if this message does not display correctly, click here | Table of Contents Leonardo Becchetti, University of Rome II - Faculty of Economics
Rocco Ciciretti, University of Rome II - Department of Economics and Finance
Adriana Paolantonio, United Nations - Food and Agriculture Organization (FAO) Andrea Attar, IDEI, Université de Toulouse I., University of Roma II, Tor Vergata
Thomas Mariotti, University of Toulouse I
Francois Salanie, National Institute for Agricultural Research (INRA) Enkelejda Havari, University of Ca' Foscari - Venice
Marco Savegnago, University of Rome II | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "Is There a Cooperative Bank Difference?" 
CEIS Working Paper No. 313 LEONARDO BECCHETTI, University of Rome II - Faculty of Economics
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ROCCO CICIRETTI, University of Rome II - Department of Economics and Finance
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ADRIANA PAOLANTONIO, United Nations - Food and Agriculture Organization (FAO)
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We compare characteristics of cooperative and non cooperative banks at world level in a time spell including the global financial crisis. Cooperative banks have higher net loans/total assets ratio, lower income from non traditional activites and lower shares of derivatives over total assets than non cooperative banks. From an econometric point of view, we find that the cooperative bank specialization has a positive and significant effect on the net loans/total assets ratio in the overall sample period and in the post financial crisis subperiod. Derivatives (both in terms of assets and revenues) have a quantitatively strong and significant negative effect on the same dependent variable during both time spells. We finally document that, in a conditional convergence specification, the net loans/total assets ratio is positively and significantly correlated with the value added growth of the manufacturing sector with the exception of the two extremes of self-financing sectors and sectors in high need of external finance. "On Competitive Nonlinear Pricing"
CEIS Working Paper No. 314 ANDREA ATTAR, IDEI, Université de Toulouse I., University of Roma II, Tor Vergata
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THOMAS MARIOTTI, University of Toulouse I
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FRANCOIS SALANIE, National Institute for Agricultural Research (INRA)
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Many financial markets rely on a discriminatory limit-order book to balance supply and demand. We study these markets in a static model in which uninformed market makers compete in nonlinear tariffs to trade with an informed insider, as in Glosten (1994), Biais, Martimort, and Rochet (2000), and Back and Baruch (2013). We analyze the case where tariffs are unconstrained and the case where tariffs are restricted to be convex. In both cases, we show that pure-strategy equilibrium tariffs must be linear and, moreover, that such equilibria only exist under exceptional circumstances. These results stand in stark contrast with those obtained so far in the literature, reflecting different assumptions about the richness of the insider's information. "The Causal Effect of Parents’ Schooling on Children’s Schooling in Europe. A New IV Approach."
CEIS Working Paper No. 315 ENKELEJDA HAVARI, University of Ca' Foscari - Venice
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MARCO SAVEGNAGO, University of Rome II
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This paper estimates the causal effect of parental education on children’s education in 13 European countries, using representative data from the Survey of Health, Ageing and Retirement in Europe (SHARE). A novel instrumental variable approach is used to solve the endogeneity issue. We combine two instruments: parental birth order (indicator for being a first born) and Compulsory Schooling Laws (CSL). While CSL have been widely used in applied work, our contribution is to introduce parental birth order as instrument in the intergenerational mobility literature. We find that parental education has a positive, large and significant causal effect on children’s education. This finding is robust to the instrument chosen (birth order, CSL, or both), to sample selection and to several robustness checks. | | ^top
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