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La disciplina italiana in materia di prezzi di trasferimento: profili di criticità e prospettive evolutive.
No full textL’evoluzione dell’impresa multinazionale e obbligo di una rivoluzione “copernicana” della disciplina sul transfer price.L’evoluzione dell’impresa multinazionale e obbligo di una rivoluzione “copernicana” della disciplina sul transfer price.LUISS PhD Thesi
L’Arbitrato WIPO.
No full textLa World Intellectual Property Organization. WIPO Arbitration Rules. Intellectual Property Disputes and Decisions.La World Intellectual Property Organization. WIPO Arbitration Rules. Intellectual Property Disputes and Decisions.LUISS PhD Thesi
Andare oltre il modello di "innovazione senza ricerca"? La situazione nelle PMI del Lazio e le possibili linee di tendenza
No full textMonograph
Leverage Causes Fat Tails and Clustered Volatility
No full textWe build a very simple model of leveraged asset purchases with margin calls. Investment funds
use what is perhaps the most basic nancial strategy, called \value investing", i.e. systematically
attempting to buy underpriced assets. When funds do not borrow, the price
uctuations of the
asset are normally distributed and uncorrelated across time. All this changes when the funds are
allowed to leverage, i.e. borrow from a bank, to purchase more assets than their wealth would
otherwise permit. When funds use leverage, price
uctuations become heavy tailed and display
clustered volatility, similar to what is observed in real markets. Previous explanations of fat tails
and clustered volatility depended on \irrational behavior", such as trend following. We show that
the immediate cause of the increase in extreme risks in our model is the risk control policy of
the banks: A prudent bank makes itself locally safer by putting a limit to leverage, so when a
fund exceeds its leverage limit, it must partially repay its loan by selling the asset. Unfortunately
this sometimes happens to all the funds simultaneously when the price is already falling. The
resulting nonlinear feedback amplies downward price movements. At the extreme this causes
crashes, but the eect is seen at every time scale, producing a power law of price disturbances.
A standard (supposedly more sophisticated) risk control policy by individual banks makes these
extreme
uctuations even worse. Thus it is the very eort to control risk at the local level that
creates excessive risk at the aggregate level, which shows up as fat tails and clustered volatility.We build a very simple model of leveraged asset purchases with margin calls. Investment funds
use what is perhaps the most basic nancial strategy, called \value investing", i.e. systematically
attempting to buy underpriced assets. When funds do not borrow, the price
uctuations of the
asset are normally distributed and uncorrelated across time. All this changes when the funds are
allowed to leverage, i.e. borrow from a bank, to purchase more assets than their wealth would
otherwise permit. When funds use leverage, price
uctuations become heavy tailed and display
clustered volatility, similar to what is observed in real markets. Previous explanations of fat tails
and clustered volatility depended on \irrational behavior", such as trend following. We show that
the immediate cause of the increase in extreme risks in our model is the risk control policy of
the banks: A prudent bank makes itself locally safer by putting a limit to leverage, so when a
fund exceeds its leverage limit, it must partially repay its loan by selling the asset. Unfortunately
this sometimes happens to all the funds simultaneously when the price is already falling. The
resulting nonlinear feedback amplies downward price movements. At the extreme this causes
crashes, but the eect is seen at every time scale, producing a power law of price disturbances.
A standard (supposedly more sophisticated) risk control policy by individual banks makes these
extreme
uctuations even worse. Thus it is the very eort to control risk at the local level that
creates excessive risk at the aggregate level, which shows up as fat tails and clustered volatility.Refereed Working Papers / of international relevanc
Sovereign Risk Premia
No full textEmerging countries tend to default when their economic conditions worsen. If bad times in an emerging country correspond to bad times for the US investor, then these foreign sovereign bonds are particularly risky and should offer high returns. We explore how this mechanism plays out in the data and in a general equilibrium model of optimal borrowing and default. Empirically, we obtain a cross-section of sovereign bond returns: the higher the correlation between past bond returns and US corporate default risk, the higher the average bond returns. A model of risk-averse lenders with external habit preferences replicates this feature.Emerging countries tend to default when their economic conditions worsen. If bad times in an emerging country correspond to bad times for the US investor, then these foreign sovereign bonds are particularly risky and should offer high returns. We explore how this mechanism plays out in the data and in a general equilibrium model of optimal borrowing and default. Empirically, we obtain a cross-section of sovereign bond returns: the higher the correlation between past bond returns and US corporate default risk, the higher the average bond returns. A model of risk-averse lenders with external habit preferences replicates this feature.Uninvited Submission
Mobile Audiences. Methodological Problems and New Perspectives in Audience Studies
No full textRefereed Working Papers / of international relevanc
Knowledge Sharing in a Cultural Heritage Context: an Exploratory Study
No full textUninvited Submission
OSPA 09: un percorso virtuoso verso l’innovazione organizzativa?
No full textLa natura dei fenomeni di cambiamento organizzativo osservati, che restano profondamente legati ai contesti organizzativi in cui si sviluppano, offre numerosi spunti al ricercatore che voglia confrontarli con schemi teorici di riferimento per definire e testare nuovi metodi di osservazione che prendano in considerazione gli aspetti finora discussi.
