Business Diversification in the Securities Industry: Implications for the Exchanges

The growth strategies of the listed exchanges affect the morphology of the securities industry as they are focused on the consolidation of trading infrastructures and, on the other hand, on the diversification of the business model. New “conglomeral exchanges” are characterized by a far-reaching production function. Since they integrate product-service lines which are complementary, they potentially herald competitive distorsions limiting the investor’s freedom of choice and prejudicing the interest for the best result from the investment.

The moderating effects of corporate and national factors on lean projects barriers: a cross‐national study

Abstract

Despite companies’ efforts to develop lean thinking in their industrial context, the implementation of many lean projects has not been consistently successful, often resulting in delay, failure, abandonment or rejection. Whereas some authors emphasised that company characteristics, like the product demand profile, are significant factors in lean projects, other studies analysed the impact of national culture. This paper aims to study the combined effect of various factors related to national culture and company characteristics of lean implementation barriers in order to determine whether the environmental context in which the company operation can affect the outcome of lean project implementation. A survey has been conducted to collect information about companies of various sizes (small–medium–large) in all industry fields. Data from companies, including manufacturing firms, in 23 different countries, were analysed in depth by a combination of Association Rules and Network Analysis. The results show that some national culture dimensions, such as Performance Orientation and Gender Egalitarianism, influence lean management success and help to maintain a lean culture. Maintaining a lean culture is even more critical than developing it. Furthermore, if the implementation of lean practices is an arduous task for large organisations, it becomes even greater for SMEs. Other cultural factors of individuals such as Uncertainty Avoidance, Future Orientation and Institutional Collectivism also help to support a lean culture and overcome human and cultural barriers.     

The Dark,and Independent,Side of the Italian Labour Market

Abstract. This paper presents an empirical investigation of the two faces of the Italian labour market, the dark and the regular. Results from ‘exhaustive’ VAR/VEC models suggest that there are no connections (causal relationships, feedback, contemporaneous correlation) between them. In this sense, we could correctly refer to undeclared work as an ‘independent’ side of the market. I interpret these results as providing empirical support for the ineffectiveness of labour policies in converting black economy employment into regular over the last two decades.     

ANTIDUMPING ECHOING

This article documents that antidumping (AD) “echoing” (i.e., different countries sequentially imposing AD measures on the same product from the same exporter) is common practice among users of AD. We develop a dynamic game where two competing importers can impose AD measures on a third exporting country in one of two periods, if at all. Assuming that governments are politically motivated (favoring their import‐competing industry), AD echoing occurs only for intermediate values of a country's political‐economy parameter. This result is confirmed by our econometric analysis, demonstrating that countries' political‐economy‐driven AD actions are interdependent and should not be analyzed in isolation. (JEL F12, F13, F14)     

A Bayesian bivariate hierarchical model with correlated parameters for the analysis of road crashes in Italian tunnels

Statistical Methods & Applications - An analysis of crashes occurring in 252 unidirectional Italian motorway tunnels over a 4-year monitoring period is provided to identify the main causes of...