In this paper we build on the analysis of La Porta et al. [La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155], to investigate the importance of legal families in explaining the dissimilar levels of environmental quality indicators among countries with different legal systems. The main intuition behind our analysis is that the nations in which the rights of shareholders are more protected promote real and financial investment; this increases the speed at which the per capita income corresponding to the declining branch of the Environmental Kutznets Curve (EKC) is achieved. In econometrics different regressions analyses were performed, using as dependent variables three different kinds of pollutants (CO2, fine suspended particulates and waste), and including as an explanation some financial variables never before considered in this kind of study. 相似文献
We examine the effect on inequality of increasing one income, and show that for two wide classes of indices a benchmark income level or position exists, dividing upper from lower incomes, such that if a lower income is raised, inequality falls, and if an upper income is raised, inequality rises. We provide a condition on the inequality orderings implicit in two inequality indices under which the one has a lower benchmark than the other for all unequal income distributions. We go on to examine the effect on the same indices of simultaneously increasing one income and decreasing another higher up the distribution, deriving results which quantify the extent of the ‘bucket leak’ which can be tolerated without negating the beneficial inequality effect of the transfer. Our results have implications for the inequality and poverty impacts of different income growth patterns, and of redistributive programmes, leaky or not, which are briefly discussed. 相似文献
The relation between fundamentals and asset returns is analyzed by means of Markov-switching regression models with time-varying transition probabilities. By referring to the Italian Stock Exchange over the 1973-2002 period, we find that (i) returns switch between a zero-expected return/low volatility state and a high expected return/high volatility state; (ii) states are persistent and hence state changes can be forecast to some extent; (iii) the probability of state changes can be explained in terms of changes in the fundamentals; (iv) fundamentals do not have a direct impact on the expected returns but they only affect the transition probability matrix. Overall, our results show that a non-linear relation between market price changes and market fundamentals can be caught within the framework of (Markov) switching regession models.A previous draft of the paper was presented at the XL Scientific Meeting of The Italian Statistical Society, Firenze, April 2000. We would like to thank Maurizio Vichi (the editor) and several anonymous referees for important suggestions. A special thank to Lorenzo Sevini for valuable research assistance. Partial financial support by Italian M.I.U.R. grants is gratefully acknowledged. 相似文献
A factor analysis of household-level attributes of welfare reveals three dimensions across the 20 regions of Italy: affluence, nuclear family oriented style of life, and basic consumption. Because the data on which these empirical patterns is based is normatively oriented, these dimensions conform to the definition of social indicators. The three dimensions of regional social structure that resulted from a separate factor analysis of variables selected from the point of view of structural theory were not so interpreted. These three structural dimensions — industrial-urban differentiation, agrarian rigidity, and central government subsidies — predict affluence, family oriented style of life and basic consumption respectively. This unexpectedly symmetrical result can be interpreted in causal or definitional terms. 相似文献
Population and Environment - Drawing on socio-psychology and economics literature contributions, this paper provides an original conceptual framework examining whether and how natural disasters... 相似文献
In many European countries requirements for retirement have been tightened, causing an increase in work participation of older workers, in spite their potentially poorer health may limit their work ability. This study aimed at assessing the diffusion of health problems and exposure to unfavorable working conditions among ageing workers in two Italian surveys, as well as comparing them with those observed in the same surveys conducted before the 2011 Italian pension reform tightening the normal retirement age. The 2013 National Health Survey (NHS) and Labour Force Survey (LFS) were employed to assess the prevalence of poor perceived health, health conditions and functional limitations, and of exposure to physical, psychosocial and organization factors at work, among 60–64 years workers. Poisson regression models were used to estimate Prevalence Ratios of health outcomes and unfavorable working conditions in the two surveys, compared to data from the 2005 (NHS) and 2007 (LFS) corresponding surveys, respectively. Among both men and women, approximately one quarter had at least one physical disorder or functional limitations and 15% poor mental health. Exposure to different ergonomic factors (15–30%) and working during unsocial hours (19%) were particularly diffused. A significant increase in the prevalence of functional limitations and of working at night or during unsocial hours was found in 2013, compared to corresponding data from 2005 and 2007, respectively. Our results indicate that exposure to ergonomic and organizational hazards should be reduced among ageing workers, to avoid decreased work ability, health damage or early exit from the labour market.
Statistical Methods & Applications - During follow-up patients may experience non-fatal events related to disease progression and death. This is a “semi-competing risks” setting, as... 相似文献
Social Indicators Research - Recent studies highlight that economic expectations are a crucial determinant of citizens’ satisfaction with democracy (SWD). This article relies on a... 相似文献
The class of Multivariate BiLinear GARCH (MBL-GARCH) models is proposed and its statistical properties are investigated. The model can be regarded as a generalization to a multivariate setting of the univariate BL-GARCH model proposed by Storti and Vitale (Stat Methods Appl 12:19–40, 2003a; Comput Stat 18:387–400, 2003b). It is shown how MBL-GARCH models allow to account for asymmetric effects in both conditional variances and correlations. An EM algorithm for the maximum likelihood estimation of the model parameters is derived. Furthermore, in order to test for the appropriateness of the conditional variance and covariance specifications, a set of robust conditional moments test statistics are defined. Finally, the effectiveness of MBL-GARCH models in a risk management setting is assessed by means of an application to the estimation of the optimal hedge ratio in futures hedging. 相似文献