Template-type: ReDIF-Article 1.0 Author-Name: Annalisa Di Clemente Title: Considering the dependence between the credit loss severity and the probability of default in the estimate of portfolio credit risk: an experimental analysis Abstract: In this paper a simple and innovative model for measuring more accurately the credit tail risk of a banking book is presented. This is a Monte Carlo simulation model in which the credit loss severity (LGD) is a stochastic variable and it is correlated to the default event. Specifically, LGD is assumed to be distributed as a conditional beta function and its two parameters a and b are estimated assuming a mean value of LGD linked to the value of the PD conditional to the value of the macro-economic risk factor generated in every Monte Carlo simulative scenario. The linkage between the average LGD and the conditional PD is obtained by a simple linear regression analysis calibrated by using the time series of easily available financial historical data (Moody?s, 2011; Standard & Poor?s, 2012). Classification-JEL: G15, G21, G28 Keywords: Note: Pages:5-24 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51675&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Iacopo Grassi Title: Regulating quality: a comparison between minimum quality standards and mixed oligopoly Abstract: This paper compares two possible State interventions in a market where a vertical differentiable good is produced: minimum quality standards (MQS) and mixed competition. In the analysis of MQS I consider an endogenous standard, given by the maximization of the Social Welfare, and the possibility for the firms not to respect such a standard, selling a low quality illegal good. In the study of the mixed oligopoly I concentrate the analysis on sectors where there might be separation between managers (who set the prices maximizing the profit) and employees (who set the quality maximizing the social welfare). The main result is that in these sectors the presence of the public firm allows to increase the Social Welfare with respect to the case when the good is produced by private firms or by a firm regulated with MQS. Classification-JEL: L13, L50, H44 Keywords: Note: Pages:25-44 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51676&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Elvira Sapienza Title: Usura ed estorsione nel mezzogiorno: una stima delle determinanti Abstract: Many studies analyze the economics of crime and the relationship between the motives and the illegitimate activities that slow down economic growth in the long run. This work aims to contribute to the general debate examining specific types of crime, usury and extortion in a particular Italian region: the Mezzogiorno strongly affected by them, in order to measure the impact of deterrence measures and financial and socioeconomic variables on these crimes. Classification-JEL: R11, K42, C33 Keywords: Note: Pages:45-67 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51677&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Otello Ardovino Author-Name: Luca Pennacchio Author-Name: Giuseppe Piroli Title: Cooperazione in ricerca e sviluppo e attivit? innovativa delle imprese: un?analisi empirica della realt? italiana Abstract: In recent decades firms have stepped up cooperation in R&D to improve their innovation capability by exploiting the external knowledge. Using data from the Community Innovation Survey, this paper analyzes the effect of cooperation on the propensity to innovate of Italian firms. Overall, the main results show that cooperation in research and development has a positive effect on this propensity. However, the effect varies according to the type of partner chosen by the firm. The greatest benefits derive from collaborations with non-competitive partners, such as suppliers and clients, but cooperation with competitors may also stimulate the firms? innovation capabilities. Instead, cooperation with universities and other public research organizations shows a weak positive correlation with innovation propensity of firms. Size, R&D intensity, public support and internationalization also play an important role. The work takes into account the simultaneity and heterogeneity in firms? innovation and collaboration strategies. Classification-JEL: L13, O30, O32 Keywords: Note: Pages:68-98 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51678&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Vincenzo Giura Title: Il mezzogiorno come palla al piede Abstract: The review-article examines the contents of a book on old and recent prejudices against the South of Italy. The author comments upon the text and mentions other views of the problem. Keywords: pregiudizi e Mezzogiorno JEL Classification: N93, N94 Classification-JEL: Keywords: Note: Pages:99-104 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51679&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Comitato di Redazione Title: Recensioni Abstract: Classification-JEL: Keywords: Note: Pages:105-111 Volume: 2013/109 Year: 2013 Issue:109 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=51680&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2013-109006 Number: 6