This paper analyses how the Spanish financial system manages the problem of preventing and/or handling conflicts of interest arising for a financial intermediary when it supplies investment services to retail customers. To this end, firstly the paper analyses the regulative framework aimed, on...

In this paper we study the interrelationship between determinants of migration, conceived as a family strategy, and the potential impact of having a migrant household member on people left behind. Labour migration is often related to poverty but given its lumpy-investment nature, poverty may...

In the last ten years the growth of the television markets and the increase of the supply have reduced the role of the public broadcasters and sometimes contributed to the crises of the old monopolists. The development of the market has put in the limelight the licence fee, which, in most...

The main aim of this paper is to develop a qualitative and quantitative credit risk rating model for SMEs. The scope of this model is to assign, through a discriminant function (see Altman,1969), a synthetic judgment of the firm management ( ). First of all it must characterize variables that...

This paper suggests that efficiency considerations do not explain why privatization policy is so appealing to the centre-left parties in Europe. Divestitures of state owned corporations in the UK and elsewhere were implemented by right wing parties with the over-arching objective to defeat trade...

This paper comments an invited opinion on the American crisis in the New York Times by Professor Casey Mulligan, University of Chicago. Accord-ing to Mulligan, the crisis is no more than a financial fluctuation, banks should not be bailed out, other financial actors can finance business...

The aim of this paper is to identify which model, between the two classes of conditionalvariance models, GARCH and SV, provide the best goodness of fit in order to describestylized facts of financial time series returns. Our strategy consists in choosing threedifferent formulations for each...

The purpose of this paper is to identify and evaluate how the embedded-ness can influence the processes of internationalization among technology-based SME in nine industrial districts in Emilia Romagna. The analysis will be conducted using a statistical sample of SME extract from each district....

This paper studies the long-run consequences of imperfect competition on growth and the sectoral distribution of skills within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate skills. In the model imperfect...