University of Salerno

Displaying 1-36 of 36 results

  • White Papers // May 2013

    I Am 4 Vho: New Approach to Improve Seamless Vertical Handover in Heterogeneous Wireless Networks

    Two mechanisms have been proposed independently by IEEE and 3GPP; namely, Media Independent Handover (MIH) and Access Network Discovery and Selection Function (ANDSF), respectively. These mechanisms enable a seamless Vertical HandOver (VHO) between the different types of technologies (3GPP and non-3GPP), such as GSM (Global System for Mobile Communication), Wireless...

    Provided By University of Salerno

  • White Papers // Apr 2012

    Universally Composable Secure Computation With (Malicious) Physically Uncloneable Functions

    The use of Physically Uncloneable Functions (PUFs) in Cryptography is a recent breakthrough that has caught the interest of both theoreticians and practitioners. A major step towards understanding and securely using PUFs has been done where Brzuska, Fischlin, Schr?der and Katzenbeisser augmented the Universal Composition (UC) Framework of Canetti by...

    Provided By University of Salerno

  • White Papers // Jan 2012

    HERMIT: A New Methodology for Creating Autonomous Software Deployment Packages

    In this paper, the authors have proposed HERMIT: A new Methodology for Creating Autonomous Software Deployment Packages that automates the process of silent unattended installations/un-installations and requires minimal possible level of interaction with the user. HERMIT not only introduces new methodology but generalizes the process of silent unattended installation/un-installation. HERMIT...

    Provided By University of Salerno

  • White Papers // Apr 2011

    Themes and Challenges For Service Management Solutions In Small and Medium Enterprises (SMEs)

    In this paper, the authors provide an exploratory case study within an SME that is currently selecting a Service Management Solution (SMS) to enhance the existing SAP Business One systems. They examine existing business processes, legacy systems, potential solutions, and vendors with the aim of establishing the field of service...

    Provided By University of Salerno

  • White Papers // Jan 2011

    Investment In Financial Literacy And Saving Decisions

    The authors present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of current consumption, the model determines...

    Provided By University of Salerno

  • White Papers // Jan 2011

    Spillover Effects In Healthcare Programs: Evidence On Social Norms And Information Sharing

    Cervical cancer is considered to be one of the most preventable types of cancer, but cervical cancer mortality rates in Mexico have been dramatically high by international standards for many years. This paper exploits the randomized research design of a large welfare program - Progresa - to study the size...

    Provided By University of Salerno

  • White Papers // Dec 2010

    Mirrlees Meets Laibson: Optimal Income Taxation With Bounded Rationality

    This paper studies an optimal taxation problem in a dynamic economy inhabited by individuals who differ in productivity (as in Kocherlakota, 2006) and in the short-term discount factor. The authors determine incentive compatible Pareto optimal allocations in a multidimensional screening model where individuals have to report truthfully their types. Two...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Mixed Markets With Public Goods

    The authors use a mixed market model for analyzing economies with public projects in which the condition of perfect competition is violated. They discuss core-equivalence results in the general framework of non-Euclidean representation of the collective goods. They show that if large traders are similar to each other, then they...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Aggregate Employment Dynamics And (Partial) Labour Market Reforms

    European labor markets have undergone several important innovations over the last three decades. Most countries have reformed their labor markets since the mid-1990s, with the liberalization of fixed-term contracts and temporary work agencies being the common elements to such reforms. This paper investigates the existence of a change in the...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Estate Taxation And Intergenerational Transfers

    The authors estimate the effect of estate taxation on bequests exploiting a sequence of Italian reforms culminating with the reduction of estate taxes in 1999 and their abolishment in 2001. They use the 1993-2006 Survey of Household Income and Wealth, which has data on real estate transfers received, and information...

    Provided By University of Salerno

  • White Papers // Sep 2010

    Optimal Compensation Contracts For Optimistic Managers

    Managers with anticipatory emotions have higher current utility if they are optimistic about the future. The authors study an employment contract between an (endogenously) optimistic manager and realistic investors. The manager faces a trade-off between ensuring that the chosen levels of effort reflect accurate news and savoring emotionally beneficial good...

