A general model of one-period portfolio optimization is presented in a new setting: financial leverage (i.e. margin accounts), long-buying/short-selling and a large number of assets are introduced. A multiple equilibrium solution is found, utilizing TAP equations (based on random matrices), a...

The basic hypothesis of an export-led model is that if an undeveloped country possesses a competitive advantage a cumulative process can be started; growth in exports and growth in output, and this can support rapid development. This process is normally nourished by foreign capital. But there may...

Is the process of workforce aging a burden or a blessing for the firm? Our paper seeks to answer this question by providing evidence on the ageproductivity and age-earnings profiles for a sample of plants in three manufacturing industries (“forest”, “industrial machinery” and...

There are many different reasons behind cooperation between firms and many possible interpretations are assumed to be based on an assessment of endogenous benefits of collective action directly generated by taking part in a joint project. This paper attempts at verifying the interpretative...

Il paper analizza il rapporto tra organizzazione dello Stato e sistema economico, verificando se al processo di costruzione dello Stato totalitario ne corrisponda uno analogo nel campo delle politiche e delle istituzioni economiche. La tesi argomentata suggerisce che la politica economica del...

Global trade liberalisation negotiated within the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) has led to significant progresses in the reduction of traditional barriers to the free movement of goods, but industrialised countries have increasingly used new...

We are concerned with the problem of parameter estimation in Finance, namely the estimation of the spot volatility in the presence of the so-called microstructure noise. In [16] a scheme based on the technique of multi-step regularization was presented. It was shown that this scheme can work in...