if this message does not display correctly, click here | | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "Socially Responsible and Conventional Investment Funds: Performance Comparison and the Global Financial Crisis" 
CEIS Working Paper No. 310 LEONARDO BECCHETTI, University of Rome II - Faculty of Economics
Email:
">
ROCCO CICIRETTI, University of Rome II - Department of Economics and Finance
Email:
">
AMBROGIO DALO, University of Rome II - Department of Economics and Finance
Email:
">
STEFANO HERZEL, University of Rome II - Faculty of Economics
Email:
">
We investigate the performance of Socially Responsible Funds (SRFs) and Conventional Funds (CFs) in different market segments during the 1992-2012 period. From an unbalanced sample of more that 22,000 funds, we define a matched sample using a beta-distance measure to match any SRF with the "nearest neighbor" CF in terms of risk factors. Using this novel matching approach and a recursive analysis, we identify several switch points in the lead/lag relationship between the two investment styles over time in different market segments (geographical area and size). A relevant finding of our analysis is that SRFs played an "insurance role" outperforming CFs during the 2007 global
financial crisis. "Fiscal Devaluation Scenarios: A Quantitative Assessment for the Italian Economy"
CEIS Working Paper No. 311 BARBARA ANNICCHIARICO, University of Rome II - Department of Economics and Law
Email:
">
FABIO DI DIO, Sogei S.p.a.
Email:
">
FRANCESCO FELICI, Government of the Italian Republic (Italy) - Ministry of Economy and Finance - Department of the Treasury
Email:
">
We study the potential impact of fiscal devaluation policies on the Italian economy using IGEM, a dynamic general equilibrium model for the Italian economy developed at the Department of Treasury of the Italian Ministry of the Economy and Finance. The simulations show that fiscal devaluation policies are likely to produce short-run slight improvements on the external position of the economy, while the output gains seem to persist in the long run. Non-negligible distributional effects across households are also observed, since taxation on consumption tends to be regressive. "Business Fluctuations in Imperial Austria's Regions, 1867-1913: New Evidence"
CEIS Working Paper No. 312 CARLO CICCARELLI, University of Rome II - Faculty of Economics
Email:
">
ANNA MISSIAIA, London School of Economics & Political Science (LSE)
Email:
">
This paper presents annual estimates of total and per-capita GDP at 1910 prices for the regions of Imperial Austria from the origin of the Dual Monarchy (1867) to the eve of WWI (1913). The time paths of regional GDP are estimated from the yield of the tax on the transfer of real and financial property which is itself very highly correlated with the Schulze (2007) estimates of regional GDP for census years (1870, 1880, 1890, 1900, and 1910). The relative continuity or discontinuity of per-capita GDP growth partitions Austria's regions into two groups. Clear evidence of discontinuity (a "take-off") is present in Carniola, Carinthia, Salzburg, Styria, Littoral, Tyrol, and to some extent Moravia. In Lower and Upper Austria, Bohemia, Silesia, Galicia, Bukovina, and Dalmatia there is instead no evidence of structural break in their growth rates. Significant drops in the level of per-capita GDP do occur (as in Lower Austria and Bohemia after the 1873 financial crash) but have moderate effects on the growth of subsequent years. Regional (per-capita) inequality is also evaluated using standard measures. The coefficient of variation and Theil index follow a U-shaped curve: after a decline lasted about 15 years they both rise and point to, from ca. 1885, growing divergence. | | ^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
Harvard Business School, Social Science Electronic Publishing (SSEP), Inc., National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI)
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 585.442.8170). Outside of the United States, call 00+1+585+4428170. | | 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: http://www.ssrn.com/subscribe | | 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 © 2014 Social Science Electronic Publishing, Inc. All Rights Reserved | |
|
__________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 9685 (20140416) __________
Il messaggio è ³tato controllato da ESET NOD32 Antivirus.
www.nod32.it
__________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 9685 (20140416) __________
Il messaggio è stato controllato da ESET NOD32 Antivirus.
www.nod32.it
|