    Provided By University of Salerno

  • White Papers // Sep 2010

    Households' Indebtedness And Financial Fragility

    The paper studies the determinants of international differences in household indebtedness, and inquires whether indebtedness is associated with increased "Financial fragility", as measured by the sensitivity of household arrears and insolvencies to macroeconomic shocks. It also investigates whether financial fragility is affected by institutional factors, such as information sharing arrangements,...

    Provided By University of Salerno

  • White Papers // Jul 2010

    Legal Institutions, Innovation And Growth

    The authors build a stylized model of endogenous technological change and analyze the relationship between legal institutions, innovation and growth. Two legal systems are analyzed: a rigid system, where an uncontingent law is written ex ante and a flexible system where law-makers select the law ex post. They show that...

    Provided By University of Salerno

  • White Papers // Jul 2010

    Vertical Separation With Private Contracts

    The authors consider a manufacturer's incentive to sell through an independent retailer, rather than directly to final consumers, when contracts with retailers cannot be observed by competitors. If retailers conjecture that identical competing manufacturers always offer identical contracts (symmetry beliefs), vertical separation by all manufacturers is equilibrium, and it results...

    Provided By University of Salerno

  • White Papers // Jul 2010

    Multiple-Bank Lending, Creditor Rights And Information Sharing

    Multiple bank lending creates an incentive to over borrow and default. When creditor rights are poorly protected and collateral value is volatile, this incentive leads to rationing and non-competitive interest rates. If banks share information about past debts via credit reporting systems, the incentive to over borrow is mitigated: interest...

    Provided By University of Salerno

  • White Papers // Jun 2010

    Tax Evasion And Community Effects In Italy

    The author proposes an analysis of tax evasion in Italy using the data collected by the website evasori.info. This site collects reports by random internet users of the transactions in which they were involved that, lacking any legal receipt, were hidden from the tax authority. The author interprets this experiment...

    Provided By University of Salerno

  • White Papers // Feb 2010

    Advantageous Selection In The Private Hospital Insurance Market In Europe: Evidence On The Role Of Education And Cognitive Ability

    The author uses micro data from the Survey of Health, Ageing and Retirement in Europe to study whether the cost of acquiring health information is an important determinant of the decision to buy private hospital health insurance for individuals aged 50+, in eight European countries. The author first tests whether,...

    Provided By University of Salerno

  • White Papers // Jan 2010

    Fairness Properties Of Constrained Market Equilibria

    This paper studies the notion of fairness in pure exchange economies involving uncertainty and asymmetric information. The authors propose a new concept of coalitional fair allocation in order to solve the tension that may exist between efficiency and envy-freeness when the equity of allocations is evaluated at the {it interim}...

    Provided By University of Salerno

  • White Papers // Jan 2010

    Does Conditionality Matter For Adults' Health? Evidence From A Randomized Experiment

    The authors present evidence on how the requirement to attend health and nutrition sessions affects the health behavior of adults living in households targeted by a nutritional program in rural Mexico. The evaluation sample of the Programa de Apoyo Alimentario (PAL) is unique in having four different treatment types, which...

    Provided By University of Salerno

  • White Papers // Nov 2009

    Credit Ratings Failures And Policy Options

    This paper examines the role of credit rating agencies in the subprime crisis, which was at the outset of the 2007-08 financial turmoil. The focus of the paper is on two aspects of ratings that contributed to the boom and bust of the market for asset-backed securities: rating inflation and...

    Provided By University of Salerno

  • White Papers // Nov 2009

    Inheritance Law And Investment In Family Firms

    Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for...

    Provided By University of Salerno

  • White Papers // Oct 2009

    The Deep-Pocket Effect Of Internal Capital Markets

    The authors provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, the paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups is negatively related...

    Provided By University of Salerno

  • White Papers // Sep 2009

    Corporate Fraud, Governance And Auditing

    The authors analyze corporate fraud in a setting in which managers have superior information but are biased against liquidation, because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb fraud, shareholders optimally design internal...

    Provided By University of Salerno

  • White Papers // Jul 2009

    The Portfolio Effect Of Pension Reforms

    The authors estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms as a source of exogenous variation. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus allowing to measure the expected social...

    Provided By University of Salerno

  • White Papers // Jun 2009

    International Comovements, Business Cycle And Inflation: A Historical Perspective

    Using a dynamic factor model, the authors uncover four main empirical regularities on international co-movements in a long-run panel of real and nominal variables. First, the contribution of world co-movements to domestic output growth has decreased over the post-WWII period. The contribution of regional comovements, however, has increased significantly. Second,...

