We investigate whether lack of familiarity may contribute to an explanation of the gender gap in stock market participation and risk taking. We use ads in widely read women magazines to select companies that we assume to be more familiar to women than to men, and construct a “pink”...

This paper shows how the European integration process overburdened EU law in an attempt to overcome political deficiencies, with negative consequences for the Union’s democratic legitimacy. The analysis is framed by the ‘twin crises’ of twenty-first century EU constitutionalism: the defeat...

We propose a parsimonious model with adverse selection where delinquency, renegotiation, and bankruptcy all occur in equilibrium as a result of a simple screening mechanism. A borrower has private information about her cost of bankruptcy, and a lender may use random contracts to screen different...

The paper studies the equilibrium value of bid-ask spreads and time- to-trade in a continuous-time, intermediated fi?nancial market. The en- dogenous spreads are the price at which brokers are willing to offer imme- diacy. They include physical trading costs. Traders intervene optimally, when...

The paper explores the fit properties of a class of multivariate Lévy processes, which are characterized as time-changed correlated Brownian motions. The time-change has a common and an idiosyncratic component, to re ect the properties of trade, which it represents. The resulting process may...

We present a partnership model where heterogeneous agents bargain over the gains from trade and search on the match. Frictions allow agents to extract higher rents from more productive partners, generating an endogenous preference for high types. More productive agents upgrade their partners...

This paper deals with the open issue about the choice between a centralized versus a decentralized public procurement strategy. Using a unique dataset on tender prices of selected drugs for hospital usage awarded by a sample of 52 Italian local health service providers (ASLs) between 2009 and...

We analyze the rational expectation equilibria of a delegated port- folio management model in which two risky assets have completely independent returns and liquidity shocks. Some managers have per- fect information on the assets' returns while others are uninformed and try to infer information...

The literature documents that job satisfaction is positively correlated with worker performance and pro- ductivity. We examine whether aggregate job satisfaction in a certain labor market environment can have an impact on individual-level job satisfaction. If the answer is yes, then policies...

In this paper, using a sample of Italian passenger transport firms, we compare the estimates from a Composite Cost Function econometric model (Pulley and Braunstein, 1992) with the ones coming from other traditional functional forms such as the Standard Translog, the Generalized Translog, and...