In: The review of financial studies, 2009, vol. 22, no. 10, p. 4157-4188
This paper studies the term structure implications of a simple structural model in which the representative agent displays ambiguity aversion, modeled by Multiple Priors Recursive Utility. Bond excess returns reflect a premium for ambiguity, which is observationally distinct from the risk premium of affine yield curve models. The ambiguity premium can be large even in the simplest log-utility...
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Thèse de doctorat : Università della Svizzera italiana, 2009.
For several decades, the concept of competence has fallen into everyday use, assimilated by most languages of the western world and used in different social contexts, from economics to politics, from education to development. It has assumed surprising significance over a short period in education itself. Programmes and curricula, which remain, beyond the growing role of the market and the...
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Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009ECO004.
The thesis consists of three chapters. In the first chapter we characterize the robustness of subsampling procedures by deriving a general formula for the breakdown point of subsampling quantiles. This breakdown point can be very low for moderate subsampling block sizes, which implies the fragility of subsampling procedures, even if they are applied to robust statistics. This instability...
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A number of static and dynamic specifications of a log linear demand function for public transport are estimated using aggregate panel data for 22 Indian states over the period 1990 to 2001. Demand has been defined as total passenger kilometers to capture actual market transactions, while the regressors include public transit fare, per capita income, service quality, and other demographic...
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The geographical distribution and persistence of regional/local unemployment rates in heterogeneous economies (such as Germany) have been, in recent years, the subject of various theoretical and empirical studies. Several researchers have shown an interest in analysing the dynamic adjustment processes of unemployment and the average degree of dependence of the current unemployment rates or ...
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The regulation on prescribing and dispensing of antibiotics has a double purpose: to enhance access to antibiotic treatment and to reduce the inappropriate use of drugs. Nevertheless, incentives to dispensing physicians may lead to inefficiencies. We sketch a theoretical model of the market for antibiotic treatment and empirically investigate the impact of self-dispensing on the per capita...
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Thèse de doctorat : Università della Svizzera italiana, 2008 ; 2008ECO007.
We estimate arbitrage-free term structure models of US Treasury yields and spreads on BBB and B-rated corporate bonds in a doubly- stochastic intensity-based framework. A novel feature of our analysis is the inclusion of macroeconomic variables – indicators of real activity, inflation and financial conditions – as well as latent factors, as drivers of term structure dynamics. Our results...
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Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009INFO006.
Reverse engineering is an active area of research concerned with the development of techniques and tools that support the understanding of software systems. All the techniques that were pro- posed until now study individual systems in isolation. However, software systems are seldom developed in isolation; instead, they are developed together with other projects in the wider context of an...
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Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009INFO005.
Recent years have seen the rapid growth of web-based applications such as search engines, social networks, and e-commerce platforms. As a consequence, our daily life activities rely on computers more and more each day. Designing reliable computer systems has thus become of a prime importance. Reliability alone is not sufficient however. These systems must support high loads of client...
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In this article, we critically review the current literature on alliance formation and management with a particular emphasis on small businesses, and on managerial implications for start-up enterprises. In the beginning of the article, we discuss the advantages and the challenges of inter-organizational collaboration, by taking the perspective of technology-driven start-ups operating in...
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