    Provided By University of Salerno

  • White Papers // Jun 2009

    The Effects Of Monetary Policy On Unemployment Dynamics Under Model Uncertainty. Evidence From The US And The Euro Area

    This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. The authors employ a Bayesian model averaging procedure on a wide range of models...

    Provided By University of Salerno

  • White Papers // May 2009

    The Effect Of Employment Protection Legislation And Financial Market Imperfections On Investment: Evidence From A Firm-Level Panel Of EU countries

    This paper analyzes the joint effect of EPL and financial market imperfections on investment, capital-labor substitution, labor productivity and job reallocation in a cross-country framework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006), the authors exploit variation in the need for reallocation at the sectoral...

    Provided By University of Salerno

  • White Papers // May 2009

    Exclusive Dealing: The Interaction Between Foreclosure And Investment Promotion

    This paper studies a model where Exclusive Dealing (ED) can both promote investment and foreclose a more efficient supplier. While investment promotion is usually regarded as a pro-competitive effect of ED, the paper shows that it may be the very reason why a contract that forecloses a more efficient supplier...

    Provided By University of Salerno

  • White Papers // Apr 2009

    Pension Risk, Retirement Saving And Insurance

    Using a representative sample of Italian investors, the authors estimate the risk associated with pension benefits by eliciting for each individual the subjective distribution of the replacement rate as a summary indicator of social security wealth. They find substantial heterogeneity of pension risk and show that it is consistently related...

    Provided By University of Salerno

  • White Papers // Mar 2009

    Political Intergenerational Risk Sharing

    In a stochastic two-period OLG model, featuring an aggregate shock to the economy, ex-ante optimality requires intergenerational risk sharing. The authors compare the level of time-consistent intergenerational risk sharing chosen by a benevolent government and by an office-seeking politician. In the political system, the transfer of resources across generations is...

    Provided By University of Salerno

  • White Papers // Feb 2009

    Institutional Trades And Herd Behaviour In Financial Markets

    The paper studies the impact of transaction costs on the trading strategy of informed institutional investors in a sequential trading market where traders can choose to transact a large or a small amount of the stock. The analysis shows that high transaction costs may induce informed investors to herd. Moreover,...

    Provided By University of Salerno

  • White Papers // Feb 2009

    Access Profit-Sharing Regulation With Information Transmission And Acquisition

    The paper analyses how information acquisition and transmission issues affect the determination of the optimal access profit-sharing plan in regulated network industries. It considers a regulated upstream monopoly with cost uncertainty and a downstream unregulated duopoly. It will be shown that, under an access price cap regulatory mechanism, the transfer...

    Provided By University of Salerno

  • White Papers // Jan 2009

    Financial Literacy And Portfolio Diversification

    In this paper the authors focus on poor financial literacy as one potential factor explaining lack of portfolio diversification. They first propose test-based indicators of financial literacy and document the extent of portfolio under-diversification. They find that measures of financial literacy are strongly correlated with the degree of portfolio diversification....

    Provided By University of Salerno

  • White Papers // Nov 2008

    What Explains Fertility? Evidence From Italian Pension Reforms

    The authors propose an empirical test of two alternative theories - children as "Consumption" vs. "Investment" good. They use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment across workers. This policy experiment is particularly well suited, since the "Consumption"...

    Provided By University of Salerno

  • White Papers // Oct 2008

    The Impact Of Banking Development On The Size Of The Shadow Economy

    This paper employs data on 119 countries for the period 1999/2000 to 2004/2005 to examine the impact of banking development on the size of shadow economies. The main results indicate that an improvement in the development of the banking sector is associated with a smaller shadow economy in a wide...

    Provided By University of Salerno

  • White Papers // Sep 2008

    User Privacy in Transport Systems Based on RFID e-Tickets

    Recently, operators of public transportation in many countries started to roll out electronic tickets (e-tickets). E-tickets offer several advantages to transit enterprises as well as to their customers, e.g., they aggravate forgeries by cryptographic means whereas customers benefit from fast and convenient verification of tickets or replacement of lost ones....

