This paper matches the sensitivity analysis of two-stage DCF models to the assumption of Long Term Steady-State. It proposes the definition of ‘Joint Sensitivity’ that measures the effect on the firm’s value of joint variations of more input parameters. The duration of the first stage of...

This paper reports the results of a series of Monte Carlo exercises to contrast the forecasting performance of several panel data esti- mators, divided into three main groups (homogeneous, heterogeneous and shrinkage/Bayesian). The comparison is done using di¤erent lev- els of heterogeneity,...

This paper seeks to explain local variations in the use of antibiotics in the community and to assess the welfare loss due to heterogeneous attitudes towards the risk of bacterial infections and resistance. Significant differences are observed in the per capita antibiotic consumption measured in...

This paper develops a novel asymptotic theory for panel models with common shocks. We assume that contemporaneous correlation can be generated by both the presence of common regressors among units and weak spatial dependence among the error terms. Several characteristics of the panel are...

The object of this work is to isolate and to evaluate the role played by aging in the annual cost variation. The aim is to strength the congruence between central health policy concern and the understanding of the annual cost variation at Local Health Unit level. The sample regards...

This paper introduces a general model to analyze the effects of regulation on company risk. In particular, we consider two determinants of systematic risk: the company’s overall risk and the correlation between the regulated company’s value and the market. Theoretical findings indicate that...

We consider vertical price restrictions like Recommended Retail Prices (RRP) and Resale Price Maintenance (RPM), together with a retailer’s unit discount when purchasing the good from the manufacturer. We study how retailer’s buyer power affects the nature of the vertical price restriction...

This paper investigates regional variations in outpatient antibiotic use and provides a first empirical analysis based on Swiss data. We compare Swiss antibiotic consumption with antibiotic use in other European countries and present descriptive statistics at cantonal level. Preliminary findings...

This paper analyses a number of European regions that in the last decade, through a considerable change in their economic base, experienced a remarkable growth path and a significant increase in their competitiveness. The analysis was carried out with the aim of recognizing the main determinants...

Attention is here paid to the relationship between organizational configurations, forecasting practices and performances. Attention is at first paid on the relationship between the forecaster organizational position and how companies evaluate future demand, and, on a second hand, focus is paid...