The Effect of Cultural Capital on High School Dropout: An Investigation in the Italian Provinces

This article studies at a detailed geographical level the relation between cultural capital and high school dropout. Bronfenbrenner’s systemic theory and Heckman’s perspective on cognitive/non-cognitive skills are considered as theoretical framework. We analyzed data from 103 Italian provinces employing Covariance Structure Analysis and spatial indices of autocorrelation. We found a consistent protective effect of cultural capital on dropout, independently of economic performance, in Central and Southern provinces, but not in Northern provinces. Spatial analyses showed very heterogeneous patterns of autocorrelation for dropout (especially across Southern provinces) even between neighboring areas, in spite of a more compact clustering when considering cultural and economic indicators. These results indicate that living in an environment with animated cultural life might enhance students’ non-cognitive skills, thus fostering their involvement in formative activities and the development of their human capital.     

Special issue on “The role of intellectual capital and integrated reporting in management and governance: a performative perspective”

Journal of Management and Governance -     

CHANGING BUSINESS MODELS IN INTERNATIONAL BANK FUNDING

This paper investigates the foreign funding mix of globally active banks. Using BIS international banking statistics for a panel of 12 advanced economies, we detect a structural break in international bank funding at the onset of the great financial crisis. In their postbreak business model, banks rely less on cross‐border liabilities and, instead, tap funds from outside their jurisdictions by making more active use of their subsidiaries and branches, as well as interoffice accounts within the same banking group. (JEL C32, F65, G21)     

Multivariate Approach for Comparative Evaluations of Customer Satisfaction with Application to Transport Services

In problems related to evaluations of products or services (e.g. in customer satisfaction analysis) the main difficulties concern the synthesis of the information, which is necessary for the presence of several evaluators and many response variables (aspects under evaluation). In this article, the problem of determining and comparing the satisfaction of different groups of customers, in the presence of multivariate response variables and using the results of pairwise comparisons is addressed. Within the framework of group ranking methods and multi criteria decision making theory, a new approach, based on nonparametric techniques, for evaluating group satisfaction in a multivariate framework is proposed and the concept of Multivariate Relative Satisfaction is defined. An application to the evaluation of public transport services, like the railway service and the urban bus service, by students of the University of Ferrara (Italy) is also discussed.     

Executive remuneration standards and the “conformity gap” at controlled corporations

In this paper we analyze the relationship between conformity to executive remuneration standards, corporate ownership, and the level and structure of CEO compensation for large European listed companies in the years 2007 and 2010. We show that controlled corporations conform to executive remuneration standards less than widely held firms. We also show that weaker compliance is associated with lower CEO pay and more cash-based incentive structures. We interpret this “conformity gap” from the perspective of individual firms and from a societal perspective, with the aim to contribute to frame the policy questions concerning executive pay at controlled corporations. Different policy implications depend on whether the conformity gap reflects a lower need for managerial incentives, given the monitoring by controlling shareholders, or the latter’s willingness to extract private benefits of control. We argue in this paper that the former hypothesis prevails, so that regulators should abstain from increasing the level of enforcement of executive remuneration standards.     

Family or friends: what counts more for drinking behaviour of young adults? / Familia o amigos: ¿qué pesa más en los hábitos de consumo de alcohol de los jóvenes?

The scientific literature stresses the importance of culture and social environment in determining what people think about alcohol consumption and consequently do. Several pieces of research have proved the influence on young adults’ alcohol use of proximal social contexts of their family and peers. The present study aimed at investigating the influence of family behaviours and norms compared to the peers’ influence in a context where the culture of alcohol is changing between the different generations. Data were collected by means of a self-report questionnaire on a sample of 598 young adults (average age 22.20 years). The variables investigated were socio-demographic characteristics, the alcohol consumption of parents and friends and the parents’ and peers’ approval of alcohol consumption. The results confirmed the role of family and friends in influencing young adults’ consumption of alcohol, stressing a difference between perceived behaviours and norms. The perceived consumption of parents and friends influenced the participants’ consumption. On the contrary, the effects of the approval of drinking were limited. Globally friends had a stronger influence on alcohol consumption in comparison with family.     

