967 resultados para Barbaro, Francesco.


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The paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.

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A Work Project, presented as part of the requirements for the Award of a Masters Double Degree in Economics from the Nova School of Business and Economics and University of Maastricht

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In this paper we show that a closed economy, with a balanced budget and unable to increase public spending, can avoid or leave a persistent slump through adequate and timely combination of monetary and fiscal policy based on distortionary taxation. We use a three generations OLG New Keynesian model in which a permanent slump is possible without any self-correcting force to full-employment. Complementing recent work on Secular Stagnation using lump-sum taxation and government spending as fiscal instruments, our contribution is to use distortionary taxes over labor, consumption and capital, in a balanced budget environment with constant (or decreasing) government spending.

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To study the macroeconomic effects of unconventional monetary policy across the different countries of the eurozone, I develop an identification scheme to disentangle conventional from non-conventional policy shocks, using futures contracts on overnight interest rates and the size of the European Central Bank balance sheet. Setting these shocks as endogenous variables in a structural vector autoregressive (SVAR) model, along with the CPI and the employment rate, estimated impulse response functions of policy to macroeconomic variables are studied. I find that unconventional policy shocks generated mixed effects in inflation but had a positive impact on employment, with the exception of Portugal, Spain, Greece and Italy where the employment response is close to zero or negative. The heterogeneity that characterizes the responses shows that the monetary policy measures taken in recent years were not sufficient to stabilize the economies of the eurozone countries under more severe economic conditions.

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The purpose of this work project is to analyze the acquisition of WhatsApp from Facebook occurred on 19th February 2014. The main research has the aim to understand if the price tag of $19 billion paid by Mark Zuckerberg was fair. Along the reaction of Facebook’s EPS on the keydays after the purchase, a balanced assessment of the acquisition was obtained and discussed. Results suggest that the price tag could be reasonable. However, taking into account the industry in which the two companies operate, where competition is quite intense, Facebook should assess this deal in a longerterm perspective.

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The present study analyzes Angola’s trading partners from 2005 to 2015 in order to understand the main drivers of Exports and Imports growth. Departing from a gravity model, foreign GDP growth and real exchange rate fluctuations were interpreted as demand and supply disturbances on Exports. While nominal and real exports both increase with demand expansions, they react differently to supply shocks. Imports are growing at the same rate as Angola’s economy while exchange rate fluctuations capture the wealth effect of Oil price in the economy.

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Social ties are potentially an important determinant of migrants’ intention to return to their home country, and yet this topic has not been addressed in the existing economics literature on international migration. This study examines the absolute and relative importance of migrant social networks both at destination and at origin. We base our research on experimental data from Batista and Narciso (2013)1. By defining networks according to different characteristics of their members and migrant return intentions with respect to three different time horizons, we are able to dissect the network effect into its components. After controlling for unobserved heterogeneity and reverse causality biases we find that network at home seems to be the most important determinant of the migrant’s intention to return home within five and ten years.

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This thesis examines the effects of macroeconomic factors on inflation level and volatility in the Euro Area to improve the accuracy of inflation forecasts with econometric modelling. Inflation aggregates for the EU as well as inflation levels of selected countries are analysed, and the difference between these inflation estimates and forecasts are documented. The research proposes alternative models depending on the focus and the scope of inflation forecasts. I find that models with a Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) in mean process have better explanatory power for inflation variance compared to the regular GARCH models. The significant coefficients are different in EU countries in comparison to the aggregate EU-wide forecast of inflation. The presence of more pronounced GARCH components in certain countries with more stressed economies indicates that inflation volatility in these countries are likely to occur as a result of the stressed economy. In addition, other economies in the Euro Area are found to exhibit a relatively stable variance of inflation over time. Therefore, when analysing EU inflation one have to take into consideration the large differences on country level and focus on those one by one.

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This dissertation consists of three essays on the labour market impact of firing and training costs. The modelling framework resorts to the search and matching literature. The first chapter introduces firing costs, both liner and non-linear, in a new Keynesian model, analysing business cycle effects for different wage rigidity degrees. The second chapter adds training costs in a model of a segmented labour market, accessing the interaction between these two features and the skill composition of the labour force. Finally, the third chapter analyses empirically some of the issues raised in the second chapter.

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Copie du temps comprenant à la fois les lettres de Morell et celles de ses correspondants, savoir : André Fountaine ; — Al. Ferd. comes Marsilii ; — le prince seneschal de Ligne ; — Francesco de Ficoroni ; — Jo. Mich. Dilherrus ; — Jo. Lupt. Marinele Armengol. ; — Doctor J. C. Bon Cretensis ; — Jac. Perizonius ; — Gisb. Cuperus.

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Titre original : Il congresso di Citera

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1.° Germani Audeberti, Aurelii, ad serenissimam ac christianissimam Reginam Catharinam Medicaeam, Henrici III. Galliae et Poloniae Regis christianissimi matrem, carmen : subjicitur ejusdem interpretatio gallica. — 2.° Lachrymae ad tumulum Christophori Thoï. — 3.° Stanze in lode di Carlo V. Imperatore. — 4.° Carmina ejusdem Audeberti adversùs Poloniam, quùm illic regnaret Henricus. — 5.° Antonii Cerruti carmen ad Joannem Morvillerium, pro Gallorum Regibus apud Senatum Venetum Oratorem. — 6.° Carmen in fugam Caroli V. anno 1552. — 7.° Aliud carmen, quod inscribitur Caesar ; in quo Imperator suis hostibus bellum minatur. — 8.° Les furies de feu Pierre Louis Farnese : poëme francois. — 9.° Satira di Jacobo Sellaro da Cento. — 10.° Sonetti di Francesco Coppetta, Perugino. — 11.° Epitaphe du Duc Philippes de Bourgogne, escript sur sa tombe aux Chartreux de Dijon. — 12.° Epithalamium in nuptias Batorianas. — 13.° Diverses pieces de Remy Belleau. — 14.° Diverses stances sur l'amour. — 15.° Imitation de l'Arioste sur le discours de Roland le furieux, par Philippe Desportes. — 16.° Autres poësies du même. — 17.° Joannis Aurati carmen alternum in nuptias Mariae, Reginae Scotiae, Lotharingia oriundae. — 18.° Michaëlis Hospitalis carmen ad Franciscum Lotharingum, Guisiorum Principem. — 19.° Epistola Francisci Olivarii ad Cardinalem Lotharingum. — 20.° Tetrastichon de Roma. — 21.° Lettre du Prince de Piémont à monsieur l'Evêque d'Orleans, du II. Avril 1559. — 22.° Poëme : le monde passe et sa concupiscence ; par la Rochandieu. — 23.° De la science du salut. — 24.° Epitaphe du nez de maître Pierre Lizet. — 25.° Double du bannissement des Caraffes, affiché aux ruës de Rome après la mort du Pape Paul IV. — 26.° Excerptum è querimonia collegii scortorum Romanensium, de afflicto rerum suarum statu ob exilium Cardinalis Caraffae ; ad Paulum Papam IV. — 27.° Varia epigrammata. — 28.° Canzone di Giovanni Battista Leoni, al serenissimo Henrico, Duca di Angio, eletto Rè di Polonia. — 29.° Joannis Dampetri, Julii Scaligeri, Theodori Bezae, Langaei, Brixii et Olympiae Moratae carmina selecta.