    Provided By University of Salerno

  • White Papers // Jan 2012

    HERMIT: A New Methodology for Creating Autonomous Software Deployment Packages

    In this paper, the authors have proposed HERMIT: A new Methodology for Creating Autonomous Software Deployment Packages that automates the process of silent unattended installations/un-installations and requires minimal possible level of interaction with the user. HERMIT not only introduces new methodology but generalizes the process of silent unattended installation/un-installation. HERMIT...

    Provided By University of Salerno

  • White Papers // May 2013

    I Am 4 Vho: New Approach to Improve Seamless Vertical Handover in Heterogeneous Wireless Networks

    Two mechanisms have been proposed independently by IEEE and 3GPP; namely, Media Independent Handover (MIH) and Access Network Discovery and Selection Function (ANDSF), respectively. These mechanisms enable a seamless Vertical HandOver (VHO) between the different types of technologies (3GPP and non-3GPP), such as GSM (Global System for Mobile Communication), Wireless...

    Provided By University of Salerno

  • White Papers // Apr 2011

    Themes and Challenges For Service Management Solutions In Small and Medium Enterprises (SMEs)

    In this paper, the authors provide an exploratory case study within an SME that is currently selecting a Service Management Solution (SMS) to enhance the existing SAP Business One systems. They examine existing business processes, legacy systems, potential solutions, and vendors with the aim of establishing the field of service...

    Provided By University of Salerno

  • White Papers // Jan 2011

    Investment In Financial Literacy And Saving Decisions

    The authors present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of current consumption, the model determines...

    Provided By University of Salerno

  • White Papers // Jan 2011

    Spillover Effects In Healthcare Programs: Evidence On Social Norms And Information Sharing

    Cervical cancer is considered to be one of the most preventable types of cancer, but cervical cancer mortality rates in Mexico have been dramatically high by international standards for many years. This paper exploits the randomized research design of a large welfare program - Progresa - to study the size...

    Provided By University of Salerno

  • White Papers // Dec 2010

    Mirrlees Meets Laibson: Optimal Income Taxation With Bounded Rationality

    This paper studies an optimal taxation problem in a dynamic economy inhabited by individuals who differ in productivity (as in Kocherlakota, 2006) and in the short-term discount factor. The authors determine incentive compatible Pareto optimal allocations in a multidimensional screening model where individuals have to report truthfully their types. Two...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Mixed Markets With Public Goods

    The authors use a mixed market model for analyzing economies with public projects in which the condition of perfect competition is violated. They discuss core-equivalence results in the general framework of non-Euclidean representation of the collective goods. They show that if large traders are similar to each other, then they...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Aggregate Employment Dynamics And (Partial) Labour Market Reforms

    European labor markets have undergone several important innovations over the last three decades. Most countries have reformed their labor markets since the mid-1990s, with the liberalization of fixed-term contracts and temporary work agencies being the common elements to such reforms. This paper investigates the existence of a change in the...

    Provided By University of Salerno

  • White Papers // Sep 2010

    Optimal Compensation Contracts For Optimistic Managers

    Managers with anticipatory emotions have higher current utility if they are optimistic about the future. The authors study an employment contract between an (endogenously) optimistic manager and realistic investors. The manager faces a trade-off between ensuring that the chosen levels of effort reflect accurate news and savoring emotionally beneficial good...

    Provided By University of Salerno

  • White Papers // Jul 2010

    Legal Institutions, Innovation And Growth

    The authors build a stylized model of endogenous technological change and analyze the relationship between legal institutions, innovation and growth. Two legal systems are analyzed: a rigid system, where an uncontingent law is written ex ante and a flexible system where law-makers select the law ex post. They show that...

    Provided By University of Salerno

  • White Papers // Jun 2010

    Tax Evasion And Community Effects In Italy

    The author proposes an analysis of tax evasion in Italy using the data collected by the website evasori.info. This site collects reports by random internet users of the transactions in which they were involved that, lacking any legal receipt, were hidden from the tax authority. The author interprets this experiment...

    Provided By University of Salerno

  • White Papers // Jul 2010

    Vertical Separation With Private Contracts

    The authors consider a manufacturer's incentive to sell through an independent retailer, rather than directly to final consumers, when contracts with retailers cannot be observed by competitors. If retailers conjecture that identical competing manufacturers always offer identical contracts (symmetry beliefs), vertical separation by all manufacturers is equilibrium, and it results...

