Quaderni di Dipartimento [serie ordinaria – Anno 2006] – Dipartimento di Scienze Economiche e Sociali

ELENCO DEI QUADERNI DI DIPARTIMENTO – WORKING PAPERS

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ISSN: 2279-9559 (dal n. 1 al n. 157), 2279-9567 (dal n. 158 al n. 363), 2279-9575 (dal n. 364 in poi)

276	Barbara ERMINI, Samuele SALVUCCI
	L'esperienza delle Unioni di Comuni in Italia e nelle Marche. Focus sulla gestione associata di funzioni e servizi [dicembre 2006]
	Keywords:
	associazionismo tra enti locali, servizi pubblici locali, spesa pubblica locale
	JEL Classification:
	H70	Public Economics – State and Local Government; Intergovernmental Relations – General
	H72	Public Economics – State and Local Government; Intergovernmental Relations – State and Local Budget and Expenditures
	H77	Public Economics – State and Local Government; Intergovernmental Relations – Intergovernmental Relations; Federalism; Secession
	Abstract:
	[ENG] This paper examines the structural characteristics of Unione di Comuni, a kind of local councils partnership recently supported by Italian law, trying to assess which factors most influenced the choice of functions and services to being managed associatively. It also analyzes the impact of the Unione di Comuni on the management of functions and on the provision of services at the level of associated local councils. It emerges that Unione di Comuni is mainly assigned with functions and services in the realm of essential public and social policies that otherwise small municipalities would carry on with difficulties or at lesser quality. We observe that more often Unione di Comuni co-operates with local councils in serving these public functions but there are also several cases, especially when police function is concerned, where Unione di Comuni totally replaces local councils activity. When considering number and quality of delivered services, it emerges that Unione di Comuni almost always manages new services and/or improves the quality of existing ones. For these reasons, we rarely observe a reduction in the expenditures for local public functions. [ITA] Questo lavoro esamina le caratteristiche strutturali delle Unioni di Comuni in Italia e nelle Marche cercando di far emergere la presenza di fattori che possono aver influenzato la scelta di funzioni e servizi da gestire associativamente. Basandosi su indagini questionarie e su analisi di bilancio, si Þ tentato di valutare lÆimpatto delle Unioni di Comuni sui Comuni associati in relazione alle modalitÓ di organizzazione delle risorse, sia umane che finanziarie, di gestione delle funzioni e di erogazione dei servizi. Emerge che alle Unioni di Comuni vengono delegate principalmente funzioni e servizi in materia di politiche pubbliche e sociali indispensabili che anche i Comuni pi¨ piccoli sono chiamati a garantire. NellÆambito di queste deleghe lÆUnione opera talvolta a complemento di quanto giÓ erogato dai Comuni associati ed in altri casi sostituendosi a questÆultimi nel ruolo di gestore/erogatore di servizi. Pi¨ frequentemente sia alla gestione associata si sostanzia nellÆattivazione di nuovi servizi e nellÆinnalzamento della qualitÓ della prestazione erogata o della funzione presidiata. Per questi motivi, difficilmente la cooperazione istituzionale comporta per i Comuni evidenti risparmi nella spesa per funzioni. Dal lato delle entrate, le Unioni si finanziano principalmente con i trasferimenti dei Comuni associati anche se una buona quota delle risorse finanziarie Þ frutto di contribuzione proveniente dai livelli di governo superiore.
	Citations: CitEc

275	Roberto ESPOSTI, Pierpaolo PIERANI
	Price-Induced Technical Progress in Italian Agriculture [novembre 2006]
	Keywords:
	SGM restricted cost function, induced innovation, italian agriculture
	JEL Classification:
	O30	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – General
	Q16	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
	Abstract:
	In this paper we aim at investigating the price-induced innovation hypothesis in Italian agriculture. We generalize the framework of analysis proposed by Peeters and Surry (2000). The generalization includes a short-run specification of the dual technology as well as a quadratic spline in a time variable. We argue that the temporary equilibrium setting gives a more realistic representation of how relative prices may steer innovation and variable input bias over time, while the quadratic function has desirable properties with respect the splined variable, i.e., a more flexible treatment of exogenous technical change. Results provide evidence in favour of price-induced innovation in Italian agriculture over the years 1951 to 1991.
	Citations: CitEc

274	Eleonora CUTRINI
	The Balassa Index Meets the Dissimilarity Theil Index: a Decomposition Methodology for Location Studies [novembre 2006]
	Keywords:
	concentration, dissimilarity entropy index, localisation, specialisation, within-between country decomposition
	JEL Classification:
	C43	Mathematical and Quantitative Methods – Econometric and Statistical Methods: Special Topics – Index Numbers and Aggregation
	L16	Industrial Organization – Market Structure, Firm Strategy, and Market Performance – Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial P
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	R12	Urban, Rural, and Regional Economics – General Regional Economics – Size and Spatial Distributions of Regional Economic Activity
	Abstract:
	It is well known that the broad concept of localisation has two connotations, namely, regional specialisation and industrial concentration. The main purpose of this paper is to introduce an entropy index of overall localisation suitable to conceptualise specialisation and concentration as the two sides of the same medal in a nested geographical perspective. The system of dissimilarity entropy measures is potentially applicable to the assessment of the spatial distribution of several economic phenomena when a twofold geographical level of analysis is considered. In the specific case, the decomposition provides an accurate method to quantify the cross-country divergence in localisation from the agglomeration within countries.
	Citations: CitEc

