123 research outputs found
Rajani LaRocca: 2024 Irma Black Award Silver Medal Acceptance Speech
No full textAuthor Rajani LaRocca gives an acceptance speech for Summer Is For Cousins (Abrams)https://educate.bankstreet.edu/irma_black_awards/1013/thumbnail.jp
Suboptimality of Probability Matching − a Formal Proof, a Graphical Analysis and an Impulse Balance Interpretation
No full textWe prove suboptimality of probability matching in prediction tasks with an arbitrary (finite) number of outcomes and repetitions. For the popular case of binary prediction tasks, we also provide a graphical representation of the result. Finally, we relate probability matching to impulse balance equilibrium theory and show when probability matching is consistent with its predictions
Concavity of the CES function via the power mean inequality
No full textIn this note, we analyze the concavity, and the convexity, of the constant elasticity of
substitution (CES) function by means of the power mean inequality
Erratum: Lack of immunity against rubella among Italian young adults. [BMC Infect Dis., 17, (2017) (199)] Doi: 10.1186/s12879-017-2295-y
No full textAfter publication of this article [1], the authors noted that the given names and family names of all authors had been inverted, and are therefore incorrect in the original article. In the original article, the author names appear as the following: Gallone Maria Serena, Gallone Maria Filomena, Larocca Angela Maria Vittoria, Germinario Cinzia and Tafuri Silvio. However, this is incorrect, and the author names should appear as per the below: Maria Serena Gallone, Maria Filomena Gallone, Angela Maria Vittoria Larocca, Cinzia Germinario, Silvio Tafuri. The author names have been corrected in the author list and the citation for this Erratum
Financial Literacy and Bank Runs: An Experimental Analysis
No full textIn this experimental study on the determinants of bank run, participants anonymously interact via an experimental bank deciding whether to withdraw or not their deposit. As in Diamond and Dybvig (1983), runs result from a fundamental coordination problem. We elicit subjects’ financial literacy and study whether revealing this information helps in solving the equilibrium coordination in such games with multiple equilibria. As a control we also use information about elicited general knowledge. Within the same framework, we let the bank size vary to investigate how it affects coordination on bank run. We find that, when no information is revealed, the likelihood of runs increases with bank size. Whereas, when information on financial literacy is revealed, the likelihood of runs increases in small and decreases in large banks. Our analyses also show that subjects react to information on financial literacy and general knowledge in a different way. Getting to know that a group has higher financial literacy reduces the probability of run. While, when information about general knowledge is revealed, risk aversion at group level becomes relevant and positively affects the probability of bank run. In all specifications, bank run occurrence is positively affected by short-run withdrawal history and by subjects’ experience
Gli effetti della modalità di comunicazione del rischio sulle scelte di investimento finanziario: i risultati di un esperimento
No full textLa modalità in cui sono presentate le scelte in condizioni di rischio può influenzare la scelta di investimento finanziario? In questo lavoro vengono riportati i risultati di un esperimento in cui i partecipanti fronteggiano una serie di decisioni di investimento tra un titolo con rendimento certo e uno con rendimento rischioso presentate in diverse modalità “visive”: istogramma, albero e verbale. I dati raccolti mostrano che le scelte di investimento variano sulla base delle modalità di presentazione del titolo rischioso. In particolare, i soggetti sono disposti a farsi carico di un maggiore rischio quando il titolo rischioso è presentato con una modalità a loro più familiare (preferita)
Bank-based or Market-based financial sources: which is better for the EU?
No full textThis paper examines the relationships between the financial structure and the economic performance of non-financial corporations in the European Union (EU). The analysis covers the 1999-2018 period, thus allowing us to consider both the different cyclical phases and the process of enlargement of the EU and the Euro Area (EA). We investigate how the relative weight of market-based and bank-based finance affects the real performances of non-financial corporations across countries. Our results indicate that market-based finance is more effective than bank-based finance in supporting the growth of gross value added and investments of these corporations. Our findings hold when considering a break for the financial crisis (2008-2009), and are confirmed via a panel VAR specification. They may suggest a need to pursue a new balance between markets and intermediaries in the EU and EA by strengthening the role of the non-banking segments of financial markets
Gli effetti della modalità di comunicazione del rischio sulle scelte di investimento finanziario: i risultati di un esperimento
No full textLa modalità in cui sono presentate le scelte in condizioni di rischio
può influenzare la scelta di investimento finanziario? In questo
lavoro vengono riportati i risultati di un esperimento in cui i
partecipanti fronteggiano una serie di decisioni di investimento tra
un titolo con rendimento certo e uno con rendimento rischioso
presentate in diverse modalità “visive”: istogramma, albero e
verbale. I dati raccolti mostrano che le scelte di investimento variano
sulla base delle modalità di presentazione del titolo rischioso. In
particolare, i soggetti sono disposti a farsi carico di un maggiore
rischio quando il titolo rischioso è presentato con una modalità a loro
più familiare (preferita)
Bank-based or Market-based financial sources: which is better for the EU?
No full textThis paper examines the relationships between the financial structure and the economic performance of non-financial corporations in the European Union (EU). The analysis covers the 1999-2018 period, thus allowing us to consider both the different cyclical phases and the process of enlargement of the EU and the Euro Area (EA). We investigate how the relative weight of market-based and bank-based finance affects the real performances of non-financial corporations across countries. Our results indicate that market-based finance is more effective than bank-based finance in supporting the growth of gross value added and investments of these corporations. Our findings hold when considering a break for the financial crisis (2008-2009), and are confirmed via a panel VAR specification. They may suggest a need to pursue a new balance between markets and intermediaries in the EU and EA by strengthening the role of the non-banking segments of financial markets
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