We conduct an empirical analysis of a hand-collected sample of 2,376 turnovers of soccer managers in the four major English leagues in the seasons from 1949/50 to 2007/08. While the relation between the probability of a manager being fired and long-term performance remained remarkably stable,...

We analyze the current state of the monetary integration in Europe focusing on the UK position regarding the European Monetary Union. The interest rates decisions of the European Central Bank and the Bank of England are compared through different specifications of the Taylor Rule. The comparison...

We document an unpleasant feature of Epstein-Zin preferences in a stylized model economy of the long-run risk type now widespread in Asset Pricing: Agents with preference parameters commonly described as indicating a "preference for early resolution of uncertainty" achieve higher utility levels...

Standard Real Business Cycle (RBC) models are well known to generate counter-factual asset pricing implications. This paper provides a simple extension to the prior literature where we study an economy that follows a regimes switching process both in the mean and the volatility, in conjunction...

We develop a model of asset pricing assuming that investor's behavior is habit forming. The model predicts that the effect of consumption growth shocks on the risk premium depends on the business cycle phase of the economy. This empirical implication is tested with a Markovswitching VAR model on...

Several analyses show that regional capital incentives induce additional investment and growth (Schalk and Untiedt, 2000). The impact of capital subsidies on employment is more doubtful, even if many studies found that the substitution effect outweighs the output effect (Gabe and Kraybill,...

This paper evaluates the erosion of electoral accountability of the "Governors" of the Italian Regions in three subsequent political moments: 1) the elections; 2) the inaugural speeches of the Governor; 3) their first important policy decision, the long-term regional budget (DPEFR). We use...

Since the early '90s Veneto's firms have progressively internationalised their production process. After having described this phenomenon, we discuss the conditions under which it could lead in the medium term to the vanishing of the district of origin and the potential development of an...

The traditional theory of public finance has made a strong case for a major role for fiscal decentralization. This case is based on an improved allocation of resources in the public sector. And it has four basic elements. First, regional or local governments are in a position to adapt outputs of...