273	Giovanni BUSETTA, Alberto ZAZZARO
	Mutual Loan-Guarantee Societies in Credit Markets with Adverse Selection: Do They Act as a Sorting Device? [novembre 2006]
	Keywords:
	group information, mutual loan guarantee society, small business lending
	Abstract:
	Mutual Loan Guarantee Societies (MLGSs) are crucial players in credit markets of many European and non-European countries. In this paper we provide a theory to rationalize the raison d'étre of MLGSs. The basic intuition is that the foundation for MLGSs lies in the inefficiencies created by adverse selection, when borrowers do not have enough collateralizable wealth to satisfy collateral requirements and induce self-selecting contracts. In this setting, we view MLGSs as a wealth pooling mechanism that allows otherwise inefficiently rationed borrowers to obtain credit. We focus on the case of large, complex urban economies where potential entrepreneurs are numerous and possess no more information about each other than do banks. Despite our extreme assumption on information availability, we show that MLGSs can be characterized by assortative matching in which only safe borrowers have an incentive to join the mutual society. In the last section, we show that the available evidence on the structure and performance of MLGSs active in Italy is consistent with some implications of our theory concerning their diffusion, the average number of their associates and the average default rate on guaranteed loans in developed and backward regions.
	Citations: CitEc

272	Matteo PICCHIO
	Temporary Jobs and State Dependence in Italy [ottobre 2006]
	Keywords:
	dynamic unobserved effects probit model, feedback effects, individual heterogeneity, temporary employment
	JEL Classification:
	C23	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – Models with Panel Data; Longitudinal Data; Spatial Time Series
	C25	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
	J29	Labor and Demographic Economics – Demand and Supply of Labor – Other
	Abstract:
	A dynamic unobserved effects probit analysis has been carried out to test the hypothesis of state dependence of temporary jobs and to understand their determinants. The econometric analysis has been conducted using the 2000, 2002, and 2004 waves of the Survey of Italian Households' Income and Wealth. The results show that, firstly, jobless and unstable workers are more likely to end up in temporary contracts. Secondly, there is a significant true state dependence effect of temporary contracts that might be due to the fact that firms are systematically using temporary jobs to face demand uncertainty: loss of motivation and depreciation of human capital due to low firm-specific investments may make temporary workers less likely to jump on stabler job relationships. Moreover, the true state dependence could be related to the presence of a dual labour market, segmented into "bad" and "good" jobs. Thirdly, a significant feedback effect from past temporary jobs to recent unemployment spells has been detected. Therefore, jobless and unstable workers are more likely to end up into temporary relationship generating a loss of human capital, affecting the workers' allocation in the whole economy, and widening the gap between possibly segmented labour markets. The policy maker might be aware of these costs associated to the widespread of temporary jobs and design policies to target those workers suffering most from the trap of temporary positions.
	Citations: CitEc

271	Riccardo MAZZONI
	Domanda aggregata e crescita [ottobre 2006]
	Abstract:
	The research available on the causes that determine the growth rate has privileged the neoclassical approach, and more recently a version of it known as 'new' growth theory, which tends to consider economic expansion as a process where the dynamic of the inputs and their productivity takes center stage. No specific role is ascribed to aggregate demand to which is only recognised a temporary effect on the level of resources utilization. Totally different is the demand side approach in which the rate of growth in production is entirely explained by demand-side factors. Moreover, in such framework, the aggregate demand actually determines the dynamic of the inputs. Even those who have chosen to approach this view in a more flexible 'eclectic' way, do tend to emphasise the role of the demand in the growth process in a way at least equal to that attributed to supply side factors. The objective of this work is to examine the main contents of the keynesian approach to the economic growth and to confront them critically to the neoclassical one. More generally we have intended to focus our attention on some important aspects of the growth process that the most consolidated academic studies and lines of thoughts have tended to keep under marginal investigation given their focus on the supply-side economy.
	Citations: CitEc