Lo sviluppo di studi di caso [4] sembrerebbe dunque l’approccio da seguire per poter esplorare le relazioni tra gli elementi di contesto e le caratteristiche della tecnologia per riuscire a governare i processi di cambiamento tramite nuovi strumenti di analisi e valutazione forniti al management. Possiamo dunque concludere affermando che la gestione del cambiamento
organizzativo basato su open standard, open framework ed open source software,richieda:
1. lo sviluppo e l’aggiornamento di competenze sia lato domanda (governance dell’IT) che lato offerta (capacità di analisi e modifica del codice sorgente)
2. la definizione di strumenti di analisi e valutazione (ex ante, ex post, monitoraggio) validati in ambito scientifico
In tale ambito, la ricerca organizzativa può condurre, tramite studi di caso dettagliati su fenomeni di cambiamento organizzativo, a sviluppare metodi di valutazione a supporto delle attività di gestione del cambiamento, a fornire contributi alla formulazione di nuove teorie in ambito sistemi informativi ed a supportare, mediante schemi interpretativi basati sulle teorie, la descrizione e la diffusione delle best practice.La natura dei fenomeni di cambiamento organizzativo osservati, che restano profondamente legati ai contesti organizzativi in cui si sviluppano, offre numerosi spunti al ricercatore che voglia confrontarli con schemi teorici di riferimento per definire e testare nuovi metodi di osservazione che prendano in considerazione gli aspetti finora discussi.
Lo sviluppo di studi di caso [4] sembrerebbe dunque l’approccio da seguire per poter esplorare le relazioni tra gli elementi di contesto e le caratteristiche della tecnologia per riuscire a governare i processi di cambiamento tramite nuovi strumenti di analisi e valutazione forniti al management. Possiamo dunque concludere affermando che la gestione del cambiamento
organizzativo basato su open standard, open framework ed open source software,richieda:
1. lo sviluppo e l’aggiornamento di competenze sia lato domanda (governance dell’IT) che lato offerta (capacità di analisi e modifica del codice sorgente)
2. la definizione di strumenti di analisi e valutazione (ex ante, ex post, monitoraggio) validati in ambito scientifico
In tale ambito, la ricerca organizzativa può condurre, tramite studi di caso dettagliati su fenomeni di cambiamento organizzativo, a sviluppare metodi di valutazione a supporto delle attività di gestione del cambiamento, a fornire contributi alla formulazione di nuove teorie in ambito sistemi informativi ed a supportare, mediante schemi interpretativi basati sulle teorie, la descrizione e la diffusione delle best practice.Monograph's chaptersEditorship
La concertazione nell'esperienza italiana
No full textThe essay investigates the structural presuppositions within the Italian political framework which led to the affirmation of “concertation” as a governmental practice aimed at granting specific economic policy provisions the necessary consensus by social parties. In this perspective, the paper analyzes in detail all concertation agreements adopted since the ’80s. Starting from those which date back in the time of terrorist outrages and helped contain the inflationary spiral triggered by the signing of the Lama - Agnelli agreement on the “single point of cost-of-living allowance”, up to the breech of Saint Valentine’s pact. More specifically, deep attention is dedicated to the Protocols signed by Amato Government first and by Ciampi Government later, which allowed the modernization of the overall system of industrial relations and the containment of labour costs in the beginning of the ’90s, thereby allowing the economic system to meet the Maastricht criteria and join the single European currency, despite the crisis of the political class generated by “Tangentopoli” scandals. In the following paragraphs the essay investigates the methods and techniques through which concertation was used in the second half of the ’90s, thereby becoming a tool of labour market flexibility. In its final part, the work gets into the details of the reasons why centre-right governments met a different practice for social dialogue, rather of European origin, as a method for reforming the labour market. The conclusions are dedicated to the reasons for a pathological evolution of several concertation practices up to the point of making the government a hostage of trade unions veto players.The essay investigates the structural presuppositions within the Italian political framework which led to the affirmation of “concertation” as a governmental practice aimed at granting specific economic policy provisions the necessary consensus by social parties. In this perspective, the paper analyzes in detail all concertation agreements adopted since the ’80s. Starting from those which date back in the time of terrorist outrages and helped contain the inflationary spiral triggered by the signing of the Lama - Agnelli agreement on the “single point of cost-of-living allowance”, up to the breech of Saint Valentine’s pact. More specifically, deep attention is dedicated to the Protocols signed by Amato Government first and by Ciampi Government later, which allowed the modernization of the overall system of industrial relations and the containment of labour costs in the beginning of the ’90s, thereby allowing the economic system to meet the Maastricht criteria and join the single European currency, despite the crisis of the political class generated by “Tangentopoli” scandals. In the following paragraphs the essay investigates the methods and techniques through which concertation was used in the second half of the ’90s, thereby becoming a tool of labour market flexibility. In its final part, the work gets into the details of the reasons why centre-right governments met a different practice for social dialogue, rather of European origin, as a method for reforming the labour market. The conclusions are dedicated to the reasons for a pathological evolution of several concertation practices up to the point of making the government a hostage of trade unions veto players.Monograph's chapter
Organizational technology acceptance and use: a relational perspective
No full textTheoretical background. Hypotesis. Research design. Results. Discussion and conclusions. Appendix 1: Descriptive network statistics. Appendix 2: Questionnaire. Appendix 3: Graphical representation of the networks.Theoretical background. Hypotesis. Research design. Results. Discussion and conclusions. Appendix 1: Descriptive network statistics. Appendix 2: Questionnaire. Appendix 3: Graphical representation of the networks.LUISS PhD Thesi