Libera Università Internazionale degli Studi Sociali Guido Carli

About: Libera Università Internazionale degli Studi Sociali Guido Carli is a education organization based out in Rome, Lazio, Italy. It is known for research contribution in the topics: Politics & Monetary policy. The organization has 692 authors who have published 2493 publications receiving 36411 citations. The organization is also known as: Libera Universita Internazionale degli Studi Sociali Guido Carli & Libera Università Internazionale degli Studi Sociali "Guido Carli".

The Republic after Berlusconi: Some reflections on historiography, politics and the political use of history in post-1994 Italy

Abstract: The Italian political crisis of 1993–1994 and the new political dynamics to which it gave rise, and which persist today, have strongly shaped both public debate and historiographical reflection on the Italian Republic. This article assesses the impact of the political changes of the post-1994 period (and notably Berlusconi's entry into politics) on the debate over the so-called First Republic, with regard to: Italian national identity in the post-Fascist period; the functioning of the political system, especially in relation to the role of the political parties; anti-Fascism and its internal divisions; communism and anti-communism.

Firms’ efficiency and global value chains: An empirical investigation on Italian industry

Abstract: This paper investigates the effect of participation in global value chains (GVCs) on firms' efficiency and explores heterogeneity in this impact across different firms, according to GVC governance, positioning in the chain and time length of participation. Our analysis takes advantage of survey data providing information on involvement in GVCs for a large set of Italian industrial SMEs between 2008 and 2012. We employ Data Envelopment Analysis (DEA) to retrieve a measure of firms' technical efficiency (i.e., DEA efficiency scores) and estimate the impact of involvement in GVCs on firms' efficiency through propensity‐score matching techniques and truncated regression. Our results show that participation in GVCs induces significant efficiency premia, especially for suppliers, with stronger effects in the case of relational modes of participation.

Beyond Fact-Checking: Network Analysis Tools for Monitoring Disinformation in Social Media

Abstract: Operated by the H2020 SOMA Project, the recently established Social Observatory for Disinformation and Social Media Analysis supports researchers, journalists and fact-checkers in their quest for quality information. At the core of the Observatory lies the DisInfoNet Toolbox, designed to help a wide spectrum of users understand the dynamics of (fake) news dissemination in social networks. DisInfoNet combines text mining and classification with graph analysis and visualization to offer a comprehensive and user-friendly suite. To demonstrate the potential of our Toolbox, we consider a Twitter dataset of more than 1.3M tweets focused on the Italian 2016 constitutional referendum and use DisInfoNet to: (i) track relevant news stories and reconstruct their prevalence over time and space; (ii) detect central debating communities and capture their distinctive polarization/narrative; (iii) identify influencers both globally and in specific “disinformation networks”.

Pricing Bonds and Bond Options with Default Risk

Abstract: The pricing of bonds and bond options with default risk is analyzed in the general equilibrium model of Cox, Ingersoll, and Ross (Cir, 1985). This model is extended by means of an additional parameter in order to deal with financial and credit risk simultaneously. The estimation of such a parameter, which can be considered as the market equivalent of an agencies' bond rating, allows to extract from current quotes the market perceptions of firm's credit risk. The general pricing model for defaultable zero-coupon bond is derived in a simple discrete-time setting while a more rigorous treatment, in a continuous-time setting, is contained in the Appendix A. Defaultable bonds may be valued by discounting the promised terminal payoff at a default-risk-adjusted interest rate, i.e. the risk-free rate plus a default-risk premium, or by discounting the expected terminal payoff at a risk-free interest rate. The availability of an integrated model allows for the pricing of default-free options written on defaultable bonds and of vulnerable options written either on default-free bonds or defaultable bonds. Valuation is performed under different contractual provisions dealing with the event of default: their impact on options prices is investigated and several numerical examples are given. A comparison between our results and those given by Jarrow and Turnbull (1995) is also presented.

Do Stock Markets Value Innovation? A Meta-analysis

Abstract: We analyze whether stock markets value innovation by performing a meta-analysis of the empirical literature linking R&D investments and firms' market value. While there is an increasing interest in the attention paid by financial markets to firm level innovation activities, the theoretical debate and the empirical results presented by a growing number of studies performed within different disciplinary domains still oscillate between markets myopia and markets efficiency. We contribute to resolve this indecision applying Hunter and Schmidt (1990) correction procedures on existing studies estimating the impact of different corporate assets on the market value of the firm. After correcting for random sources of variations and possible problems with the reliability of the independent and the dependent variables, we show that the R&D-market value relationship is consistently positive and that the market values one currency unit invested in R&D activities as much or more than one currency unity invested in tangible assets. Moreover, we use a fully factorial regression model to assess the magnitude of the reported coefficients against a set of sample specific and design specific variables. Our results show that, when other intangible assets are considered, the market valuation of firms' R&D investments generally lowers. Moreover, whereas adding industry-level controls seems to better specify the relationship between R&D investment and market value, firm-level variables do not substantially affect the results. Implications for research and practice are presented and discussed.