270	Federico BONAGLIA, Andrea GOLDSTEIN, John MATHEWS
	Accelerated Internationalisation by Emerging Multinationals: the Case of White Goods Sector [ottobre 2006]
	Abstract:
	The emergence of a "second wave" of developing-country multinational enterprises (MNEs) in a variety of industries is one of the characterizing features of globalization. These new MNEs did not delay their internationalisation until they were large, as did most of their predecessors, and often become global as a result of direct firm-to-firm contracting. Many grow large as they internationalise; conversely, they internationalise in order to grow large. This is a striking pattern which, if confirmed, indicates that enterprises from developing countries have pursued distinctive approaches to internationalisation. It is a further interesting hypothesis to investigate to what extent such firms, born as suppliers of established incumbents, have leveraged on their "latecomer" status to accelerate their internationalisation. This paper documents how emerging MNEs may follow quite different patterns to reach, or at least approach, global competitiveness. In particular, it investigates how three latecomer MNEs pursued global growth through accelerated internationalisation combined with strategic and organizational innovation. Haier (China), Mabe (Mexico) and Arcelik (Turkey) emerged as Dragon Multinationals in the large home appliances (so-called "white goods") industry. This is a producer-driven global value chain, characterized by mature technology and rapid delocalization to developing countries, where not only input costs are lower, but demand growth rates are higher – giving a decided latecomer advantage to these MNEs. Haier, Mabe and Arþelik leveraged their strategic partnership with established MNEs to upgrade their operations, evolving from the production of simple goods, into new product lines developed through their own design, branding and marketing capabilities. The recipe of their success has been the ability to treat global competition as an opportunity to build capabilities, move into more profitable industry segments, and adopt strategies that turn latecomer status into a source of competitive advantage. At the same time, their experiences show that there are many strategies and trajectories for going global.
	Citations: CitEc

269	Andrea BONFIGLIO
	Comparing Environmental Impact of Alternative CAP Scenarios Estimated Through an Artificial Neural Network [ottobre 2006]
	Keywords:
	common agricultural policy, direct payments, environmental impact, neural networks
	JEL Classification:
	C45	Mathematical and Quantitative Methods – Econometric and Statistical Methods: Special Topics – Neural Networks and Related Topics
	Q18	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Agricultural Policy; Food Policy
	Q21	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Renewable Resources and Conservation – Demand and Supply
	Abstract:
	The paper aims to assess environmental impact produced by alternative Common Agricultural Policy (CAP) scenarios in the Italian Marche region for the period 2000-2002. Scenarios concern alternative hypotheses about direct payments for arable crops related to Agenda 2000. For this aim, a Multilayer Feedforward Neural Network model (MFNN) was applied. Different from traditional models, MFNN is able to analyze complex patterns quickly and with a high degree of accuracy. Moreover, MFNN makes assumptions about neither the underlying population nor the existence of optimising behaviour and uses the data to develop an internal representation of the complexity characterising the system analysed. The results indicate that direct payments produced positive environmental effects compared to the hypothesis of absence of direct payments. Moreover, they show that it would have been even better, from an environmental point of view, if Agenda 2000 had been more radical in comparison to the 1992 Mac Sharry reform, by introducing decoupled direct payments.
	Citations: CitEc

268	Matteo PICCHIO
	Do Temporary Workers Suffer a Wage Penalty? Investigating the Italian Case Using a Panel Data Approach [ottobre 2006]
	Keywords:
	individual effects, job effetcs, returns to seniority, temporary employment, wage differentials
	JEL Classification:
	C23	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – Models with Panel Data; Longitudinal Data; Spatial Time Series
	J31	Labor and Demographic Economics – Wages, Compensation, and Labor Costs – Wage Level and Structure; Wage Differentials
	M51	Business Administration and Business Economics; Marketing; Accounting – Personnel Economics – Firm Employment Decisions; Promotions
	Abstract:
	The focus of this paper is to analyse the wage effects of temporary jobs using the 2000 and 2002 waves of the Survey of Italian Households' Income and Wealth (SHIW). Exploiting the short longitudinal dimension of the survey and taking into account of individual- and job-specific unobservable components results in an estimated wage penalty for temporary workers of about 12-13%. Furthermore, there is evidence of higher wage returns to seniority for temporary workers, generating a reduction in the wage gap by about 2.3 percentage points after one year of tenure.
	Citations: CitEc

267	Giulio PALOMBA
	Multivariate GARCH models and Black-Litterman approach for tracking error constrained portfolios: an empirical analysis [settembre 2006]
	Keywords:
	Black and Litterman approach, multivariate GARCH models, tactical asset allocation
	JEL Classification:
	C32	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Models
	C53	Mathematical and Quantitative Methods – Econometric Modeling – Forecasting Models; Simulation Methods
	G11	Financial Economics – General Financial Markets – Portfolio Choice; Investment Decisions
	Abstract:
	In a typical tactical asset allocation set up managers generally make their investment decisions by inserting private information in an optimisation mechanism used to beat a benchmark portfolio; in this context the sole approach à la Markowitz (1959) does not use all the available information about expected excess return and especially it does not take two main factors into account: first, asset returns often show changes in volatility, and second, the manager's private information plays no role in the optimisation process. This paper provides an empirical work for large scale tactical asset allocation strategy in which a multivariate GARCH estimation is used in portfolio optimisation, given a tracking error constraint (Jorion, 2003). Moreover, the use of Black and Litterman (1991, 1992) approach allows for the possibility to tactically manage the selected portfolio through a very short time, combining informations taken from the time varying volatility model with some personal "view" about asset returns.
	Citations: CitEc

