Effective transfer entropy to measure information flows in credit markets

Statistical Methods & Applications - In this paper we propose to study the dynamics of financial contagion between the credit default swap (CDS) and the sovereign bond markets through effective...     

Regulation issues in the Italian local transport system: aligning transactions and governance structures

This paper refers to the concept of public governance in the light of Transaction Cost Economics (TCE). While TCE is well developed and widely applied in the private sector, only a few studies have adopted such framework to investigate the provision of public services. We aim at pointing out the coherence between peculiar typologies of transactions and a given set of governance structures, within Local Public Transport systems. The core of the analysis is the alignment between characteristics of transactions and governance structures. The empirical section addresses these issues referring to three case studies, pointing out an articulated organizational configuration in terms of actors involved and governance structures adopted. The analysis shows an alignment between the choices underlying the design of the local transport system and the outcomes expected in terms of TCE.     

Chronic Effects of Air Pollution are Probably Overestimated

Inappropriate measures of exposure, including inadequate consideration of latency in the analysis of chronic effects of air pollution, may lead to overestimation of the impact of air pollution on health effects. A relatively simple way to check the plausibility of results on chronic effects of air pollution would be to report in parallel the smoking‐associated risks.     

Recursive Equilibrium in Stochastic Overlapping‐Generations Economies

We prove the generic existence of a recursive equilibrium for overlapping‐generations economies with uncertainty. “Generic” here means in a residual set of utilities and endowments. The result holds provided there is a sufficient number of potentially different individuals within each cohort.     

Social Identification and Corporate Irresponsibility: A Model of Stakeholder Punitive Intentions

Scholars hypothesize that retaliations against corporate social irresponsibility (CSI) are more likely when observers share the social identity of the victims. We present a model that explains in‐group bias against irresponsibility and identify collective narcissism as a moderator of this effect. Experiment 1 demonstrates that the effect of identity on retaliations is mediated by the perceived similarity of the victims which reinforces feelings of sympathy towards the victims and anger towards the corporation. These emotions drive stakeholders’ attitudes and retaliations. Our study shows that appraisals of the victims of CSI are an important antecedent of stakeholders’ emotions and behavioural intentions. Our evidence also demonstrates that sympathy, an emotion neglected by past research in this area, has a unique effect on individuals’ reactions. Experiment 2 demonstrates that social identity biases in individual punitive intentions are moderated by individuals’ level of collective narcissism. Collective narcissists see out‐group victims as very dissimilar from the self, whereas individuals with low levels of collective narcissism do not differentiate between victims of CSI on the basis of their identity. We extend knowledge on stakeholders’ reactions to CSI and offer insights to organizations promoting campaigns against irresponsible behaviour or managing the fallout from cases of corporate irresponsibility.     

Present and prospective health status of older adults in the Philippines: The role of education

Utilizing current information to project prospective ill health prevalence can help prepare the country to ensure the well-being of older people. The prevalence of ill health in terms of physical, psychological, and cognitive health dimensions was estimated by age, sex, and education attainment level using the 2018 Longitudinal Study on Aging and Health in the Philippines. Subsequently, the said rates were integrated into population projection estimates from 2020 to 2080. It was observed that the depression prevalence rate among older people was highest at above 40%, while physical and cognitive limitations were at around 18% and 22% respectively. It was also found that prevalence rates of ill health increased with age and that ill health was more prevalent among women than men, particularly at more advanced ages. The use of population projections has shown that education differentials in the analyses estimate lower prevalence rates of ill health for both sexes. The findings provide estimates for the prospective care needs of the older population in the Philippines. It was also suggested that education may possibly have preventive effects on ill health. Utilizing present information in order to prepare for issues can be beneficial for securing the well-being of older adults.     

Integration and the struggle to turn space into “our” place: Homemaking as a way beyond the stalemate of assimilationism vs transnationalism

This article investigates homemaking as a set of practices and a perspective on migrants’ ways of local incorporation, with its own material, emotional and relational underpinnings. Homemaking has the potential to emerge as an original category of analysis in immigrant integration, moving beyond the contraposition between assimilationism and transnationalism. Based also on our ongoing research, both in the United States and in Europe, we argue for the significance of migrants’ interactions with specific local structures of opportunities, including people and institutions as much as the built and natural environment. The latter is a critical site where the meanings, opportunities and contents of integration are negotiated between immigrant newcomers and their local and transnational counterparts. Migrants’ stratified rights, opportunities and aspirations to make themselves at home open a promising research perspective on group relations, as embedded in everyday materialities. While integration is a multi-dimensional and multi-scalar effort, it still rests on place-bound fields of inequalities and interaction within and between groups, and on underlying differences in views, emotions and practices of home. These are both a mirror of larger asymmetries of power and of the opportunities available to challenge them.     

An Economic Model of Friendship: Homophily,Minorities, and Segregation

We develop a model of friendship formation that sheds light on segregation patterns observed in social and economic networks. Individuals have types and see type‐dependent benefits from friendships. We examine the properties of a steady‐state equilibrium of a matching process of friendship formation. We use the model to understand three empirical patterns of friendship formation: (i) larger groups tend to form more same‐type ties and fewer other‐type ties than small groups, (ii) larger groups form more ties per capita, and (iii) all groups are biased towards same‐type relative to demographics, with the most extreme bias coming from middle‐sized groups. We show how these empirical observations can be generated by biases in preferences and biases in meetings. We also illustrate some welfare implications of the model.