We evaluate some budgetary implications of having cannabis regulated as tobacco was in Italy in 2007-2008. Depending on which scenario would have followed this shift of regime, the fiscal revenues from sale and income tax would have been between 7,5 and 13 billions of euros, moreover 830 million...

Asset allocation and market participation are intimately related investment decisions. Studies of dividend clienteles often attribute the positive relation between age and dividends to lack of self-control, but consumers with self-control problems are precisely those less likely to hold...

type="main" xml:lang="en" <p>To understand the current tendency toward transparency, we studied the effects of accounting disclosure in a laboratory. In our experiment, transparency in the financial accounts of the listed companies improved information efficiency; but, even after checking for...</p>

This paper proposes a new empirical measure of disinflation credibility and applies it to the IMF-supported disinflation program in Turkey since the 2001 crisis. This measure relies only on the consumer price index and can thus be easily applied in countries in which asset prices and survey...

In this article we use a novel clustering approach to study the role of heterogeneity in asset pricing. We present evidence that the equity premium is consistent with a stochastic discount factor (SDF) calculated as the average of the household clusters’ intertemporal marginal rates of...

In this empirical study, I compared the results of matches played in the Italian football league Serie A with the odds offered by bookmakers. I found that the market odds were good predictors of the actual game results, but I also found that the distribution of returns for odds’ subgroups...

I propose a friction measure of bond round-trip liquidity costs that is robust to outliers and accounts for the idiosyncratic information behind trading decisions. Particularly effective with investment-grade bonds, the proposed measure displays properties consistent with the credit risk puzzle....

The paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of...

Little empirical investigation exists of the links among capital account liberalization, prudential regulation and supervision, financial crises, and economic development, mainly because of the lack of comparable measures to describe regulatory practices for different countries. This paper...

The UK is due to move to a system of real-time gross settlement (RTGS) later this year. Although the decision to move to RTGS was based on prudential concerns, this paper considers whether it has any implications for the implementation of monetary policy. In particular, the move could, in...