266	Pietro ALESSANDRINI, Andrea PRESBITERO, Alberto ZAZZARO
	Banks, Distances and Financing Constraints for Firms [settembre 2006]
	Keywords:
	financing constraints, funtional distance, local banking system, operational proximity
	JEL Classification:
	G21	Financial Economics – Financial Institutions and Services – Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
	G34	Financial Economics – Corporate Finance and Governance – Mergers; Acquisitions; Restructuring; Corporate Governance
	R51	Urban, Rural, and Regional Economics – Regional Government Analysis – Finance in Urban and Rural Economies
	Abstract:
	The wave of bank mergers and acquisitions experienced in European and U.S. credit markets during the Nineties has deeply changed the geography of banking industry. While the number of bank branches has increased in almost every country, reducing the operational distance between banks and borrowers, bank decisional centres and strategic functions have been concentrated in only a few places within each nation, increasing the functional distance between banks and local communities. In this paper, we carry out a multivariate analysis to assess the correlation of functional and operational distances with local borrowers' financing constraints. We apply our analysis on Italian data at the local market level defined as provinces. Our findings consistently show that increased functional distance makes financing constraints more binding, it being positively associated with the probability of firms being rationed, investment-cash flow sensitivity, and the ratio of credit lines utilized by borrowers to credit lines make available by banks. These adverse effects are particularly evident for small firms and for firms located in southern Italian provinces. Furthermore, our findings suggest that the negative impact on financing constraints following the actual increased functional distance over the period 1996-2003 has substantially offset (and sometimes exceeded) the beneficial effects of the increased diffusion of bank branches occurring during the same period.
	Citations: CitEc

265	Chiara BROCCOLINI
	Domanda di istruzione ed efficienza del sistema universitario. Una rassegna della letteratura [giugno 2006]
	Keywords:
	educational production function, performance accademica, riforma universitaria, scelta della qualità scolastica
	JEL Classification:
	A23	General Economics and Teaching – Economic Education and Teaching of Economics – Graduate
	I21	Health, Education, and Welfare – Education and Research Institutions – Analysis of Education
	J22	Labor and Demographic Economics – Demand and Supply of Labor – Time Allocation and Labor Supply
	J24	Labor and Demographic Economics – Demand and Supply of Labor – Human Capital; Skills; Occupational Choice; Labor Productivity
	Abstract:
	Negli ultimi anni, lÆUniversitÓ italiana è stata investita da un profondo cambiamento che ha comportato un vasto processo di revisione normativa, l'ampliamento e trasformazione della popolazione studentesca e l'intensificazione delle dinamiche concorrenziali tra gli Atenei. Il riconoscimento dell'autonomia organizzativa, gestionale e didattica ha mirato essenzialmente a garantire alle singole istituzioni accademiche la flessibilità necessaria per far fronte ai mutamenti in atto nella domanda e nell'offerta di istruzione superiore. D'altra parte, assumono rilevanza questioni legate alla valutazione dell'efficienza ed efficacia con cui gli Atenei perseguono le proprie finalità. Il presente lavoro contiene una rassegna della principale letteratura teorica ed empirica concernente l'analisi dei fattori rilevanti nella formulazione della domanda di istruzione (teoria del capitale umano e dello screening, scelte di investimento in condizioni di incertezza, modelli di non completamento) e nella definizione del livello di performance delle istituzioni accademiche (attraverso l'applicazione dei modelli di educational production function). Tali strumenti di analisi possono rivelarsi utili per individuare le modalità migliori attraverso cui le istituzioni universitarie debbano perseguire obiettivi di efficienza (misurata, ad esempio, utilizzando misure di performance quali il tasso di dispersione degli studenti, la votazione media conseguita, le prospettive occupazionali dei laureati) nonché di qualità didattica e per tentare di analizzare gli effetti prodotti dall'introduzione della recente Riforma degli ordinamenti didattici.
	Citations: CitEc

264	Pietro ALESSANDRINI, Giorgio CALCAGNINI, Alberto ZAZZARO
	Asset Restructuring Strategies in Bank Acquisitions: Evidence from the Italian Banking Industry [giugno 2006]
	Keywords:
	asset restructuring strategies, bank acquisitions, small business lending
	JEL Classification:
	G21	Financial Economics – Financial Institutions and Services – Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
	L22	Industrial Organization – Firm Objectives, Organization, and Behavior – Firm Organization and Market Structure
	Abstract:
	One of the most lively debated effects of banking acquisitions is the change in lending and asset allocation of the target bank in favour of transactional activities, at the expense of small and informational opaque borrowers. These changes may be the result of two distinct restructuring strategies of the asset portfolio of the bidder bank. An asset cleaning strategy (ACS), in which the acquiring bank makes a clean sweep of all the negative net present value activities in the portfolio of the acquired bank, and an asset portfolio strategy (APS), in which the acquiring bank permanently changes the portfolio allocation of the acquired bank. In this paper we focus on Italian bank acquisitions and test which asset restructuring strategy was predominantly pursued over the period 1997-2003. Moreover, we estimate both a model for the whole Italian banking industry and a model for the acquired banks located in economic backward Southern regions. At the national level we find evidence of a primacy of ACSs over APSs. When we concentrate on bank acquisitions that occurred in the Mezzogiorno (ItalyÆs Southern regions), evidence seems to reverse, i.e. APSs dominate over ACSs.
	Citations: CitEc

