Risk Preference and Investments Quality as Determinants of Efficiency in the Italian Banking System

The Italian banking system is characterized by deep efficiency inequality between banks operating in different regions, with northern banks that largely outperform the southern ones. Moreover the ratio of non-performing loans to total loans is significantly higher in the South than elsewhere. In view of these evidences we asked: is the effi ciency gap of the southern banks (and therefore their lower screening and monitoring ability) the primary source of their higher level of bad loans? Or is the poorer quality of the southern bank loans (due to the adverse macroeconomic environment) that causes lower efficiency? The results offer rather concrete evidence in favour of the hypothesis that is a lower managerial efficiency which causes an increase in non-performing loans, whereas the eects of exogenous environmental shocks are negligible. As a second point to investigate, we recognize that banks have different risk aversion which differently affects the choice of input vector and we expressly take into account the capitalization degree (as a buffer against the risk) in estimating the bank cost stochastic frontier.

The Exploitation of Web Navigation Data: Ethical Issues and Alternative Scenarios

Nowadays, the users' browsing activity on the Internet is not completely private due to many entities that collect and use such data, either for legitimate or illegal goals. The implications are serious, from a person who exposes unconsciously his private information to an unknown third party entity, to a company that is unable to control its information to the outside world. As a result, users have lost control over their private data in the Internet. In this paper, we present the entities involved in users' data collection and usage. Then, we highlight what are the ethical issues that arise for users, companies, scientists and governments. Finally, we present some alternative scenarios and suggestions for the entities to address such ethical issues.Comment: 11 pages, 1 figur

Managers' Mobility, Trade Status and Wages

This paper investigates whether the arrival of managers with export experience, i.e. experience acquired through participation in the export activity of previous employers, is related to firms' international trade status and to what extent this relationship is of a causal nature. We construct a worker-firm matched panel dataset which enables us to track managers across different firms over time and observe firms' trading stance as well as a large set of workers' and firms' characteristics. Contrary to blue and white collars, we find that managers are paid a sizeable premium for export experience which has both a level and a trend component. Conditioning for the firm past trade status, we find that a one standard deviation increase in the firm's share of managers' with export experience corresponds to about 35% more chances of starting to export. The impact is stronger for larger firms and is roughly of the same order of magnitude of the firm productivity effect. On the contrary, export experience acquired by managers from previous employers positively affects the capacity to keep exporting in small firms only. To give a causality flavor to our findings, we use in a final step an IV strategy that mimics a random matching between managers with export experience and firms. IV estimations indicate that export experience matters even more for entry while it has no effect on exit.Managers, worker mobility, trade status, wage premia, displacement, export experience