Il presente lavoro intende soffermarsi su alcuni fattori di debolezza e di forza del sistema produttivo italiano emersi (o confermatisi) negli ultimi anni. Nel lavoro sono affrontati vari temi tra cui, in particolare, la crisi recessiva del 2008, ancora in atto, le principali cause e le...

Questo articolo propone un’analisi sulle tendenze dell’economia dei distretti italiani, fornendo riferimenti empirici e teorici a sostegno di una precisa tesi interpretativa: il modello italiano di organizzazione locale della produzione è ancora oggi vitale, ma ha bisogno di accelerare il...

The technical uncertainty associated with the cost to completion of an Ramp;D project, whilst idiosyncratic, is also inherently unhedgeable. We extend existing real options models of Ramp;D investment to incorporate the cost of bearing this unhedgeable risk and find it decreases risk-averse...

Social status concerns effect investors' decisions by driving a wedge in attitudes towards aggregate and idiosyncratic risks. I model such concerns by emphasizing the desire to quot;get ahead of the Joneses,quot; which implies that investors' aversion to idiosyncratic risk is lower than their...

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and housing tenure where homeowners commit to mortgage payments. Our model predicts that, as long as mortgage rates exceed the rate of interest on liquid wealth: (i) mortgage debt,...

This paper revisits the results of Moskowitz and Vissing-J?gensen (2002) on returns to entrepreneurial investments in the United States. Following the authors' methodology and new data from the Survey of Consumer Finances, I find that the "private equity premium puzzle" does not survive the...

This paper analyzes gender differences in the investment activity of German small and medium sized enterprises (SMEs). The empirical analysis is carried out on a sample of firms drawn from the KfW Mittelstandspanel, a representative survey of German SMEs for the period from 2003 to 2009. We find...

Why do people engage in entrepreneurship and commit large parts of their personal wealth to their business, despite comparably low returns and high risk? This paper connects several streams of literature to shed some light on this puzzle and suggests possible future research avenues. Key...

We study the link between homeownership and entrepreneurship by exploiting the longitudinal dimension of the British Household Panel Survey (BHPS) and constructing a detailed monthly-spell dataset that tracks individuals‟ job history and tenure choice, coupled with other time-varying...

Why do people engage in entrepreneurship and commit large parts of their personal wealth to their business, despite comparably low returns and high risk? This paper connects several streams of literature to shed some light on this puzzle and suggests possible future research avenues. Key...