263	Sabatino Massimo LONGOBARDI, Alberto BERTON
	Georgescu Roegen allievo di Schmpeter? Unanota sulla metodologia nella Teoria Economica [giugno 2006]
	Abstract:
	Both Schumpeter and Georgescu Roegen, contrary to other economists, focused their research on the methodology of economic science, using initially similar approaches. However they derived difftrent conclusions: while Shumpeter is always prone to separate politics from economics, Georgescu Roegen is not concerned by this separation. For this reason, Shumpeter's thought is partially accepted by the mainstream, and it contributes to develop new approaches, as the so-called evolutionary theories of firm. Georgescu Roegen, who was Shumpeter 's scholar, developed his thought on the methodology and epistemology in a different direction, which was, indeed, ignored by the mainstream. It is a stream of research which is much broader than the Shumpeterian one: while Schumpeter limits his investigation on the essence and on the principles of theoretical economics, Georgescu Roegen think about the totality of Sciences.
	Citations: CitEc

262	Alberto ZAZZARO
	La scomparsa dei centri decisionali dal sistema bancario meriodionale [maggio 2006]
	Keywords:
	banks, decisional centres, mergers and acquisitions, southern italian regions
	JEL Classification:
	G21	Financial Economics – Financial Institutions and Services – Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
	G34	Financial Economics – Corporate Finance and Governance – Mergers; Acquisitions; Restructuring; Corporate Governance
	R11	Urban, Rural, and Regional Economics – General Regional Economics – Regional Economic Activity: Growth, Development, and Changes
	Abstract:
	More than a decade has now gone by since the crises of Banco di Napoli, Banco di Sicilia, Sicilcassa and the majors southern "Casse di Risparmio" have actually decreed the vanishing of a independent banking system in southern regions, but the economic and political debate on the effects of this process is still lively. In this paper, I introduce the main themes debated during the last ten years by scholars, practitioners and politicians. Specifically, I present the theoretical and practical reasons of those who consider the present structure of the southern banking system unsatisfactory for he economic prospects of the area.
	Citations: CitEc

261	Riccardo LUCCHETTI, Giulio PALOMBA
	Forecasting US bond yields at weekly frequency [maggio 2006]
	Keywords:
	conditional heteroskedasticity, forecasting, interest rates, nonlinear cointegration
	JEL Classification:
	C32	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Models
	C53	Mathematical and Quantitative Methods – Econometric Modeling – Forecasting Models; Simulation Methods
	E43	Macroeconomics and Monetary Economics – Money and Interest Rates – Interest Rates: Determination, Term Structure, and Effects
	Abstract:
	Forecasting models for bond yields often use macro data to improve their properties. Unfortunately, macro data are not available at frequencies higher than monthly. In order to mitigate this problem, we propose a nonlinear VEC model with conditional heteroskedasticity (NECH) and find that such model has superior in-sample performance than models which fail to encompass nonlinearities and/or GARCH-type effects. Out-of-sample forecasts by our model are marginally superior to competing models; however, the data points we used for evaluating forecasts refer to a period of relative tranquillity on the financial markets, whereas we argue that our model should display superior performance under "unusual" circumstances.
	Citations: CitEc

260	Alessandro STERLACCHINI
	Innovation, Knowledge and Regional Economic Performances: Regularities and Differences in the EU [maggio 2006]
	Keywords:
	innovation and knowledge, regional economic performance
	JEL Classification:
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	O33	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Technological Change: Choices and Consequences; Diffusion Processes
	R11	Urban, Rural, and Regional Economics – General Regional Economics – Regional Economic Activity: Growth, Development, and Changes
	Abstract:
	This paper examines how the recent economic performance – jointly measured by the level and growth rate of per capita GDP – of 151 developed European regions has been affected by their innovation and knowledge base. A regression analysis is carried out by using as a main explanatory variable a composite indicator extracted from a comprehensive set of innovation and education variables. The above relationship is controlled for structural characteristics and allowed to vary across EU countries. The results point to a highly significant economic impact of innovation and knowledge which, however, is not homogeneous among countries and regions.
	Citations: CitEc

259	Francesco VENTURINI
	ICT and Productivity Resurgence: a growth model for the Information Age [maggio 2006]
	Keywords:
	ICT, learning-by-doing, productivity resurgence
	JEL Classification:
	E21	Macroeconomics and Monetary Economics – Macroeconomics: Consumption, Saving, Production, Employment, and Investment – Consumption; Saving; Wealth
	E22	Macroeconomics and Monetary Economics – Macroeconomics: Consumption, Saving, Production, Employment, and Investment – Capital; Investment; Capacity
	O41	Economic Development, Technological Change, and Growth – Economic Growth and Aggregate Productivity – One, Two, and Multisector Growth Models
	Abstract:
	By the mid-1990s, the extraordinary advances in semiconductors enhanced the embodied nature of information technology, fuelling the efficiency growth in computers and communication equipment industries. The consequent fall in prices enabled the rapid diffusion of these new technologies, which have thus reached the critic threshold to foster productivity growth. In light of the recent growth pattern of the United States, this paper presents a model where the endogenous engine of development is the learningby-doing process stemming from the usage of ICT for investment and consumption. Relying upon a two-sector framework (à la Whelan) that distinguishes between ICT-producers and -users, our model provides a sound representation of the stylized facts of the Information Age.
	Citations: CitEc

