ERN CEIS: Centre for Economic & International Studies Working Paper Series, Vol. 15 No. 7, 10/02/2017


Cronologico Percorso di conversazione 
  • From: "Barbara Piazzi" < >
  • To: "'Barbara Piazzi'" < >
  • Subject: ERN CEIS: Centre for Economic & International Studies Working Paper Series, Vol. 15 No. 7, 10/02/2017
  • Date: Tue, 3 Oct 2017 13:21:26 +0200

Title: CEIS: Centre for Economic & International Studies Working Paper Series :: SSRN

Web Bug from https://hq.ssrn.com/journals/TrackIssueOpening.cfm?partid=342361&deliveryid=357285

if this message does not display correctly, click here

 

Table of Contents

Vincenzo Atella, University of Rome, Tor Vergata - Centre for International Studies on Economic Growth (CEIS), Department of Economics and Finance, University of Rome, Tor Vergata - Faculty of Economics
Lorenzo Carbonari, University of Rome - Tor Vergata
Paola SamĂ , University of Rome, Tor Vergata

Rocco Ciciretti, University of Rome II - Department of Economics and Finance
Ambrogio Dalo, University of Rome, Tor Vergata - Department of Economics and Finance
Lammertjan Dam, University of Groningen - Faculty of Economics and Business

Mariarosaria Comunale, Bank of Lithuania - Economics Department


CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director

"Hours Worked in Selected OECD Countries: An Empirical Assessment" Free Download
CEIS Working Paper No. 412

VINCENZO ATELLA, University of Rome, Tor Vergata - Centre for International Studies on Economic Growth (CEIS), Department of Economics and Finance, University of Rome, Tor Vergata - Faculty of Economics
Email: ">
LORENZO CARBONARI,
University of Rome - Tor Vergata
Email: ">
PAOLA SAMĂ€,
University of Rome, Tor Vergata
Email: ">

In this paper, we empirically assess the evolution of the aggregate hours worked, with a particular emphasis on their age structure, in a sample of OECD countries, along the period 1970-2007. We show that the age composition of the workforce has a large and statistically signicant effect on hours worked volatility. To exploit the multilevel structure of our data, we use a Mixed Linear Model to investigate the consequences of (i) demographic change, (ii) sector-specific and (iii) country-specific factors on hours worked by "young" (aged 15-29) and "prime-aged" (29 ) individuals. We show that changes in workforce demographics, captured by the ratio between population older than 29 and population younger than 29, are strongly and significantly correlated with the amount of hours worked by "young" individuals. We also document the impact of sectoral capital intensity and profitability on the dynamics of (aggregate) hours worked. Finally, we show that productive public expenditure, here proxied by the public investment in ICT, is beneficial for the hours worked both by young and prime-aged individuals.

"The Price of Taste for Socially Responsible Investment" Free Download
CEIS Working Paper No. 413

ROCCO CICIRETTI, University of Rome II - Department of Economics and Finance
Email: ">
AMBROGIO DALO,
University of Rome, Tor Vergata - Department of Economics and Finance
Email: ">
LAMMERTJAN DAM,
University of Groningen - Faculty of Economics and Business
Email: ">

The demand for socially responsible investment (SRI) might be driven by:

i) the risk characteristics of “responsible” assets, and/or

ii) investors’ taste for such assets.

The former driver positions SRI in the conventional risk-return framework, the latter entails that investors screen stocks out of their portfolios based purely on their taste for such assets, uncorrelated to risk and return considerations. Theoretically, the screening of certain assets based on investors’ taste should lead to a return premium on the screened assets in equilibrium. In this paper, we disentangle the different contributions of risk and taste in generating risk-adjusted returns for socially responsible assets. By ruling out both systematic and residual risk components, we try to quantify whether and to what extent investors pay a price, in terms of lower returns, due to their taste for responsible assets. Using a sample of 1000 firms from the U.S., Europe, and Asia, between 2005 and 2014, we find evidence for the taste effect and estimate the associated under performance at 4.8% annually. Our results are robust against different model specifications and test assets.

