1,720,998 research outputs found
Till Labor Cost Do Us Part
No full textA sustainable long-run pattern in the relative competitiveness of Euro area countries is a key factor for the survival of the monetary union. We analyse the issue focussing on unit labour cost dynamics using cointegration analysis for the whole economy and for the manufacturing sector separately. Our findings show that the introduction of the Euro has increased, rather than decreased, the distance among member countries, as measured in the metric of unit labour costs. Dispersion of productivity rather than wage compensation suggests that persisting idiosyncratic dynamics are driven by real factors, i.e. diverging technological patterns rather than by monetary factors, expressed by wage compensation
Partecipazione al gruppo di ricerca e al comitato scientifico del Laboratorio REBEL (Reggio Emilia Behavioural and Experimental Laboratory). Rebel è un gruppo di ricerca/laboratorio collegato all’Università di Modena e Reggio Emilia che nasce con l'obiettivo di fornire una struttura di riferimento utilizzando metodologie sperimentali. Il laboratorio è anche una struttura mobile che favorisce la raccolta di dati, non solo nelle Università ma anche in altre località. La missione di Rebel è di potenziare ed espandere il pensiero della ricerca di Behavorial Economics and Finance. In particolare, sono direttamente coinvolta nel progetti di ricerca "Sisma Marche 2016". Il progetto propone un'analisi approfondita degli effetti di un evento traumatico sulla vita sociale di una comunità e soprattutto sulla propensione al rischio, in questo caso i tragici terremoti che hanno colpito l'Italia centrale da agosto 2016. Per una descrizione dettagliata: http://www.rebel.unimore.it/. Responsabile Scientifico: Prof.ssa Francesca Pancotto ([email protected] )
No full textLa pubblicità dei fondi comuni d’investimento: un’analisi del mercato italiano
No full textSono ormai molte le evidenze a sostegno dell’ipotesi che la pubblicità sia in grado di influenzare le scelte d’investimento. In particolare, la pubblicità dei fondi comuni influenza i flussi di sottoscrizione, adottando un modello persuasivo di tipo comportamentale piuttosto che razionale. Un aspetto trascurato in letteratura è se e in che modo la dinamica e i contenuti del messaggio pubblicitario siano influenzati dal canale distributivo dei prodotti stessi. Nel caso in cui il collocamento avvenga attraverso una propria rete distributiva (captive), l’azione dei consulenti sell-side potrebbe, infatti, ridimensionare l’importanza del sentiment dei risparmiatori nella decisione di acquistare fondi comuni, rendendo l’efficacia della pubblicità indipendente dalla fase di mercato.
Di contro, per fondi acquistati direttamente dagli investitori, come gli Exchange Trade Funds, il sentiment del mercato dovrebbe rilevare. Utilizzando un dataset costruito manualmente e contenente 3.344 annunci pubblicitari raccolti dal 2006 al 2018, questo lavoro fornisce delle prime evidenze circa la relazione tra il canale distributivo degli strumenti finanziari e l’efficacia della pubblicità in diverse fasi di mercato.There is a clear evidence to support the hypothesis that advertising can influence investment choices. In particular, Mutual funds advertising influences subscription flows, using a behavioral model of persuasion rather than a rational one. What is overlooked in the literature is whether and how the dynamics and content of the advertising message are influenced by the funds’ distribution channel. In case of distribution through a captive network, the action of sellside financial advisors could, in fact, reduce the importance of savers’ sentiment in the decision to buy mutual funds, making the effectiveness of advertising independent of the market phase. In contrast, for funds bought directly from investors, such as Etf, market sentiment should take over. Using a dataset containing 3,344 advertisements collected from 2006 to 2018, this work provides early evidence about the relationship between the distribution channel of financial instruments and the effectiveness of advertising in different market phases
La pubblicità dei fondi comuni d’investimento. Un’analisi del mercato italiano
No full textSono ormai molte le evidenze a sostegno dell’ipotesi che la pubblicità sia in grado di
influenzare le scelte d’investimento. In particolare, la pubblicità dei fondi comuni influenza
i flussi di sottoscrizione, adottando un modello persuasivo di tipo comportamentale
piuttosto che razionale. Un aspetto trascurato in letteratura è se e in che
modo la dinamica e i contenuti del messaggio pubblicitario siano influenzati dal canale
distributivo dei prodotti stessi. Nel caso in cui il collocamento avvenga attraverso una
propria rete distributiva (captive), l’azione dei consulenti sell-side potrebbe, infatti,
ridimensionare l’importanza del sentiment dei risparmiatori nella decisione di acquistare
fondi comuni, rendendo l’efficacia della pubblicità indipendente dalla fase di mercato.