‘A great job and a family’: work narratives and the work and family interaction

This article investigated how work narratives of dual-earner families are materially and symbolically configured in discourses of reconciliation of work and home life. Following critical studies of the work–family interaction, this research takes into consideration symbolic and social structures and tries to look into the interrelation of factors such as job resources, job satisfaction, levels of autonomy with the self-esteem and sense of ‘self’ which parents derive from their paid work. Hochschild's concept of ‘emotional culture’ is used to explore how parents' experience of work is intertwined to their occupational groups and how it is associated with different narratives of work–family interaction. This study is conducted through qualitative methods, using in-depth semi-structured interviews on a sample of 27 dual-earner families. The data collected are composed of in-depth accounts that are then examined through the method of narrative analysis. The data indicate that, for divergent occupational levels, work generates different material and symbolic resources, which account for divergent narratives of work and home. The sociological analysis of occupational levels with the associated emotional culture of work and family then provides an exploratory model for understanding the links between social class and work–family interaction.     

Adaptive cluster sampling with a data driven stopping rule

The adaptive cluster sampling (ACS) is a suitable sampling design for rare and clustered populations. In environmental and ecological applications, biological populations are generally animals or plants with highly patchy spatial distribution. However, ACS would be a less efficient design when the study population is not rare with low aggregation since the final sample size could be easily out of control. In this paper, a new variant of ACS is proposed in order to improve the performance (in term of precision and cost) of ACS versus simple random sampling (SRS). The idea is to detect the optimal sample size by means of a data-driven stopping rule in order to determine when to stop the adaptive procedure. By introducing a stopping rule the theoretical basis of ACS are not respected and the behaviour of the ordinary estimators used in ACS is explored by using Monte Carlo simulations. Results show that the proposed variant of ACS allows to control the effective sample size and to prevent from excessive efficiency loss typical of ACS when the population is less clustered than anticipated. The proposed strategy may be recommended especially when no prior information about the population structure is available as it does not require a prior knowledge of the degree of rarity and clustering of the population of interest.     

No‐Bubble Condition: Model‐Free Tests in Housing Markets

We test for the existence of housing bubbles associated with a failure of the transversality condition that requires the present value of payments occurring infinitely far in the future to be zero. The most prominent such bubble is the classic rational bubble. We study housing markets in the United Kingdom and Singapore, where residential property ownership takes the form of either leaseholds or freeholds. Leaseholds are finite‐maturity, pre‐paid, and tradeable ownership contracts with maturities often exceeding 700 years. Freeholds are infinite‐maturity ownership contracts. The price difference between leaseholds with extremely‐long maturities and freeholds reflects the present value of a claim to the freehold after leasehold expiry, and is thus a direct empirical measure of the transversality condition. We estimate this price difference, and find no evidence of failures of the transversality condition in housing markets in the U.K. and Singapore, even during periods when a sizable bubble was regularly thought to be present.     

ROBUST ESTIMATION OF SMALL‐AREA MEANS AND QUANTILES

Small‐area estimation techniques have typically relied on plug‐in estimation based on models containing random area effects. More recently, regression M‐quantiles have been suggested for this purpose, thus avoiding conventional Gaussian assumptions, as well as problems associated with the specification of random effects. However, the plug‐in M‐quantile estimator for the small‐area mean can be shown to be the expected value of this mean with respect to a generally biased estimator of the small‐area cumulative distribution function of the characteristic of interest. To correct this problem, we propose a general framework for robust small‐area estimation, based on representing a small‐area estimator as a functional of a predictor of this small‐area cumulative distribution function. Key advantages of this framework are that it naturally leads to integrated estimation of small‐area means and quantiles and is not restricted to M‐quantile models. We also discuss mean squared error estimation for the resulting estimators, and demonstrate the advantages of our approach through model‐based and design‐based simulations, with the latter using economic data collected in an Australian farm survey.