stati in cui le regole si sono formate progressivamente dietro sollecitazione della giurisprudenza e tramite un costante affinamento dottrinale. L’introduzione dell’ultimo comma dell’art. 2391 c.c. in occasione della riforma del diritto societario evoca l’immagine, già utilizzata con riferimento ad altri istituti, del legal transplant, ovvero di una trasposizione artificiale che non tiene conto del contesto in cui opera. Prima ancora però di analizzare la norma in questione nell’ordinamento italiano in rapporto alle peculiarità di questo sistema, è necessario rivolgere l’attenzione, per quanto possibile, dentro l’apparato normativo nel tentativo di mettere in luce i fondamenti della dottrina in esame. Questa analisi di base è largamente comune a tutti i sistemi giuridici e prescinde dalla questione dell’enforcement della regolazione ottimale.
Il lavoro intende offrire un contributo alla definizione di corporate opportunity, concetto nuovo all’ordinamento italiano. La definizione, infatti, è l’elemento essenziale della dottrina della corporate opportunites e per molti aspetti anche il più incerto. Il nodo centrale è la nozione di opportunità sociale, dove sociale sta per "appartenente alla società", in base a un rapporto di appartenenza in termini di attribuzione di property rights. A tal fine si analizzeranno criticamente i tests elaborati dalla giurisprudenza statunitense, nel tentativo di rintracciare un comune denominatore che orienti il giudizio. Nel fare ciò si è rivolta particolare attenzione alle teorie sottostanti ai vari tests, evidenziando come la definizione di corporate opportunity sia in larga misura una conseguenza della teoria generale del rapporto tra managers e azionisti. In conclusione si svolgono alcune considerazioni sulle modalità di trasposizione della corporate opportunity doctrine nell’ordinamento italiano, in particolare nel contesto degli interessi degli amministratori.La dottrina delle corporate opportunities si inserisce nel vasto tema degli agency costs connessi al rapporto tra azionisti e amministratori e pertanto costituisce un argomento comune a tutte le società per azioni dei paesi a economia avanzata. Il legislatore italiano del 2003 ha affrontato la questione con una norma sostanzialmente incompleta: essa prescrive essenzialmente che una data condotta è vietata e fonte di responsabilità per l’amministratore infedele. Non è detto ciò che si intende per opportunità d’affari, né se l’appropriazione, di per sé illecita, può essere autorizzata dalla società e a quali condizioni. La questione, del resto, è comune a tutti gli ordinamenti con strutture societarie analoghe, quindi è necessario guardare agli Stati in cui le regole si sono formate progressivamente dietro sollecitazione della giurisprudenza e tramite un costante affinamento dottrinale. L’introduzione dell’ultimo comma dell’art. 2391 c.c. in occasione della riforma del diritto societario evoca l’immagine, già utilizzata con riferimento ad altri istituti, del legal transplant, ovvero di una trasposizione artificiale che non tiene conto del contesto in cui opera. Prima ancora però di analizzare la norma in questione nell’ordinamento italiano in rapporto alle peculiarità di questo sistema, è necessario rivolgere l’attenzione, per quanto possibile, dentro l’apparato normativo nel tentativo di mettere in luce i fondamenti della dottrina in esame. Questa analisi di base è largamente comune a tutti i sistemi giuridici e prescinde dalla questione dell’enforcement della regolazione ottimale.
Il lavoro intende offrire un contributo alla definizione di corporate opportunity, concetto nuovo all’ordinamento italiano. La definizione, infatti, è l’elemento essenziale della dottrina della corporate opportunites e per molti aspetti anche il più incerto. Il nodo centrale è la nozione di opportunità sociale, dove sociale sta per "appartenente alla società", in base a un rapporto di appartenenza in termini di attribuzione di property rights. A tal fine si analizzeranno criticamente i tests elaborati dalla giurisprudenza statunitense, nel tentativo di rintracciare un comune denominatore che orienti il giudizio. Nel fare ciò si è rivolta particolare attenzione alle teorie sottostanti ai vari tests, evidenziando come la definizione di corporate opportunity sia in larga misura una conseguenza della teoria generale del rapporto tra managers e azionisti. In conclusione si svolgono alcune considerazioni sulle modalità di trasposizione della corporate opportunity doctrine nell’ordinamento italiano, in particolare nel contesto degli interessi degli amministratori.LUISS PhD Thesi