The market portfolio efficiency remains controversial. This paper develops a new test of portfolio mean-variance efficiency relying on the realistic assumption that all assets are risky. The test is based on the vertical distance of a portfolio from the efficient frontier. Monte Carlo...

This is a summary of the author’s Ph.D. thesis supervised by Fioravante Patrone and Stefano Bonassi and defended on 25 May 2006 at the Università degli Studi di Genova. The thesis in written in English and a copy is available from the author upon request. This work deals with the discussion...

This paper proposes a measure of the contribution of unequal opportunities to earnings inequality. Drawing on the distinction between ‘circumstance’ and ‘effort’ variables in John Roemer’s work on equality of opportunity, we associate inequality of opportunities with five observed...

We provide a price characterization of efficient contingent claims - that is, chosen by at least a rational agent - in multiperiod economies with market frictions. Frictions include market incompleteness, transaction costs, short-selling, and borrowing costs. We characterize the inefficiency...

We consider an auction setting, in a symmetric information framework, in which bidders, even if they fail to obtain the good, care about the price paid by the winner. We prove that the outcome of the first-price auction is not affected by identity-independent price externalities, while the...

Suppression du caractère spécial de la responsabilité pénale des personnes-morales ; impact de la réforme dans le cadre des relations du travail

This analysis aims to get a step further in the understanding of the determining factors of social health inequalities, and to explore particularly the role played by parents’ social status and their vital status or age at death on the social health inequalities in adulthood among European...