Browsing Department of Economics (ECO) by Author "GUISO, Luigi"

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Browsing Department of Economics (ECO) by Author "GUISO, Luigi"

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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 ...
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    Title: Risk Aversion, Wealth, and Background Risk  Author(s): GUISO, Luigi; PAIELLA, Monica Date: 2008 Type of Publication: Article Abstract: We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay for a risky security. We relate this measure to consumer's endowments and attributes ...
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    Title: Matching Firms, Managers and Incentives  Author(s): BANDIERA, Oriana; GUISO, Luigi; PRAT, Andrea; SADUN, Raffaella Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We provide evidence on the match between firms, managers and incentives using a new survey designed for this purpose. The survey contains information on a sample of executives’ risk preferences and human capital, on the ...
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    Title: Long Term Persistence  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Is social capital long lasting? Does it affect long term economic performance? To answer these questions we test Putnam’s conjecture that today marked differences in social capital between the North and South of Italy were ...
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    Title: Labor Adjustment: Disentangling Firing and Mobility Costs  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper studies the costs of adjusting employment, distinguishing between firms’ firing and workers’ mobility costs. We construct a simple dynamic general equilibrium model of labor demand and supply and show that ...
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    Title: Risk Aversion, Wealth, and Background Risk  Author(s): GUISO, Luigi; PAIELLA, Monica Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay for a risky security. We relate this measure to consumers.endowments and attributes ...
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    Title: Cultural Biases in Economic Exchange?  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: How much do cultural biases affect economic exchange? We try to answer this question by using the relative trust European citizens have for citizens of other countries. First, we document that this trust is affected not ...
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    Title: Social Capital as Good Culture  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO 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 ...
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    Title: Spillovers in Industrial Districts  Author(s): GUISO, Luigi; SCHIVARDI, Fabiano Date: 2007 Type of Publication: Article Abstract: We study the role of social interaction (SI) in determining firms’ employment adjustments in industrial districts. We assume that SI matters only among firms that are both similar and geographically close. Our first test ...
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    Title: The Cost of Banking Regulation  Author(s): GUISO, Luigi; SAPIENZA, Paola; ZINGALES, Luigi Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted ...
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    Title: What Determines Entrepreneurial Clusters?  Author(s): GUISO, Luigi; SCHIVARDI, Fabiano Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO 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: Information Acquisition and Portfolio Performance  Author(s): GUISO, Luigi; JAPPELLI, Tullio Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO
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    Title: The Structure of Multiple Credit Relationships: Evidence from US Firm  Author(s): GUISO, Luigi; MINNETTI, Raul Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO 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 ...