Showing 1 - 10 of 39
In this paper we focus on the recent restructuring of the Italian pension system and in particular on the reforms concerning the tax-favored retirement saving accounts. These reforms issued in the early and mid- 1990s reduced the riskiness of private retirement saving plans and their overall...
Persistent link: https://www.econbiz.de/10004972502
This paper estimates the costs of participating to the stock market, together with the cross sectional dispersion of stock market optimism. Our analysis is based on a mean-variance framework, when there is a riskless asset (cash), which makes the allocation of the investment in risky assets...
Persistent link: https://www.econbiz.de/10005106679
Using Italian household data we jointly estimate the yearly cost of participating to the stock market and the cross sectional distribution of optimism about excess returns of stocks over bonds. Using mean-variance analysis we derive individual efficient portfolio allocation rules, as functions...
Persistent link: https://www.econbiz.de/10005048003
We use household data to estimate the cost of participating to financial markets and the cross sectional dispersion of stock market optimism. Our analysis is based on a mean-variance framework, within which we derive structural decision rules for individual composition of the risky assets...
Persistent link: https://www.econbiz.de/10005699630
Persistent link: https://www.econbiz.de/10011121369
We document the development of the major international banks since the late nineties, analysing balance sheet data for 27 large and complex financial institutions. We argue that balance sheet expansion and business line diversification paved the way to the rise of the universal banking model....
Persistent link: https://www.econbiz.de/10011258874
We document the development of the major international banks since the late 1990s, analysing balance-sheet data for 27 large and complex financial institutions. We argue that balance-sheet expansion and business line diversification paved the way for the rise of the universal banking model. This...
Persistent link: https://www.econbiz.de/10011100388
Public debt levels in advanced economies have increased dramatically over recent years and they could put considerable upward pressure on market yields. Using a novel identification approach based on financial accounts and focusing on panel regressions for 18 advanced economies over the period...
Persistent link: https://www.econbiz.de/10011105131
We document the development of the major international banks since the late 1990s, analyzing balance-sheet data for 27 large and complex financial institutions. We argue that the balance-sheet expansion and business line diversification have paved the way for the rise of the universal banking...
Persistent link: https://www.econbiz.de/10010898009
This paper tests the impact of firms’ ownership structure on firms’ innovation decisions using a rich dataset of about 20,000 Italian manufacturers. After accounting for its possible endogeneity, we find that ownership concentration negatively affects the probability of innovation,...
Persistent link: https://www.econbiz.de/10010850526