The Tobacco CMO (Common Market Organization) is involved in a intense debate between the European tobacco industry and those who are against to a crop whose transformed product is dangerous to the health. European institutions have shown a strong interest in this complex issue introducing two...

We show that the use of pooled and panel data in estimating convergence across countries (or other territorial areas) may involve some pitfalls since this type of data cannot properly distinguish between actual convergence and the possibility of decreasing growth rates over time within each...

In this work, we analyse different numerical methods for the approximation of the Black-Scholes equation for the European option pricing. Such an equation presents two main sources of difficulties with regards to its discretization…We explore the effects of both characteristics in terms of...

This paper shows how, under a few standard assumptions on the utility function, the monotonicity of absolute risk aversion (ARA) and of absolute prudence (AP) are connected. We get some general Propositions on the behaviour of the two functions regarding the positions and the number of their...

This work shows that in a two-period framework, prudence has an increasing effect on optimal prevention. This conclusion is the opposite to that obtained in a one-period framework [Eeckhoudt and Gollier, Economic Theory 26 (2005), 989-994]. This is due to the opposite effect of prevention on...

The positive impact of intangible assets on several measures of economic performance is well documented in the literature. Less clear is what leads firms to invest in intangible assets in the first place. The latter is particularly important since, at least for the Italian manufacturing sector,...

Sustainability and relevance of dividend policies are addressed in terms of an optimal control model set forth by Feichtinger et al. (2007), by means of which two different capitalization measures,accounting for dividends and capital gains, can be given explicit representation. In the light of...

This paper investigates the role of external relationships as key drivers of small business innovation. An empirical analysis is based on data for approximately 500 small- and medium-sized enterprises (SMEs) in six European countries. The results indicate that innovation performance is higher in...

Indonesia has a rich historical tradition of mutual cooperation at the community level. This study argues that rotating savings and credit associations (ROSCAs) constitute successful experiences of collective action within the informal financial sector. Therefore, using data from Indonesia...