This paper analyzes how combining firms into either groups or conglomerates affects their credit standing, as measured by their de- fault probabilities, recovery rates and credit spreads. Each combina- tion offers protection against default to its affiliates, and issues debt to optimize the...

La ricerca si basa sulle risposte a un questionario articolato date da 226 direttori del personale, che rappresentano imprese per un totale di circa 300.000 occupati in diversi settori, con una prevalenza del manifatturiero. L’indagine fornisce risposte ai seguenti interrogativi: (1) Qual è...

This report is one of the outputs resulting from Workpackage 4, "Social and professional integration" of the WALQING project, SSH-CT-2009-244597 (www.walqing.eu).

This report is one of the outputs resulting from Workpackage 5, "Stakeholder policies and problem assessment" of the WALQING project, SSH-CT-2009-244597 (www.walqing.eu).

Household portfolios include risky bonds, beyond stocks, and respond to permanent labour income shocks. This paper brings these features into a life-cycle setting, and shows that optimal stock investment is constant or increasing in age before retirement for realistic parameter combinations. The...

We use twenty years of Italian administrative panel data, a uniquely rich source of information on internal migration experiences, to identify the role of unobserved worker characteristics in the selection and returns to migrants. We propose and implement a novel iterative estimation method for...

The financial deficits of many social security systems caused by ageing populations and stagnating economies are forcing workers to retire later from the labour market. An extended working life combined with rapid technological progress in many sectors, is likely making older workers’ skills...