    Provided By University of Salerno

  • White Papers // Jan 2010

    Fairness Properties Of Constrained Market Equilibria

    This paper studies the notion of fairness in pure exchange economies involving uncertainty and asymmetric information. The authors propose a new concept of coalitional fair allocation in order to solve the tension that may exist between efficiency and envy-freeness when the equity of allocations is evaluated at the {it interim}...

    Provided By University of Salerno

  • White Papers // Oct 2010

    Estate Taxation And Intergenerational Transfers

    The authors estimate the effect of estate taxation on bequests exploiting a sequence of Italian reforms culminating with the reduction of estate taxes in 1999 and their abolishment in 2001. They use the 1993-2006 Survey of Household Income and Wealth, which has data on real estate transfers received, and information...

    Provided By University of Salerno

  • White Papers // Nov 2009

    Credit Ratings Failures And Policy Options

    This paper examines the role of credit rating agencies in the subprime crisis, which was at the outset of the 2007-08 financial turmoil. The focus of the paper is on two aspects of ratings that contributed to the boom and bust of the market for asset-backed securities: rating inflation and...

    Provided By University of Salerno

  • White Papers // Jul 2009

    The Portfolio Effect Of Pension Reforms

    The authors estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms as a source of exogenous variation. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus allowing to measure the expected social...

    Provided By University of Salerno

  • White Papers // Jun 2009

    International Comovements, Business Cycle And Inflation: A Historical Perspective

    Using a dynamic factor model, the authors uncover four main empirical regularities on international co-movements in a long-run panel of real and nominal variables. First, the contribution of world co-movements to domestic output growth has decreased over the post-WWII period. The contribution of regional comovements, however, has increased significantly. Second,...

    Provided By University of Salerno

  • White Papers // Jun 2009

    The Effects Of Monetary Policy On Unemployment Dynamics Under Model Uncertainty. Evidence From The US And The Euro Area

    This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. The authors employ a Bayesian model averaging procedure on a wide range of models...

    Provided By University of Salerno

  • White Papers // May 2009

    The Effect Of Employment Protection Legislation And Financial Market Imperfections On Investment: Evidence From A Firm-Level Panel Of EU countries

    This paper analyzes the joint effect of EPL and financial market imperfections on investment, capital-labor substitution, labor productivity and job reallocation in a cross-country framework. In the spirit of Rajan and Zingales (1998) and Ciccone and Papaioannou (2006), the authors exploit variation in the need for reallocation at the sectoral...

    Provided By University of Salerno

  • White Papers // May 2009

    Exclusive Dealing: The Interaction Between Foreclosure And Investment Promotion

    This paper studies a model where Exclusive Dealing (ED) can both promote investment and foreclose a more efficient supplier. While investment promotion is usually regarded as a pro-competitive effect of ED, the paper shows that it may be the very reason why a contract that forecloses a more efficient supplier...

    Provided By University of Salerno

  • White Papers // Apr 2009

    Pension Risk, Retirement Saving And Insurance

    Using a representative sample of Italian investors, the authors estimate the risk associated with pension benefits by eliciting for each individual the subjective distribution of the replacement rate as a summary indicator of social security wealth. They find substantial heterogeneity of pension risk and show that it is consistently related...

    Provided By University of Salerno

  • White Papers // Jan 2010

    Does Conditionality Matter For Adults' Health? Evidence From A Randomized Experiment

    The authors present evidence on how the requirement to attend health and nutrition sessions affects the health behavior of adults living in households targeted by a nutritional program in rural Mexico. The evaluation sample of the Programa de Apoyo Alimentario (PAL) is unique in having four different treatment types, which...

    Provided By University of Salerno

  • White Papers // Feb 2010

    Advantageous Selection In The Private Hospital Insurance Market In Europe: Evidence On The Role Of Education And Cognitive Ability

    The author uses micro data from the Survey of Health, Ageing and Retirement in Europe to study whether the cost of acquiring health information is an important determinant of the decision to buy private hospital health insurance for individuals aged 50+, in eight European countries. The author first tests whether,...

    Provided By University of Salerno

  • White Papers // Oct 2009

    The Deep-Pocket Effect Of Internal Capital Markets

    The authors provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, the paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups is negatively related...

