1,721,028 research outputs found
Household Portfolios and Risk Bearing over Age and Time
No full textWe exploit the US Survey of Consumer Finances from 1998 to 2007 to study households’ portfolio risk bearing. We compare four alternative measures of risk, two based on a financial portfolio and two based on a broader portfolio also including – as illiquid assets – human capital, real estate, business wealth and related debt. The measures provide a different ranking of household risk bearing, but they consistently show that risk bearing fell after 2001, and it positively correlates with wealth, income and financial sophistication. Furthermore, the risk-age profile is sensitive to the definition of portfolio, although it looks flat for many years
Social connections and editorship in economics
Full text linkAbstract: This paper investigates the determinants of editorial board membership, for 17 leading journals in economics, from 1997 to 2009. We find that the researcher's scientific profile and connections to the editors in charge are significant predictors of editorship. Ceteris paribus, after controlling for unobserved researcher heterogeneity, scholars with links to editors in the co-authorship network are more likely to serve as editors and this advantage decreases sharply with the social distance. Being a present or former departmental colleague or protégé of an editor-in-charge is positively associated with the probability of appointment to the board. Résumé: Liens sociaux et comités éditoriaux en économie. Cet article explore les éléments déterminants relatifs à la composition des comités éditoriaux de 17 revues économiques de premier plan entre 1997 et 2009. Nous avons constaté que le profil scientifique du chercheur ainsi que ses relations avec les éditeurs augmentent la probabilité d’être membre d’un comité éditorial. Toutes choses étant égales par ailleurs, et après avoir neutralisé l’hétérogénéité non observée des chercheurs, il apparaît que les chercheurs en lien avec des éditeurs dans un réseau de corédaction sont davantage susceptibles de devenir éditeurs à leur tour, et que cet avantage s’amenuise drastiquement avec la distance sociale. Le fait d’avoir été collègue au sein d’un même département ou mentoré par un éditeur est associé de fac ̧on positive à la probabilité d’intégrer le comité éditorial
Optimal Asset Allocation based on Utility Maximization in the Presence of Market Frictions
No full textOn the Capital Structure of Foreign Subsidiaries: Evidence from Panel Data Quantile Regression Models
No full textThis paper investigates how business taxation and profitability affect the capital structure of European subsidiaries controlled by foreign multinational corporations. While traditional financial theories, such as the Pecking Order Theory (POT) and Trade-Off Theory (TOT), offer contrasting predictions - emphasizing, respectively, the irrelevance or centrality of tax factors - neither fully accounts for multinational settings or firm heterogeneity. Using a large panel dataset from Orbis, we analyze 70,160 subsidiaries across 29 countries. To overcome limitations of standard linear panel models, we estimate the Unconditional Quantile Partial Effects (UQPE) adjusting for fixed or correlated random effects. Our results show that corporate tax effects are heterogeneous across the leverage distribution. Specifically, subsidiary tax rates positively influence leverage, particularly in the lower deciles of the distribution. Parent company tax rates exhibit an inverse relationship, mainly affecting the lowest deciles of the leverage distribution. Profitability reduces leverage across all quantiles, according to the POT and some TOT models. Additionally, other firm characteristics (e.g. asset structure, liquidity, and firm size) display quantile-specific effects on leverage. Quite importantly, taxes affect companies' capital structure in heterogeneous ways. With our findings we show that average marginal effects mask substantial heterogeneity. This research contributes to the ongoing tax policy debate by providing empirical evidence that underscores the importance of firm-specific factors and the need for tailored policy approaches in corporate finance. As we show, tax incentives have the strongest impact on the lowest levels of leverage, while the higher levels are much less responsive, probably because of the constraints faced by heavily indebted companies. Policymakers should consider these differential effects to design targeted tax policies that effectively influence corporate financing decisions
“Fuel poverty and the energy benefits system: the Italian case"
No full textIn this paper we discuss a number of ways to define and measure the affordability of energy consumption, and we examine the emergence of fuel poverty in Italy in the
period from 1998 to 2011. The paper examines the eligibility criteria for claiming the benefits available to support energy consumption for vulnerable families and it identifies the potential beneficiaries. The study assesses the appropriateness of the eligibility criteria by comparing the population targeted by the policy with the population actually living in fuel poverty. A simulation exercise, using the hypothetical scenario most likely to result in energy benefits being made available, shows that, regardless of the affordability index adopted, the provision of state energy benefits has little impact on fuel poverty
Restructuring Italian utility markets: household distributional effects
No full textNota di Lavoro FEE
Financial Risk Aversion, Economic Crises and Past Risk Perception
No full textWe use a panel dataset from the Dutch Household Survey, covering annually the period 1993-2011, to analyze whether individual risk aversion changes over time with the background economic conditions. Considering six different measures of self-assessed risk aversion, which cover different aspects of risk, our preliminary results show that risk aversion is not stable over time. Its dynamics, however, depends on the type of investor. Those who made no investment in the previous year showed higher risk aversion at the end of the 90s; those who invested, in contrast, showed a steadily constant or decreasing pattern. The gap between the risk aversion of investors and noninvestors was the largest between the end of the 90s and the beginning of the 00s, when the stock market experienced exceptionally high volatility
Mapping fuel poverty risk at the municipal level. A small-scale analysis of Italian Energy Performance Certificate, census and survey data
No full textWe use a statistical micro matching procedure to obtain a synthetic dataset to investigate the risk of fuel poverty in small areas. Specifically, we link 19,174 homes with Energy Performance Certificates (EPCs) in the Italian province of Treviso with information - from the General Census of Population and Housing and Household Budget Survey - about the socio-economic features of the families that most likely inhabit them. Based on this original dataset, we find that poor housing is as important as low income and the use of natural gas in determining fuel poverty. In particular, the risk of fuel poverty is increased by i) the energy inefficiency of the home; ii) the size of the home in relation to household size; iii) the lower total household expenditure. Conversely, the risk decreases when the main heating is natural gas and/or the home is endowed with renewable energy sources. Our results show that information in EPCs, matched at the micro level with the socio-economic data usually available from administrative sources or surveys, can be used to identify - on the one hand - the individual households and the municipal areas risking fuel poverty, and - on the other - the most effective policy options to tackle the phenomenon
How does consumption change upon retirement?
No full textConsumption, Retirement, Life-cycle model, D9, E2,
Technology, Skills and Retirement
No full textIl lavoro analizza il comportamento di uscita dal mercato del lavoro di lavoratori maschi italiani con più di 45 anni e sottopone a verifica empirica l'ipotesi che le abilità nell' utilizzo delle ICT e il loro concreto utilizzo sul luogo di lavoro abbiano un effetto negativo sulla probabilità di uscita dal mercato del lavoro. vengono utilizzati dati longitudinali provenienti dall'Indagine sul reddito e la ricchezza delle famiglie italiane (Indagine Banca d'Italia
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