"Synchronicity of Real and Financial Cycles and Structural Characteristics in EU Countries" Free Download
CEIS Working Paper No. 414

MARIAROSARIA COMUNALE, Bank of Lithuania - Economics Department
Email: ">

In this paper, we examine the relationships between real, credit and house price cycles, by using a synchronicity index, and structural characteristics and macroeconomic variables of 17 EU countries. We find that the cycles between credit variables and the real cycle with the property or equity prices cycles seem relatively well synchronised. Credit and GDP fluctuations seem to be less synchronised, mostly because credit volumes tend to lag the real cycle by several quarters. The high rates of private homeownership tend to be associated with larger cycles in GDP, credit, and house prices. Higher Loan-To-Value ratios, seen as a proxy of borrowing constraints, and a higher percentage of flexible-rate mortgages, could also indicate that a country is more sensitive to shocks and possibly increase pro-cyclicality and increase cycle volatility. Finally, the pro-cyclicality of the credit and housing market to the GDP cycle can be linked to the fluctuation in current accounts and their misalignments with respect to the theoretical equilibrium value. The synchronicity and the cycles of credit may also be considered for signaling recessions.

^top


About this eJournal

Submissions

To submit your research to SSRN, sign in to the SSRN User HeadQuarters, click the My Papers link on left menu and then the Start New Submission button at top of page.

Distribution Services

If your organization is interested in increasing readership for its research by starting a Research Paper Series, or sponsoring a Subject Matter eJournal, please email: ">

Distributed by

Economics Research Network (ERN), a division of Social Science Electronic Publishing (SSEP) and Social Science Research Network (SSRN)

Directors

ECONOMICS RESEARCH CENTERS PAPERS

MICHAEL C. JENSEN
SSRN, Harvard Business School, National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI), Harvard University - Accounting & Control Unit
Email: ">

Please contact us at the above addresses with your comments, questions or suggestions for ERN-RES.

Subscription Management

You can change your journal subscriptions by logging into SSRN User HQ. If you have questions or problems with this process, please email "> or call 877-SSRNHelp (877.777.6435 or 212.448.2500). Outside of the United States, call 00+1+212+4482500.

Site Subscription Membership

Many university departments and other institutions have purchased site subscriptions covering all of the eJournals in a particular network. If you want to subscribe to any of the SSRN eJournals, you may be able to do so without charge by first checking to see if your institution currently has a site subscription.

To do this please click on any of the following URLs. Instructions for joining the site are included on these pages.

If your institution or department is not listed as a site, we would be happy to work with you to set one up. Please contact "> for more information.

Individual Membership (for those not covered by a site subscription)

Join a site subscription, request a trial subscription, or purchase a subscription within the SSRN User HeadQuarters: https://hq.ssrn.com/Subscriptions.cfm

Financial Hardship

If you are undergoing financial hardship and believe you cannot pay for an eJournal, please send a detailed explanation to ">


To ensure delivery of this eJournal, please add "> (Economics Research Network) to your email contact list. If you are missing an issue or are having any problems with your subscription, please Email "> or call 877-SSRNHELP (877.777.6435 or 585.442.8170).

FORWARDING & REDISTRIBUTION

Subscriptions to the journal are for single users. You may forward a particular eJournal issue, or an excerpt from an issue, to an individual or individuals who might be interested in it. It is a violation of copyright to redistribute this eJournal on a recurring basis to another person or persons, without the permission of Social Science Electronic Publishing, Inc. For information about individual subscriptions and site subscriptions, please contact us at ">

Copyright © 2017 Elsevier, Inc. All Rights Reserved

 



  • ERN CEIS: Centre for Economic & International Studies Working Paper Series, Vol. 15 No. 7, 10/02/2017, Barbara Piazzi

Archivio con motore MhonArc 2.6.16.

§