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Lorenz meets rating but misses valuation
Camacho Cuena, Eva; Seidl, Christian - 2005
judge ten multiple-outcome lotteries or ten n-dimensional income distributions in terms of both ratings and valuations. This … (lotteries versus income distributions) effects in subjects' perceptions concerning the two types of Lorenz relations. We found … the existence of a marked response-mode effect, as only the ratings of the lotteries and income distributions confirm both …
Persistent link: https://www.econbiz.de/10010296241
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A Fantastic Rain of Gold : European Migrants’ Remittances and Balance of Payments Adjustment During the Gold Standard Period
Esteves, Rui - 2012
While the pre-1914 mass migrations have been widely studied, the related pattern of emigrants' remittances is still largely untouched. This paper aims at filling this gap by analyzing the contribution of remittances to financial stability. In the optimum currency area theory labor mobility can...
Persistent link: https://www.econbiz.de/10013108949
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Who Exhibits Time Varying Risk Aversion?
Blanchett, David - 2016
There is growing empirical evidence that risk preferences change based on financial market conditions. This paper explores individual predictors of time varying risk aversion among participants in U.S. defined contribution plans using a unique dataset with daily responses to a risk tolerance...
Persistent link: https://www.econbiz.de/10012993638
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The Performance of Market-Timing Strategies of Italian Mutual Fund Investors
Borri, Nicola - 2017
In this paper we show that simple buy-and-hold strategies over-perform market-timing strategies effectively used by Italian investors in equity mutual funds. We estimate returns from market-timing strategies using aggregate data on net flows for a large sample of equity mutual funds, available...
Persistent link: https://www.econbiz.de/10012971945
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It Hurts (Stock Prices) When Your Team is About to Lose a Soccer Match
Ehrmann, Michael - 2014
The end result of major sporting events has been shown to affect next-day stock returns through shifts in investor mood. By studying the soccer matches that led to the elimination of France and Italy from the 2010 FIFA World Cup, we show that mood-related pricing effects can materialize as...
Persistent link: https://www.econbiz.de/10013059967
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Volatility Clustering in Real Interest Rates : International Evidence
Siklos, Pierre L.; Skoczylas, Les - 2002
We investigate the volatility of real interest rates in 10 countries. An equilibrium model with financial frictions mimics the volatility of real rates and predicts a negative correlation of the conditional variance with the business cycle. Our contribution investigates the level and conditional...
Persistent link: https://www.econbiz.de/10014130293
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Fiscal policy and the banking system in Italy: have taxes, public spending and banks been procyclical in the long-run?
Piluso, Giandomenico; Ricciuti, Roberto - 2008
This paper analyses the relations between the banking system fluctuations, on one hand, and taxation and public spending, on the other one, using a VECM methodology. We find some evidence of prociclicality of fiscal policy using variables such as government spending, taxes, and primary surplus....
Persistent link: https://www.econbiz.de/10010264470
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The sustainability of fiscal policy in Italy : a long-term perspective
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - 2012
The recent fears of a sovereign debt crisis have spurred interest in the sustainability of public debt. There are two different approaches to the assessment of sustainability: the use of sustainability gap indicators (Blanchard et al., 1990) and the time series approach (Trehan and Walsh, 1988)....
Persistent link: https://www.econbiz.de/10009535101
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Is the Italian public debt really unsustainable? : an historical comparison (1861-2010)
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - 2013
The aim of this paper is to analyze the sustainability of public debt in Italy during the last 150 years (1861-2010) by employing a database containing several statistical novelties: new time series estimates of public debt and GDP (respectively Bank of Italy and Baffigi, 2011) and an original...
Persistent link: https://www.econbiz.de/10009727085
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Business cycles, credit cycles and bank holdings of sovereign bonds : historical evidence for Italy 1861 - 2013
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta; … - 2015
We propose a joint dating of the Italian business and credit cycle on a historical horizon, by applying a local turning-point dating algorithm to the level of the variables. Along with short cycles, corresponding to traditional business cycle fluctuations, we also investigate medium cycles,...
Persistent link: https://www.econbiz.de/10010509572