Di contro, per fondi acquistati direttamente dagli investitori, come gli Exchange
Trade Funds, il sentiment del mercato dovrebbe rilevare. Utilizzando un dataset costruito
manualmente e contenente 3.344 annunci pubblicitari raccolti dal 2006 al 2018,
questo lavoro fornisce delle prime evidenze circa la relazione tra il canale distributivo
degli strumenti finanziari e l’efficacia della pubblicità in diverse fasi di mercato
DISTRIBUTION CHANNELS AND FINANCIAL ADVERTISING IN THE ITALIAN ASSET MANAGEMENT MARKET
Full text linkAdvertising has a major effect on individual investors' decisions. Financial instruments tend to be advertised more when market sentiment is high, as investors are more willing to buy. Mechanisms affecting the relationship between market sentiment and advertising activity remain unexplored in the finance literature. Using a novel dataset of advertisements for mutual and exchange-traded funds from the main Italian financial newspaper, we show that the effect of
market sentiment on financial advertisements depends upon the distribution channel. Sentiment matters only for products directly traded by the investors, such as exchange-traded funds. Conversely, for financial products - like mutual funds - distributed through a captive distribution network (bank branches and tied agents), financial advisers' actions mitigate the effect of market sentiment on advertising activity. Overall, our findings provide some evidence of the persuasive power of financial advisers in investors' decisions, which arguably requires
increased attention from financial market regulators
Voluntary play increases cooperation in the presence of punishment: A lab in the field experiment
No full textProblems of cooperation have often been simplified as the choice between defection and cooperation, although in many empirical situations it is also possible to walk away from the interaction. When opting out of is a feasible alternative, it is questionable whether known solutions to the problem of cooperation, such as punishment could still work, given the limited sanctioning potential it imposes on free riders. We present the results of two experiments with non-student subjects who play optional and compulsory public goods games both with and without a punishment stage. We find that the possibility of opting-out motivates cooperation. Instead, when punishment is introduced, higher cooperation emerges in the compulsory game. This key result indicates that informal solutions to public good problems might rule each other out and punishment is a robust solution only if players are not allowed to opt out of the interaction
Overreaction in Survey Exchange Rate Forecasts
No full textWe use survey data on five bilateral exchange rates to provide empirical evidence of the fact that professional forecasters of foreign exchange rates behave irrationally, in the specific sense that they respond inaccurately to available information in the market when forming their predictions. In particular, we find systematic biases in the forecasts resulting in the overreaction of analysts to past information contained in the exchange rate dynamics: forecasters change their prediction more than it would be rational on the basis of past realized changes. In addition, forecasters are heterogeneous in their irrationality: low performers in previous periods show a more pronounced overreaction effect. This can be read as an indication of perpetration of past errors and continued inability to learn from the past. In the second part of the paper, we exploit the novel structure of our dataset, which consists of survey data extracted from the Bloomberg platform and readily available to anyone. This feature allows us to consider their own and others' past forecasts as part of the information set that analysts use in making their predictions. By using past forecasts as proxies for relevant macroeconomic variables, we find evidence that analysts fail to correctly process not only the information contained in the spot rate past dynamics but also the information in this broader set. We see this as confirmation of the existence of inefficiency and heterogeneity between low and high performers also when full information is available
Soccer Bubble: Is There a Speculative Bubble in the Price of International Soccer Players?
No full textAn exponentially increasing trend of players’ registration prices has taken place since
2012, and we test the hypothesis that this may be a speculative bubble, using a structural break test (Chow test) on a data set of international soccer players’ registration prices, that ranges from 2007 to 2019. The test confirms the presence of an
abrupt change in the trend of these prices since the year 2012, both for the
whole data set and for subgroups based on the types of competition considered
(Champions League, Europa League, and residual) and on the age of the players.
We surmise that a possible root at the base of this trend is the need for soccer
teams to cope with the Fair Play regulation, which has taken place exactly in the
same years, and caused an excess of players’ trading as a means to comply with
the obligation for teams to balance their books over time
Understanding post disaster prosociality:Comparing post earthquake cooperation and fairness in two Italian regions
Full text linkNatural disasters put an enormous strain on communities' ability to cooperate. Community resilience, which heavily depends on individuals’ prosocial attitudes, reduces the effects of disasters, determining completely different dynamics even in neighboring regions. We designed an exploratory empirical study in which we collected empirical data on behavior in two games together with survey data in seven municipalities located in two Italian regions affected by two major earthquakes. We measured contributions in the Public Goods Game and fairness in a modified Dictator Game, with the aim of testing for the effects of damage suffered, and embeddedness in the community on prosociality. We compared two different explanations, damage suffered and embeddedness, and we concluded that, in our sample, embeddedness was not related to differences in contributions, while damage suffered by the individuals was. This study contributes to the literature on post-disaster prosociality by presenting a unique lab–in-the-field experiment, and showing the differential impact of the same disaster in neighboring regions.</p
Price and wealth asymptotic dynamics with CRRA technical trading strategies
Full text linkWe consider a simple pure exchange economy with two assets, one riskless, yielding a constant return on investment, and one risky, paying a stochastic dividend. Trading takes place in discrete time and in each trading period the price of the risky asset is fixed by imposing market clearing condition on the sum of traders individual demand functions. We assume that agents' strategies are consistent with maximizing a CRRA utility, so that the individual demand for the risky asset is expressed as a fraction of the agent's wealth and the evolution of price and wealth distribution is described by means of a dynamical system. We consider agents whose individual demand function is based on future prices forecasts obtained on the basis of past market history and we analyze two cases. First, we consider a large population of quasi-homogeneous agents, whose individual choices can be described as a random deviation from an underlying, common, behavior. We denote the particular dynamics that emerges as Large Market Limit and, with the help of numerical simulations, we provide some hints on the range of its applications. As an example of application of the Large Market Limit we show how the results in Chiarella and He (2001) concerning models with optimizing agents can be replicated in our framework. Next, we analyze the case of two agents with distinct, but generic, investment strategies. We study the set of equilibria allowed by the two strategies and provide an asymptotic characterization of their relative performances. We find that the market endogenously selects the dominant trader among the participants following a quasi-optimal selection principle. The same principle, however, implies the impossibility of defining a dominance order relation on the space of strategies
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