We attempt to test the importance of rules and cultural sedimentation on performance by analyzing... more We attempt to test the importance of rules and cultural sedimentation on performance by analyzing what occurs in a niche sport, table soccer and inferring by extension the weight of habit formation in a more general productivity setting. This matters since firms increasingly employ workers of different cultural backgrounds, whose interplay may have an impact on performance. Our idea is to examine the differences that exist between local and international rules in a country such as Italy and find out whether athletes’ performance is affected when they compete at international level. Adapting models adopted by the literature to forecast the success in soccer and Olympic games, we study the performances of Italians and Non-Italians athletes in the International Table Soccer World Cup. We also apply an Oaxaca-Blinder decomposition to account for explained and un-explained gaps in mean values. The results seem to confirm that globalization does not affect cultural sedimentation: local ha...
Purpose The purpose of this paper is to analyse the long-term nature of the interrelationship bet... more Purpose The purpose of this paper is to analyse the long-term nature of the interrelationship between interest rate and exchange rate. Design/methodology/approach By employing Mexican data, the authors estimate a non-linear autoregressive distributed lags (NARDL) model to investigate the nature of the changes and the interaction between interest rate and exchange rate in response to monetary authorities’ actions. Findings The results show that, contrary to simplistic predictions, the real exchange rate causes the real interest rate in an asymmetric way. The bounds testing approach of the NARDL models suggests the presence of co-integration among the variables and the exchange rate variations appear to have significant long-run effects on the interest rate. Most importantly, these effects are asymmetric and positive variations in the exchange rate have a lower impact on the interest rate. It is also interesting to report that the reverse is not true: the interest rate in the long-run...
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
Redazione: Dipartimento di Studi Economici Università degli studi di Napoli Parthenope Via Medi... more Redazione: Dipartimento di Studi Economici Università degli studi di Napoli Parthenope Via Medina, 40 80132 Napoli Tel. +39-081-5474736 fax +39-081-5474750 ... La Redazione ottempera agli obblighi previsti dall'Art. 1 del DLL 31.8.1945, n. 660. ... Copie della presente ...
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
The paper presents a model in which credit-constrained firms might delay the adoption of new and ... more The paper presents a model in which credit-constrained firms might delay the adoption of new and more productive technologies because of the very high external financing costs they face. Our point of departure is that the efficiency of the banking system can have a profound impact on real resource and investment allocation not only directly, by reducing the amount of resources channelled to the credit market, but also indirectly by affecting entrepreneurs' investment decisions. Along these lines of reasoning we develop a model of information asymmetries in the credit market in which high costs of processing bank loan applications might obstruct investments in high-tech projects and favour, instead, low-return, self-financed investments in mature sectors. The result is that these kinds of costs have a negative impact on the average capital productivity and on the rate of economic growth. In specific circumstances, the combination of these
We attempt to test the importance of rules and cultural sedimentation on performance by analyzing... more We attempt to test the importance of rules and cultural sedimentation on performance by analyzing what occurs in a niche sport, table soccer and inferring by extension the weight of habit formation in a more general productivity setting. This matters since firms increasingly employ workers of different cultural backgrounds, whose interplay may have an impact on performance. Our idea is to examine the differences that exist between local and international rules in a country such as Italy and find out whether athletes’ performance is affected when they compete at international level. Adapting models adopted by the literature to forecast the success in soccer and Olympic games, we study the performances of Italians and Non-Italians athletes in the International Table Soccer World Cup. We also apply an Oaxaca-Blinder decomposition to account for explained and un-explained gaps in mean values. The results seem to confirm that globalization does not affect cultural sedimentation: local ha...
Purpose The purpose of this paper is to analyse the long-term nature of the interrelationship bet... more Purpose The purpose of this paper is to analyse the long-term nature of the interrelationship between interest rate and exchange rate. Design/methodology/approach By employing Mexican data, the authors estimate a non-linear autoregressive distributed lags (NARDL) model to investigate the nature of the changes and the interaction between interest rate and exchange rate in response to monetary authorities’ actions. Findings The results show that, contrary to simplistic predictions, the real exchange rate causes the real interest rate in an asymmetric way. The bounds testing approach of the NARDL models suggests the presence of co-integration among the variables and the exchange rate variations appear to have significant long-run effects on the interest rate. Most importantly, these effects are asymmetric and positive variations in the exchange rate have a lower impact on the interest rate. It is also interesting to report that the reverse is not true: the interest rate in the long-run...
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
Redazione: Dipartimento di Studi Economici Università degli studi di Napoli Parthenope Via Medi... more Redazione: Dipartimento di Studi Economici Università degli studi di Napoli Parthenope Via Medina, 40 80132 Napoli Tel. +39-081-5474736 fax +39-081-5474750 ... La Redazione ottempera agli obblighi previsti dall'Art. 1 del DLL 31.8.1945, n. 660. ... Copie della presente ...
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
The paper presents a model in which credit-constrained firms might delay the adoption of new and ... more The paper presents a model in which credit-constrained firms might delay the adoption of new and more productive technologies because of the very high external financing costs they face. Our point of departure is that the efficiency of the banking system can have a profound impact on real resource and investment allocation not only directly, by reducing the amount of resources channelled to the credit market, but also indirectly by affecting entrepreneurs' investment decisions. Along these lines of reasoning we develop a model of information asymmetries in the credit market in which high costs of processing bank loan applications might obstruct investments in high-tech projects and favour, instead, low-return, self-financed investments in mature sectors. The result is that these kinds of costs have a negative impact on the average capital productivity and on the rate of economic growth. In specific circumstances, the combination of these
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