A growing number of studies on the US subprime market indicate that, due to asymmetric information, credit risk transfer activities have perverse effects on banks' lending standards. We investigate a large part of the market for securitized assets (“prime mortgages”) in Italy, a country with...

This paper estimates the impact of university teachers on their students' academic achievement and labor market outcomes using administrative data from Bocconi University matched with Italian tax records. The estimation exploits the random allocation of students to teachers in a fixed sequence...