258	Marco CUCCULELLI, Giacinto MICUCCI
	Entrepreneurship, Inherited Control and Firm Performance in Italian SMEs [maggio 2006]
	Keywords:
	SMEs governance, entrepreneurship, inherited control, matching control group, mean revision
	JEL Classification:
	G32	Financial Economics – Corporate Finance and Governance – Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
	G34	Financial Economics – Corporate Finance and Governance – Mergers; Acquisitions; Restructuring; Corporate Governance
	M13	Business Administration and Business Economics; Marketing; Accounting – Business Administration – New Firms; Startups
	Abstract:
	Despite the pervasive presence of family business worldwide, especially among small and medium sized companies, nearly all past studies on family founder succession have focused on large, public companies. We evaluate the issue of the inherited firm control on performance in an economic setting with a large presence of small- and medium-sized private firms run as family businesses. Our paper contributes to the existing literature in three ways. The first concerns the sample characteristics. By focusing on the transfer of business in private SMEs, our study helps to fill a gap in the existing literature that is largely concerned with public companies listed in official market. We set up a unique dataset by matching two different data sources: firstly, a cross-sectional survey dataset collected directly from more than 3,500 companies by means of a questionnaire and, secondly, a company account dataset drawn from Cerved. We merge survey data with balance sheet data in order to perform the econometric analysis. The article's second contribution is related to the effect on performance caused by the transfer of business within the family. Our major results show i) a founder effect in the Italian manufacturing industry and ii) a large drop in the post-succession performance in family-run businesses. Finally, we provide new evidence on the relationship between pre-succession firm (and industry) characteristics and past succession performance. By using a performance-based control group matching method to control for the effect of a pure mean reverting process in firm performance, we show that the observed large drop in the post-succession company performance is attributable to good performing companies, especially when operating in highly competitive industries.
	Citations: CitEc

257	Matteo PICCHIO
	Wage Differentials between Temporary and Permanent Workers in Italy [aprile 2006]
	Keywords:
	dummy endogenous variable, sample selection bias, single equation GMM, temporary employment, wage differentials
	JEL Classification:
	C20	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – General
	C30	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – General
	J31	Labor and Demographic Economics – Wages, Compensation, and Labor Costs – Wage Level and Structure; Wage Differentials
	M51	Business Administration and Business Economics; Marketing; Accounting – Personnel Economics – Firm Employment Decisions; Promotions
	Abstract:
	The focus of this paper is to estimate the wage differentials between temporary and permanent workers using the 2002 wave of the Survey of Italian Households' Income and Wealth (SHIW) carried out by the Bank of Italy. A standard Mincer equation extended to a dummy variable for fied term contracts, interaction terms, and further explanatory variables will be estimated. Two hypothetical sources of misspecification may arise. Firstly, the potential endogeneity of the dummy variable for the contract type. Indeed, it seems plausible that those who end up in temporary jobs are not a random draw from the population and that this selection generates biased estimates. We will propose two methods to overcome the self-selectivity bias: the first one is an instrumental variables approach, the second one consists in the Heckman's (1978) dummy endogenous variable model estimator. The second possible source of misspecification is the "classical" Heckman's (1979) sample selection bias. We will present a procedure in order to test the presence of such a sample selection bias taking into account the endogeneity of the dummy variable for the contract type.
	Citations: CitEc

256	Giuseppe RICCIARDO LAMONICA
	Il CAPM: il caso dell'Italia [marzo 2006]
	Abstract:
	The CAPM is one of the most popular models to find prices of risky assets. This model, has been and is still object of empirical verifications. In this paper, using the method of the multiple regression, we test the CAPM for the Italian stock exchange market in the period 1996-2004. The results show in unequivocal way the validity of the model.
	Citations: CitEc

255	Barbara ZAGAGLIA
	I comportamenti riproduttivi nelle società post-transizionali: un puzzle di teorie. Un tentativo di sistemazione teorica [marzo 2006]
	Abstract:
	Questo articolo presenta le principali teorie esplicative della bassa fecondità nei Paesi a sviluppo avanzato. Poste in un quadro speculativo più ampio, sono trattate sia teorie economiche che spiegazioni sociologiche ed istituzionali; la rassegna è inoltre arricchita da due esempi di integrazione di teorie note e qui presentate. Alcune riflessioni sulle differenti implicazioni di politica pubblica a favore della natalità concludono il lavoro. — This article is an orderly presentation of the main theories explaining the determinants of low fertility in developed countries. It ranges from economic approaches to sociological and institutional explanations and concluding in a presentation of two theory integration cases. Moreover, it sets the topic in a broader speculative framework and ends by remarking on the different policy implications of the theories discussed within.
	Citations: CitEc

