Using life-history survey data from eleven European countries, we investigate whether childhood conditions, such as socioeconomic status, cognitive abilities and health problems influence portfolio choice and risk attitudes later in life. After controlling for the corresponding conditions in...

I propose a general-equilibrium model with investment heterogeneity to investigate the dynamics of Tobin's q over time, and more precisely why firms tend to migrate from value to growth and viceversa. Firms are assumed to have two types of investment opportunities: i) reinvest capital in the own...

We present optimality conditions for bilevel optimal control problems where the upper level, to be solved by a leader, is a scalar optimal control problem and the lower level, to be solved by several followers, is a multiobjective convex optimal control problem. Multiobjective optimal control...

This paper analyzes the role of stock prices in driving Monetary Policy for price stability in a Non-Ricardian DSGE model. It shows that the dynamics of the interest rate consistent with price stability requires a response to stock-price changes that depends on the shock driving them: a supply...

According to the Lisbon Treaty the increasing cost of enforcing the European border against immigration shall be shared among the EU members. Nonetheless, the Treaty is rather vague with respect to the "appropriate measures" to adopt in order to distribute the financial burden. Members who do...

Citizenship rights are associated with better economic opportunities for immigrants. This paper studies how in a country with a large fraction of temporary migrants the fertility decisions of foreign citizens respond to a change in the rules that regulate child legal status at birth. The...

We study the effects of information sharing on optimal contracting in a vertical hierarchies model with moral hazard and effort externalities. The paper has three main objectives. First, we determine and compare the equilibrium contracts with and without communication. We identify how each...

Labour market policies settled at national level imply a “one-size-fits-all” labour market strategy. This strategy might not sufficiently take into account region-specific economic structures. We employ a panel factor-augmented vector autoregression (FAVAR) to evaluate whether active labour...

We provide international evidence on the relationship between the extent of underpricing related to initial public offerings (IPOs) and the distance of the issuing firm from the financial centre of a country: for France, Germany and Italy, the higher the distance, the higher the level of...

This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public...