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Empirical studies of innovation in the knowledge driven economy
Hall, Bronwyn; Mairesse, Jacques - United Nations University-Maastricht Economic Research … - 2006
innovation and knowledge management and their impact on performance at the firm level for a number of countries. These studies … have been conducted using data drawn from innovation surveys combined with data from a number of other sources. The issue … illustrates the value of these surveys in improving our understanding of innovation in firms and raises a number of questions for …
Persistent link: https://www.econbiz.de/10010856374
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Courts and Banks : Effects of Judicial Enforcement on Credit Markets
Bianco, Magda - 2008
The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market in a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency should reduce credit rationing and...
Persistent link: https://www.econbiz.de/10012728138
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Consumption Growth, the Interest Rate, and Financial Literacy
Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2013
We study a model in which financial sophistication improves portfolio returns and therefore the incentive to substitute consumption intertemporally. The model delivers an Euler equation in which consumption growth is positively correlated with financial sophistication. We test the model's...
Persistent link: https://www.econbiz.de/10010800996
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Investment in Financial Literacy, Social Security and Portfolio Choice
Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2013
consumption, investors simultaneously choose how much to save, the portfolio allocation, and the optimal investment in literacy …
Persistent link: https://www.econbiz.de/10011165977
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Consumption Growth, the Interest Rate, and Financial Literacy
Jappelli, Tullio; Padula, Mario - C.E.P.R. Discussion Papers - 2013
We study a model in which financial sophistication improves portfolio returns and therefore the incentive to substitute consumption intertemporally. The model delivers a Euler equation in which consumption growth is positively correlated with financial sophistication. We test the model's...
Persistent link: https://www.econbiz.de/10011084488
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - In: Journal of Banking & Finance 36 (2012) 2, pp. 509-524
We use two data sets, one from a large brokerage and another from a major bank, to ask: (i) whether financial advisors are more likely to be matched with poorer, uninformed investors or with richer and experienced investors; (ii) how advised accounts actually perform relative to self-managed...
Persistent link: https://www.econbiz.de/10010574851
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Households' Portfolio Diversification
Jappelli, Tullio; Julliard, Christian; Pagano, Marco - In: STUDI ECONOMICI LXV (2010) 100, pp. 117-143
This paper performs an efficiency analysis of households portfolios based on the comparison of observed portfolios with the mean-variance frontier of assets returns. Data on household portfolios are drawn from a representative sample of the Italian population with at least a bank account. We...
Persistent link: https://www.econbiz.de/10008852169
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Investment in Financial Literacy and Saving Decisions
Jappelli, Tullio; Padula, Mario - C.E.P.R. Discussion Papers - 2011
We 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 an optimal investment in literacy. The …
Persistent link: https://www.econbiz.de/10008854546
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Investment in financial literacy and saving decisions
Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2011
We 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 an optimal investment in literacy. The …
Persistent link: https://www.econbiz.de/10010958490
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Cognitive abilities and portfolio choice
Christelis, Dimitris; Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2008
We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities:...
Persistent link: https://www.econbiz.de/10010958649