254	Francesco VENTURINI
	The Long-Run Impact of ICT [marzo 2006]
	Keywords:
	ICT, economic growth, panel cointegration analysis
	JEL Classification:
	C33	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – Models with Panel Data; Longitudinal Data; Spatial Time Series
	E20	Macroeconomics and Monetary Economics – Macroeconomics: Consumption, Saving, Production, Employment, and Investment – General
	O47	Economic Development, Technological Change, and Growth – Economic Growth and Aggregate Productivity – Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
	Abstract:
	Using some new techniques of panel cointegration analysis, this paper describes the long-run impact of digital capital on the aggregate performance of the US and EU-15 member countries. ICT is found to significantly impact on output levels without substantial cross-country variation when one adopts the dynamic extension of panel OLS (PDOLS). In this case, however, the long-run elasticity of factor inputs does not differ from the one estimated in the short-run. The time-series version of seemingly unrelated regression (DSUR) provides more plausible findings, showing a significant cross-countries heterogeneity. The effect of ICT on growth appears relevant – and higher than emerging from short-differences – for most economies but not for the EU largest countries.
	Citations: CitEc

253	Alessandro STERLACCHINI, Francesco VENTURINI
	Is Europe becoming a knowledge-driven economy? Evidence from EU developed regions [marzo 2006]
	Keywords:
	knowledge innovation education endowment, regional economic growth
	JEL Classification:
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	O33	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Technological Change: Choices and Consequences; Diffusion Processes
	R11	Urban, Rural, and Regional Economics – General Regional Economics – Regional Economic Activity: Growth, Development, and Changes
	Abstract:
	In this paper, a set of knowledge base indicators are used as explanatory variables of the 1995-2002 growth performances of 150 NUTSII regions belonging to ten countries of the former EU15. Their impact is estimated by controlling for the initial levels of the dependent variables, the structural features of the regions and the presence of spatial correlation. The results show that GDP per capita growth is positively affected by the intensity of R&D and the share of adults with tertiary education. The R&D intensity is particularly effective in explaining the growth of labour productivity while that of occupation ratio is significantly influenced by the intensity of higher education. Thus, although structural characteristics and starting levels of economic performances have differently shaped the rates of economic growth across regions, our findings strongly support the Lisbon strategy as they indicate that, also within the EU, a sustained investment in R&D, knowledge and education is rewarding.
	Citations: CitEc

252	Antonio G. CALAFATI, Francesca MAZZONI
	Sviluppo locale e sviluppo regionale: il caso delle Marche [febbraio 2006]
	Keywords:
	development strategies, development trajectories, local systems
	JEL Classification:
	O12	Economic Development, Technological Change, and Growth – Economic Development – Microeconomic Analyses of Economic Development
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	R10	Urban, Rural, and Regional Economics – General Regional Economics – General
	R11	Urban, Rural, and Regional Economics – General Regional Economics – Regional Economic Activity: Growth, Development, and Changes
	Abstract:
	In order to determine the degree of similarity among 'local development trajectories' the paper conducts a preliminary comparative analysis of the development trajectories of the major local systems in the Marche Region in the period 1951-2001. It shows that there have been marked differences among the economic performances of these local systems û with regard to both the rates of change and time profiles of the trajectories. It also shows that there are substantial differences among local systems' economic sub-structures. These findings seem to raise severe doubts as to the scientific correctness of assuming Regions as 'units of analysis'. Moreover, they raise doubts about consideration of Regions as 'units of regulation': indeed, the structures of local systems are so different to require specific development strategies. The results obtained for the Marche Region suggest that the comparative analysis of local systems' economic performances should be extended to other Italian Regions as well.
	Status:
	Forthcoming – In corso di pubblicazione in 'Rivista di Economia e Statistica del ì territorio'
	Citations: CitEc

251	Massimiliano BRATTI, Chiara BROCCOLINI, Stefano STAFFOLANI
	Is '3+2' Equal to 4? University Reform and Student Academic Performance in Italy [febbraio 2006]
	Keywords:
	italy, propensity score matching, reform, university
	JEL Classification:
	C14	Mathematical and Quantitative Methods – Econometric and Statistical Methods and Methodology: General – Semiparametric and Nonparametric Methods: General
	I21	Health, Education, and Welfare – Education and Research Institutions – Analysis of Education
	Abstract:
	In 2001 a '3+2' (unitary two-tier) university system was introduced in Italy where a 3-year First Level degree followed by a 2-year Second Level degree replaced a one-tier system where the 'old' degree (Laurea) duration varied between a minimum of four (e.g. economics) and a maximum of six years. In this paper we use individual-level data on graduates from the Economics Faculty of the Marche Polytechnic University to investigate some effects of this reform. In particular, we seek an answer to questions such as: Did the reform induce a change in the behaviour of students and higher education institutions (e.g. course workload, grade inflation, etc.)? Did it produce a change in student academic performance (e.g. student progression, grades)? Although our paper features a case study and evidence from the Marche Polytechnic University, it cannot be straightforwardly generalised to the whole Italian University system. Our analysis is nonetheless informative given the general lack of evaluation of the '3+2' Italian university reform using micro-level data.
	Citations: CitEc

