Mutual-Fund Benchmarking and Market Bubbles: A Behavioral Approach

Dynamics of equity risk premium is not directly measurable on the market. Numerous studies and empirical research analyse its volatility also considering the time span, concluding that the dynamics of equity risk premium over time is inversely proportional to the economic cycle. This study analyses the passive role that, implicitly, would place institutional investors in such a context. In reality, savings management is delegated to a small number of professional operators (institutional investors), as opposed to pure theoretical models in which every person can act directly on the market thus ensuring unlimited price elasticity. Institutional investors should be rational and completely informed so that they can assume an anticyclical position on the market. Thus, supply and demand should quickly smooth over emerging price pressures and avoid price bubbles. We analyse one possible explanation for this situation not to occur, namely, that professionals suffer from operational limits that prevent them from doing their job in the best possible way. Using empirical evidence from the Italian Stock Exchange (Comit Index), we conclude that three factors reduce the freedom of institutional investors to manage their portfolios – the market target size, the fund structure, and the benchmarking – and discuss some implications for each of them.     

Working precarious careers trajectories: tracing neoliberal discourses in younger workers’ narratives

ABSTRACT

The aim of this article is to explore how, in the context of the post Global Financial Crisis (GFC), some Italian younger workers in a specific geographical region in Italy recount their work trajectories. Drawing on narrative interviews with ten participants (aged between 24 and 30) as part of a research project carried out in the Autonomous region of Aosta Valley in Italy, the article traces discourses closely associated with neoliberalism – the discourses of the entrepreneurial self, employability and self-responsibilisation – through which subjects’ work experiences take shape. Moreover, the analysis highlights how locality, one’s personal relation with the geographical territory, makes more complex the younger people’s negotiations in crafting themselves vis-à-vis precarious employment opportunities and wider socio-economic dynamics in respect of precarious employment opportunities.     

Local mobilisations and the formation of environmental networks in a democratizing Tunisia

ABSTRACT

This study examines the environmental protests that occurred in Tunisia after the 2011 uprisings. It analyses the factors underpinning the rise of the environmental networks during the period of transition (2011–2014). It details the mobilising strategies that were crucial for the networks’ growth or survival during this period of institutional instability. The study shows how networks leaders were able to bring together social and political actors from different backgrounds and ideological orientations. It is argued that the ability of networks to develop new distinctive collective identities was crucial for network sustainability. Those networks and actors who did not develop new clearly defined environmental identities and continued to rely importantly on pre-existing (authoritarian) structures and practices were more negatively impacted by ideological cleavages and political calculations. Empirically, the contribution builds on interviews and observations, as well as documents collected from Tunisian municipalities between 2013 and 2015. Conceptually, the research proposes a bottom-up perspective that highlights the interplay between micro- and macro-dynamics and strategies during a political transition. The analysis details the actors’ capacity to build alliances via interpersonal relations at the micro level, and their strategies to engage with institutional actors and processes.     

Joint decisions on household membership and human capital accumulation of youths. The role of expected earnings and local markets

This paper analyses the effects of expected earnings and local markets conditions on the behaviour of young adults with high school diplomas. Decisions to either remain in the parental home or form a new household are modelled jointly with those of either gaining work experience or investing in a university education. Expected lifetime earnings are found to play a crucial role in determining the choice of studying and residing with parents. Poor labour market opportunities discourage young people from working and induce them to study. The cost of housing greatly influences the choice of working and leaving the parental home. Received: 23 March 2001/Accepted: 26 November 2001 All correspondence to Gianna Claudia Giannelli. Helpful comments by two anonymous referees are gratefully acknowledged. Responsible editor: John F. Ermisch.     

Freedom or money? The dilemma of migrant live‐in elderly carers in times of COVID‐19

As a consequence of the lockdown measures imposed by the Belgian government to fight against COVID‐19, migrant live‐in elderly carers had to choose between safeguarding their job — at the detriment of their personal freedom, their health and their working conditions — and safeguarding their freedom but losing their job — at the detriment of their economic survival and that of their families. This article explores this dilemma from an intersectionality perspective. In order to understand their experience in times of COVID‐19 and their response to this dilemma, I analyse their position as women, as migrants, as elderly care workers, as family breadwinners and as ‘quasi‐family members’ in the families of their employer — which correspond to five interlocking systems of oppression.     

Going concern modifications and related disclosures in the Italian stock market: do regulatory improvements help investors in capturing financial distress?

Journal of Management and Governance - This paper investigates the investor reaction to audit reports containing a going concern modification (GCM) in the Italian market following new amendments...     

Commuting between households: Multiple memberships,shifting boundaries

Recently, attention has been drawn in the social scientific literature and research to the effects of changes in family structure on the individual and family life cycle. With reference to the Italian situation, the author discusses the way in which in contemporary societies an increasing number of individuals go through different kinds of families/ households over their lives, commuting, during specific life phases, between different households and families on a more or less permanent basis. The phenomenon of commuting between households renders the boundaries of the family household less clear and more permeable, challenging the meaning of family membership and of family boundaries.     

How emerging digital technologies affect operations management through co-creation. Empirical evidence from the maritime industry

Abstract

Globalization, variation in customer expectations, and the developments connected to Information & Communication Technology are usually considered as the main drivers of changes in Operations Management (OM) strategies by firms in both manufacturing and service industries. Emerging digital technologies, such as Internet of Things or Cloud Computing, represents a novel paradigm that is rapidly affecting on several aspects of everyday-life of private and business users. This paper contributes to extant literature about the relationship between emerging digital technologies and OM, by stressing the value co-creation issue. Specifically, we investigate how emerging digital technologies affect OM through value co-creation in the maritime industry. Our study reports the case of FairWind project, an open technology marine service and graphic user interface enabling sailors to personalize their experience on board through 3rd party boat applications. The case of Fair Wind points out how emerging digital technologies contribute to OM within both organizations and, more in general, maritime industry, as well as the critical role of user’s co-creation in defining and managing on-board operations.     

The Effect of Grandparental Support on Mothers’ Labour Market Participation: An Instrumental Variable Approach

Childcare arrangements are key in women’s ability to juggle motherhood and work outside the home. As such, the study of access to childcare and its use is of great policy relevance. We focus on a particular kind of informal childcare, the one provided by grandparents. Empirically, assessing the effect of grandparental childcare is not an easy task due to unobserved preferences. In light of the potential outcome framework, we interpret the biases resulting from unobserved preferences as arising from the non-compliance of mothers to the availability of grandparents and from preferences of grandparents for activities other than childcare. Using an instrumental variable approach on Italian data, we find that the effect of grandparental childcare on mothers’ labour supply is positive, statistically significant and economically relevant. The effect is stronger for less educated mothers, with young children and living in northern and central Italy.