The long-term impact of family difficulties during childhood on labor market outcomes

The literature on child development shows that the promotion of cognitive and non-cognitive skills is essential to prevent inequalities in adult socioeconomic outcomes. In this context, the family environment plays a strategic role, as during childhood, it represents the most important institution for child development. This paper evaluates the long-term impact of various family difficulties during childhood on adult labor market outcomes. Evidence of negative impacts on employment probability and wages emerges from applying propensity score matching to the UK National Child Development Study. Simulation-based sensitivity analysis and standard parametric techniques support our findings. We also find that the intensity of the negative impact appears to increase with the number of recorded family difficulties, while the negative effect does not decline over the cohort’s working life. Moreover, we find that housing and economic (financial and unemployment) problems are responsible for the more serious disadvantages, while disabilities of family members and familial disharmony do not produce statistically negative impacts per se but tend to do so only if associated with other family difficulties, including economic and housing difficulties.     

No free lunch,buddy: past housing transfers and informal care later in life

Previous empirical literature on the relation between intergenerational transfer of assets and services has mostly focused on contemporary exchanges. By contrast, we provide novel evidence showing that parents who helped their adult children in the past are rewarded by higher chances of receiving informal care later in life. To this end we use Italian data containing precise retrospective information about the help with housing that couples received from their parents when they got married, such as a real estate donation or down payment. Our estimates show that this type of past help is positively associated with the current provision of informal care to the parents. This result is robust to controlling for a large set of individual and family characteristics and is only partially due to increased geographical proximity. We suggest that this finding can be explained by mixed self-interest motives, related to theories based on either bilateral exchange or the presence of a third generation (grandchildren), such as the demonstration effect model or the family constitution model.     

Farmers' Contribution to Agricultural Social Capital: Evidence from Southern Spain

Social capital is the whole set of shared norms, values, attitudes, and beliefs that promote cooperation among individuals within the community and that has proved to be a key factor in explaining development processes. This article aims to provide an analytically reliable notion of social capital within the farming sector and a methodological tool for empirically measuring how social capital is accumulated at the farmer level. The theoretical framework proposed is based on the multidimensionality of the complex concept of social capital. Thus, to develop a comprehensive index for social capital, we identify three dimensions of the concept, structural, relational, and cognitive social capital, each one also comprising several subdimensions. This integrative approach permits creation of a composite indicator of the agricultural social capital accumulated at the farmer level, further identifying socioeconomic factors that influence its accumulation at that level. We empirically apply this methodological approach to farmers in Andalusia in southern Spain as a case study. This research provides an interesting starting point for informing policymakers about social capital and helping them implement the necessary programs to facilitate sustainable development in the agricultural sector.     

Working-class ecology and union politics: a conceptual topology

ABSTRACT

This paper argues that Environmental Labour Studies may benefit from incorporating the perspective of environmental justice. We offer a theorization of working-class ecology as the place where working-class communities live and work, being typically affected by environmental injustice, and of working-class environmentalism as those forms of activism that link labour and environmental struggles around the primacy of reproduction. The paper’s theoretical section draws on a social ethnography of working-class ecology in the case of Taranto, a mono-industrial town in southern Italy, which is experiencing a severe environmental and public-health crisis. We show how environmental justice activism since the early 2000s has allowed the re-framing of union politics along new ways of politicizing the local economy. We conclude by offering a conceptual topology of working-class ecology, which situates different labour organizations (confederal, social/community, and rank-and-file unions) according to their positioning in respect to environmental justice.     

Dealing with Migrants in the Central Mediterranean Route: A Legal Analysis of Recent Bilateral Agreements Between Italy and Libya

Dealing with the current flow of migrants flocking to the shores of southern European countries remains high on the international agenda. At the end of 2016, 276,957 migrants were waiting in Libya to cross the sea. Many of them were subject to human rights violations and abuses such as arbitrary detention, torture, unlawful killings, sexual exploitation and even slavery (IOM, 2017). The international response has been, so far, insufficient and new ideas and practices are urgently needed. After providing an overview of the legal framework and of the efforts carried out by the relevant international and regional organizations, this article focuses on recent treaties concluded between Italy and Libya, and argues that the new bilateral agreements represent an example of how States are responding to this challenge in an attempt to strike a balance between the need to strengthen the protection of migrants’ rights and the necessity to guarantee the security of national borders.     

Characteristic function estimation of non-Gaussian Ornstein–Uhlenbeck processes

Continuous non-Gaussian stationary processes of the OU-type are becoming increasingly popular given their flexibility in modelling stylized features of financial series such as asymmetry, heavy tails and jumps. The use of non-Gaussian marginal distributions makes likelihood analysis of these processes unfeasible for virtually all cases of interest. This paper exploits the self-decomposability of the marginal laws of OU processes to provide explicit expressions of the characteristic function which can be applied to several models as well as to develop efficient estimation techniques based on the empirical characteristic function. Extensions to OU-based stochastic volatility models are provided.     

Deciding with Thresholds: Importance Measures and Value of Information

Risk‐informed decision making is often accompanied by the specification of an acceptable level of risk. Such target level is compared against the value of a risk metric, usually computed through a probabilistic safety assessment model, to decide about the acceptability of a given design, the launch of a space mission, etc. Importance measures complement the decision process with information about the risk/safety significance of events. However, importance measures do not tell us whether the occurrence of an event can change the overarching decision. By linking value of information and importance measures for probabilistic risk assessment models, this work obtains a value‐of‐information‐based importance measure that brings together the risk metric, risk importance measures, and the risk threshold in one expression. The new importance measure does not impose additional computational burden because it can be calculated from our knowledge of the risk achievement and risk reduction worth, and complements the insights delivered by these importance measures. Several properties are discussed, including the joint decision worth of basic event groups. The application to the large loss of coolant accident sequence of the Advanced Test Reactor helps us in illustrating the risk analysis insights.     

The Stock Market Reaction to Investment Decisions: Evidence from Italy

Based on a study of new investment announcements from 1989 to 1995 by Italian firms listed on the Milan Stock Exchange, we find a positive stock price reaction to new investment decisions. The stock price reaction is larger for joint venture announcements. The market response is also larger for non-state owned companies and when the announcement is released in a period of rising stock prices. The announced investment has no impact on the non-voting shares but increases the voting shares' market price through a significant revaluation of their vote-segment. We find some evidence that new investments lead to management's private benefits rather than towards firm value. This is consistent with the typical Italian corporate governance structure, where a majority shareholder safely controls a listed company while having only a fractional claim on the firm's cash flows.