250	Andrea BONFIGLIO
	Efficiency and Productivity Changes of the Italian Agrifood Cooperatives: a Malmquist Index Analysis [febbraio 2006]
	Keywords:
	Malmquist index, Tobit regression analysis, agrifood cooperatives, data envelopment analysis, efficiency
	JEL Classification:
	C14	Mathematical and Quantitative Methods – Econometric and Statistical Methods and Methodology: General – Semiparametric and Nonparametric Methods: General
	C24	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – Truncated and Censored Models; Switching Regression Models
	O40	Economic Development, Technological Change, and Growth – Economic Growth and Aggregate Productivity – General
	Q13	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Agricultural Markets and Marketing; Cooperatives; Agribusiness
	Abstract:
	The objective of this paper is to analyse efficiency and productivity changes of a sample of Italian agrifood cooperatives in the period 2000-2002. Towards this aim, a three-stage analysis is carried out. Firstly, a Data Envelopment Analysis approach is used to estimate technical and pure efficiency scores. Secondly, DEA-based Malmquist indices are calculated to analyse inter-temporal productivity changes. Thirdly, a Tobit regression analysis is carried out to identify the reasons for the differences existing among the cooperatives in terms of technical efficiency. The main results are as follows. The overall efficiency of the agrifood cooperatives is not particularly high: the technical efficiency and the managerial efficiency are, on average, 35% and 63% of the "relative" optimal ones, respectively. In the period analysed, productivity improves by about 2% due to a positive technological change. The technical efficiency worsens because of deterioration of scale efficiency attenuated by an increase in managerial efficiency. Milk and zootechnic cooperatives show the highest average levels of technical and pure efficiency. Their productivity increased in the period considered, owing to improvements in both managerial and scale efficiency. Wine cooperatives present the lowest average levels of technical and pure efficiency. Moreover, their productivity decreased due to a worsening of managerial capabilities. Fruit and vegetables and oil cooperatives represent middle situations. Finally, technical efficiency seems to be affected positively by the scale, technology, structural elasticity and middle-long term balance whilst is negatively affected by financial exposure.
	Citations: CitEc

249	Fabio FIORILLO, Francesca SEVERINI
	Manovre fiscali regionali e livello di occupazione [gennaio 2006]
	Abstract:
	I modelli computazionali di equilibrio economico generale (CGE) permettono la valutazione degli effetti diretti e indiretti delle politiche economiche. In questo articolo si analizzano gli effetti delle politiche fiscali della Regione Marche utilizzando un modello CGE con mercato del lavoro caratterizzato dalla presenza dei sindacati. In termini relativi, gli effetti complessivi dell'IRAP e dell'addizionale comportano una perdita di benessere più alta per le famiglie che possiedono il reddito maggiore, seguite dalle famiglie più povere. Le famiglie con redditi intermedi, invece, perdono meno ad opera della manovra fiscale. Sui redditi bassi, infatti, viene traslato l'effetto dell'aumento dell'aliquota IRAP sulle attività produttive, mentre su quelli alti, pesa la maggiore progressività con cui l'addizionale è stata disegnata. La pressione fiscale sui redditi bassi è determinata dal fatto che, in termini reali, le retribuzioni si riducono, la variazione risulta comunque piuttosto contenuta per la presenza dei sindacati nel mercato del lavoro. L'alternativa per l'impresa ad abbassare il salario è quella di ridurre il personale. Le organizzazioni sindacali, che in questo modello hanno potere contrattuale, accettano una riduzione del salario reale, anche se contenuta, pur di mantenere il livello di disoccupazione basso.
	Citations: CitEc

248	Stefano STAFFOLANI, Enzo VALENTINI
	Bequest Taxation, allocation of talents, education and efficiency [gennaio 2006]
	Keywords:
	bequest, education, talent allocation
	JEL Classification:
	D33	Microeconomics – Distribution – Factor Income Distribution
	I22	Health, Education, and Welfare – Education and Research Institutions – Educational Finance
	I30	Health, Education, and Welfare – Welfare and Poverty – General
	J24	Labor and Demographic Economics – Demand and Supply of Labor – Human Capital; Skills; Occupational Choice; Labor Productivity
	Abstract:
	In this paper we analyze intergenerational mobility on education. After a brief empirical analysis of the influence of family background on educational attainment, we present a dynamic model where the decisions concerning education may be financially constrained. Therefore, people who get higher educational levels are not necessarily the most talented. This "misallocation effect" causes a reduction in the efficiency of the economic system. We show that a proportional bequest taxation, whose yield is redistributed among all "youths", increases efficiency.
	Citations: CitEc