Dipartimento di Economia, Statistica e Finanza - Tesi di Dottorato
Permanent URI for this collectionhttps://lisa.unical.it/handle/10955/26
Questa collezione raccoglie le Tesi di Dottorato afferenti al Dipartimento di Scienze Economiche, Statistiche e Finanziarie dell'Università della Calabria.
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Item Parental divorce and children’s outcomes : some evidence from Ireland(Università della Calabria, 2024-03-27) Spanò, Idola Francesca; Piluso, Fabio; Scoppa, VincenzoIn this thesis, we examine the situation in Ireland and explore the impact of parental divorce on children using data from the Growing Up in Ireland (GUI) study, the national longitudinal study of children and young people. The thesis is divided into three chapters. In the first chapter, we assess the impact of parental divorce on children’s socioemotional problems using the emotional subscale from the Strength and Difficulties Questionnaire (SDQ) (A. Goodman and R. Goodman 2009; R. Goodman, 1997), as well as their physical and dental health through measures of child's overweight risk, physical activity, and dental visit frequency. Employing initially a Difference-in-Differences approach and including later household's fixed effect to control for the unobserved source of heterogeneity, our results show that children who experience parental divorce between the ages of 9 and 13 do not appear to be affected by it. However, when parental divorce occurs during the adolescent's age of 13 and 17, it leads to adverse effects on all the outcomes under consideration. In the second chapter, we investigate the impact of variations in the family structure due to parental divorce on child’s later educational outcomes measured at the age of 20. The novelty of this chapter lies in the implementation of a recently developed double-machine learning estimator, which facilitates a "data-driven" selection of variables. Basically, we compare the results obtained from estimations based on a traditional "ad-hoc" variable selection procedure with those obtained from the machine learning technique. Our findings indicate that experiencing a change in family structure between the ages of 9 and 13 has an adverse effect on educational achievements when the adolescents reach the age of 20. Undergoing such a transition before the age of 9 or between the ages of 13 and 17 does not exert any influence on their educational outcomes. In the third chapter, we study the impact of a change in the family structure, specifically the transition from a two-parent to a one-parent configuration, on the externalizing and internalizing problems experienced by children. Additionally, we assess how the quality of the parent-child relationship is affected by this change. We identify a transition that takes place when children are aged 3-5 and measure its effects both at the age of 5 and 9 respectively. Implementing a Kernel Propensity Score Matching and a Difference-in-Differences approaches, our findings show that children who experience family structure between 3-5 years old have worse internalizing and externalizing problems and the parent-child relationship deteriorates. These effects do not disappear when the child is 9 years old.Item The economics of soccer: gender strategies, referee fairness, and home advantage in professional soccer leagues(Università della Calabria, 2024-03-27) Morabito, Leo; Piluso, Fabio; Scoppa, VincenzoThis thesis presents a multifaceted exploration into the realm of behavioral economics through the lens of professional soccer. The choice of soccer as a data source stems from the challenge of capturing authentic behavioral data in occupational contexts. In the pursuit of validating economic theories, real-world data becomes invaluable, and professional sports, especially soccer, offer a rich and accessible repository. Soccer, a globally revered sport, not only showcases athletes’ skills but also serves as an intriguing subject due to the blend of monetary and non-monetary incentives driving the players. The thesis comprises three distinct studies, each shedding light on different behavioral aspects of professional soccer. Collectively, these studies offer profound insights into the behavioral dynamics in high-stakes, high pressure environments. They underscore the complexity of human decision-making, influenced by various factors ranging from gender and risk tolerance to social pressures and fairness concerns. The findings not only enrich the academic discourse in sports economics and behavioral economics but also have practical implications for understanding and managing behaviors in professional sports.Item Modelling cryptocurrency market risk: do macroeconomic indicators and financial data explain the risk within the cryptocurrency market?