The objective of the paper is to identify some of the determinants of foreign investment of the largest multinational enterprises (MNEs) operating in the wine industry. The list of the largest MNEs has been compiled using financial databases and company websites. The results of this study have...

Although fiscal (de)centralization literature explains easily the centralization of taxes on the basis of a superior tax administration capacity, it finds more difficult to argue why in federal and decentralized systems subnational governments are ready to accept the demise of their taxing...

Il presente saggio contiene una disamina e valutazione dell’attività di Pasquale Jannaccone come opinion maker mediante un’analisi degli editoriali pubblicati su “La Nuova Stampa”. Dopo un breve profilo scientifico dell’autore, vengono affrontati tre elementi relativi al suo lavoro di...

The recent crisis in public finance that has characterized most Western countries has stoked renewed interest in the possibility of reducing government expenditure by reforming the health-care system. After reviewing the origins of today’s state intervention in this field, the present paper...

Valuing a firm using the discounted cash flow method (DCF) requires the joint determination of the market value of its equity (MVE) together with the equity risk premium (ERP) the firm should earn, since the latter is part of the discount rate used in the calculation of the MVE. This paper...

This paper characterizes downside risk aversion in a simple and intuitive manner. It is shown that using this characterization one can simplify considerably a theorem by Jindapon (2010) relating to greater downside risk aversion as measured by the prudence probability premium. The comparative...

Under current copyright law, Internet Service Providers (ISPs) can be found liable for the traffic on the websites that they host. While the ISPs themselves are not undertaking acts that infringe copyright, indirect liability asserts that they either contribute to, or encourage in some way,...

This paper tests the relationship between time preferences and crime rates as posited by Davis (1988), whose theoretical analysis suggests that individuals’ attitude towards the future significantly affect their propensity to commit crime. Our empirical analysis is based on a panel of Italian...

In the vast majority of the literature on the economics of copyright royalties, it is assumed that the copyright holder is remunerated either by a fixed payment or by a payment that amounts to an additional marginal cost to the user, or both. However, in some significant instances in the...

In this note we show that the measure of intensity of downside risk aversion proposed recently by Crainich and Eeckhoudt (2007) cannot be guaranteed to exist. We do this by means of an example in which the existence of the measure depends upon the values of the parameters in the problem.