Browsing by Author "GUISO, Luigi"

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Browsing by Author "GUISO, Luigi"

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    Title: The Role of Intuition and Reasoning in Driving Aversion to Risk and Ambiguity  Author(s): BUTLER, Jeffrey V.; GUISO, Luigi; JAPPELLI, Tullio Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Using information on a large sample of retail investors and experimental data we find that risk aversion and risk ambiguity are correlated: individuals who dislike risk also dislike ambiguity. We show that what links these ...
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    Title: What Do CEOs Do?  Author(s): BANDIERA, Oriana; GUISO, Luigi; PRAT, Andrea; SADUN, Raffaella Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a methodology to collect and analyze data on CEO’s time use. The idea sketched out in a simple theoretical set-up is that CEO time is a scarce resource and its allocation can help us identify the firm’s priorities ...
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    Title: What Drives Women Out of Entrepreneurship? The Joint Role of Testosterone and Culture  Author(s): GUISO, Luigi; RUSTICHINI, Aldo Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The ratio of second to fourth digit (2D4D) has been shown to correlate negatively with entrepreneurial skills and financial success. We document that in a sample of entrepreneurs women have a lower 2D4D ratio than men, in ...
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    Title: Understanding the Size and Profitability of Firms: The Role of a Biological Factor  Author(s): GUISO, Luigi; RUSTICHINI, Aldo Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We collect information on prenatal testosterone in a large sample of entrepreneurs by measuring the length of their 2th to 4th fingers in face to face interviews. Entrepreneurs with higher exposure to prenatal testosterone ...
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    Title: Detecting Propagation Effects by Observing Aggregate Distributions: The Case of Lumpy Investments  Author(s): GUISO, Luigi; LAI, Chaoqun; NIREI, Makoto Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: By using an extensive panel data set of Italian firms, we show empirically that the fraction of firms that engage in a lumpy investment follows a non-normal, double-exponential distribution across region-year. We propose ...
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    Title: What Determines Entrepreneurial Clusters?  Author(s): GUISO, Luigi; SCHIVARDI, Fabiano Date: 2011 Type of Publication: Article Abstract: We contrast two potential explanations of the substantial differences in entrepreneurial activity observed across geographical areas: entry costs and external effects. We extend the Lucas model of entrepreneurship to allow ...
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    Title: The Macroeconomic and Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives  Author(s): CARLETTI, Elena; CORSETTI, Giancarlo; SIMONELLI, Saverio; COOLEY, Thomas F.; MARCELLINO, Massimiliano; JAMES, Harold; GRAY, Joanna; O'CALLAGHAN,Patrick; ALLEN, Franklin; GUISO, Luigi Date: 2011 Type of Publication: Other Series/Report no.: EUI RSCAS PP Abstract: The paper by Thomas Cooley (New York University) discusses the challenges for the European Central Bank in the current situation both in terms of long term fiscal adjustments and of potential fragility of the European ...
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    Title: The Determinants of Attitudes towards Strategic Default on Mortgages  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). The cost of ...
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    Title: Durable Consumption and Asset Management with Transaction and Observation Costs  Author(s): ALVAREZ, Fernando; GUISO, Luigi; LIPPI, Francesco Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The empirical evidence on rational inattention lags far behind the theoretical developments: micro evidence on the most immediate consequence of observation costs - the infrequent observation of state variables - is not ...
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    Title: Credit within the Firm  Author(s): GUISO, Luigi; PISTAFERRI, Luigi; SCHIVARDI, Fabiano Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms ...
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    Title: The Structure of Multiple Credit Relationships: Evidence From US Firms  Author(s): GUISO, Luigi; MINETTI, Raoul Date: 2010 Type of Publication: Article Abstract: When firms borrow from multiple concentrated creditors such as banks they appear to differentiate their allocation of borrowing. In this paper, we put forward hypotheses for this borrowing pattern based on incomplete ...
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    Title: A Trust-Driven Financial Crisis. Implications for the Future of Financial Markets  Author(s): GUISO, Luigi Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The financial crisis has brought to light diffuse opportunistic behaviour and some serious frauds. Because of this trust towards banks, bankers, brokers and the stock market has collapsed to unprecedented levels and there ...
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    Title: Civic Capital as the Missing Link  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This chapter reviews the recent debate about the role of social capital in economics. We argue that all the difficulties this concept has encountered in economics are due to a vague and excessively broad definition. For ...
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    Title: Pension Risk, Retirement Saving and Insurance  Author(s): GUISO, Luigi; JAPPELLI, Tullio; PADULA, Mario Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Using a representative sample of Italian investors, we estimate the risk associated with pension benefits by eliciting for each individual the subjective distribution of the replacement rate as a summary indicator of ...
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    Title: Cultural Biases in Economic Exchange?  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2009 Type of Publication: Article Abstract: How much do cultural biases affect economic exchange? We answer this question by using data on bilateral trust between European countries. We document that this trust is affected not only by the characteristics of the ...
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    Title: The Right Amount of Trust  Author(s): BUTLER, Jeffrey V.; GIULIANO, Paola; GUISO, Luigi Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: A vast literature has investigated the relationship between trust and aggregate economic performance. We investigate the relationship between individual trust and individual economic performance. We find that individual ...
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    Title: A Test of Narrow Framing and Its Origin  Author(s): GUISO, Luigi Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: I provide a test of narrow framing to explain why individuals turn down small positive expected value lotteries. Participants in a large survey have been asked whether they would accept a small lottery of winning 180 euros ...
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    Title: Moral and Social Constraints to Strategic Default on Mortgages  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use survey data to study American households‘ propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% ...
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    Title: Alfred Marshall lecture: social capital as good culture  Author(s): GUISO, Luigi; SAPIENZA, Paolo; ZINGALES, Luigi Date: 2008 Type of Publication: Article Abstract: To explain the extremely long-term persistence (more than 500 years) of positive historical experiences of cooperation (Putnam 1993), we model the intergenerational transmission of priors about the trustworthiness of others. ...
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    Title: Trusting the Stock Market  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2008 Type of Publication: Article Abstract: We study the effect that a general lack of trust can have on stock market participation. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function of the ...