    Provided By University of Salerno

  • White Papers // Mar 2009

    Political Intergenerational Risk Sharing

    In a stochastic two-period OLG model, featuring an aggregate shock to the economy, ex-ante optimality requires intergenerational risk sharing. The authors compare the level of time-consistent intergenerational risk sharing chosen by a benevolent government and by an office-seeking politician. In the political system, the transfer of resources across generations is...

    Provided By University of Salerno

  • White Papers // Feb 2009

    Institutional Trades And Herd Behaviour In Financial Markets

    The paper studies the impact of transaction costs on the trading strategy of informed institutional investors in a sequential trading market where traders can choose to transact a large or a small amount of the stock. The analysis shows that high transaction costs may induce informed investors to herd. Moreover,...

    Provided By University of Salerno

  • White Papers // Feb 2009

    Access Profit-Sharing Regulation With Information Transmission And Acquisition

    The paper analyses how information acquisition and transmission issues affect the determination of the optimal access profit-sharing plan in regulated network industries. It considers a regulated upstream monopoly with cost uncertainty and a downstream unregulated duopoly. It will be shown that, under an access price cap regulatory mechanism, the transfer...

    Provided By University of Salerno

  • White Papers // Jan 2009

    Financial Literacy And Portfolio Diversification

    In this paper the authors focus on poor financial literacy as one potential factor explaining lack of portfolio diversification. They first propose test-based indicators of financial literacy and document the extent of portfolio under-diversification. They find that measures of financial literacy are strongly correlated with the degree of portfolio diversification....

    Provided By University of Salerno

  • White Papers // Jul 2010

    Multiple-Bank Lending, Creditor Rights And Information Sharing

    Multiple bank lending creates an incentive to over borrow and default. When creditor rights are poorly protected and collateral value is volatile, this incentive leads to rationing and non-competitive interest rates. If banks share information about past debts via credit reporting systems, the incentive to over borrow is mitigated: interest...

    Provided By University of Salerno

  • White Papers // Nov 2008

    What Explains Fertility? Evidence From Italian Pension Reforms

    The authors propose an empirical test of two alternative theories - children as "Consumption" vs. "Investment" good. They use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment across workers. This policy experiment is particularly well suited, since the "Consumption"...

    Provided By University of Salerno

  • White Papers // Sep 2010

    Households' Indebtedness And Financial Fragility

    The paper studies the determinants of international differences in household indebtedness, and inquires whether indebtedness is associated with increased "Financial fragility", as measured by the sensitivity of household arrears and insolvencies to macroeconomic shocks. It also investigates whether financial fragility is affected by institutional factors, such as information sharing arrangements,...

    Provided By University of Salerno

  • White Papers // Oct 2008

    The Impact Of Banking Development On The Size Of The Shadow Economy

    This paper employs data on 119 countries for the period 1999/2000 to 2004/2005 to examine the impact of banking development on the size of shadow economies. The main results indicate that an improvement in the development of the banking sector is associated with a smaller shadow economy in a wide...

    Provided By University of Salerno

  • White Papers // Nov 2009

    Inheritance Law And Investment In Family Firms

    Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for...

    Provided By University of Salerno

  • White Papers // Sep 2009

    Corporate Fraud, Governance And Auditing

    The authors analyze corporate fraud in a setting in which managers have superior information but are biased against liquidation, because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb fraud, shareholders optimally design internal...

    Provided By University of Salerno

  • White Papers // Sep 2008

    User Privacy in Transport Systems Based on RFID e-Tickets

    Recently, operators of public transportation in many countries started to roll out electronic tickets (e-tickets). E-tickets offer several advantages to transit enterprises as well as to their customers, e.g., they aggravate forgeries by cryptographic means whereas customers benefit from fast and convenient verification of tickets or replacement of lost ones....

    Provided By University of Salerno

  • White Papers // Apr 2012

    Universally Composable Secure Computation With (Malicious) Physically Uncloneable Functions

    The use of Physically Uncloneable Functions (PUFs) in Cryptography is a recent breakthrough that has caught the interest of both theoreticians and practitioners. A major step towards understanding and securely using PUFs has been done where Brzuska, Fischlin, Schr?der and Katzenbeisser augmented the Universal Composition (UC) Framework of Canetti by...

    Provided By University of Salerno