(Università della Calabria, 2025-01-29) Lawuobahsumo, Kokulo Kpai; Piluso, Fabio; Algieri, Bernardina; Leccadito, ArturoThis dissertation explores the intricate relationship between cryptocurrency market risk and an array of macroeconomic indicators and financial data. The central inquiry revolves around whether traditional financial metrics and broader economic factors can elucidate the underlying risk dynamics within the cryptocurrency market. By integrating insights from financial economics, econometrics, and risk management, this study aims to provide a nuanced understanding of how external economic variables influence cryptocurrency return. Chapter 2 aims to investigate calendar effects in the cryptocurrency market. We consider the day-of-the-week, the month-of-the-year, quarter-of-the-year, the US Holidays, and Weekend calendar anomalies for the leading cryptocurrencies: Bitcoin, Dash, Dogecoin, Litecoin, Ripple, and Stellar. Our study employs the Autoregressive Conditional Density model with dummy variables to scrutinize these calendar effects. We find anomalies in the mean, variance, skewness, and kurtosis for these cryptocurrencies' returns. Our result suggests that the cryptocurrency market in some periods tends to violate the Efficient Market Hypothesis. Chapter 3 aims to jointly predict conditional quantiles and tail expectations for the returns of the most popular cryptocurrencies (Bitcoin, Ethereum, Ripple, Dogecoin and Litecoin) using financial and macroeconomic indicators as explanatory variables. We adopt a Monotone Composite Quantile Regression Neural Network (MCQRNN) model to make one- and five-steps-ahead predictions of Value-at-Risk (VaR) and Expected Shortfall (ES) based on a rolling window and compare the performance of our model against the Historical simulation and the standard ARMA(1,1)-GARCH(1,1) model used as benchmarks. The superior set of models is then chosen by backtesting VaR and ES using a Model Confidence Set procedure. Our results show that the MCQRNN performs better than both benchmark models for jointly predicting VaR and ES when considering daily data. Models with the implied volatility index, treasury yield spread and inflation expectations sharpen the extreme return predictions. The results are consistent for the two risk measures at the 1\% and 5\% level both, in the case of a long and short position and for all cryptocurrencies. Chapter 4 use a robust measure of non-linear dependence, the Gerber cross-correlation statistic, to study the cross-dependence between the returns on Bitcoin and a set of commodities, namely wheat, gold, platinum and crude oil WTI. The Gerber statistic enables us to obtain a more robust co-movement measure since it is neither affected by extremely large nor small movements that characterise financial time series; thus, it strips out noise from the data and allows us to capture effective co-movements between series when the movements are “substantial”. Focusing on the period 2014--2022, we construct the bootstrapped confidence intervals for the Gerber statistic and test the null that all the Gerber cross-correlations up to lag kmax are zero. Our results indicate a low degree of dependence between Bitcoin and commodities prices, both when we consider contemporaneous correlation and when we employ correlations between current Bitcoin and lagged (one day, one week, or one month) commodities returns. Chapter 5 proposes a novel framework leveraging an asymmetric Student-t distribution for asset returns enhanced with correlations governed by Generalized Autoregressive Score dynamics. We incorporate explanatory variables to examine their impact on correlations. Empirical analysis using cryptocurrency (Bitcoin and Ripple) and traditional financial market (S\&P 500, NASDAQ, VIX, and WTI) data reveals that the asymmetric Student-$t$ model consistently outperforms competing models, as it effectively captures asymmetry and heavy tails.Item Cooperazione tra imprese e performance innovativa. Uno studio sulle imprese manifatturiere italiane(Università della Calabria, 2023-11-16) Scaglione, Daniele; Piluso, Fabio; Cardamone, Paola; Pupo, ValeriaThe aim of this PhD dissertation is the theoretical and empirical study of the relationship between cooperation and innovation. In particular, it is divided into three chapters. The first presents a literature review and highlights the importance of cooperation and the different forms in which it is expressed, focusing on its impact in terms of innovation and eco-innovation and dwelling on a specific form of cooperation, the Italian network contract. The second and third chapters contain two empirical analyses using an unbalanced panel of 245,059 Italian manufacturing firms over the 2010-2020 period. This dataset is the result of combining three different data sources: Bureau Van Dijk's Orbis Intellectual Property, which contains data on patents registered with the European Patent Office (EPO); Bureau Van Dijk's AIDA, which contains detailed financial information on firms' balance sheets; InfoCamere, which contains data on network contracts entered into by firms.Item Three essays on the economic recovery in the aftermath of the Covid-19 crisis(Università della Calabria, 2023-11-16) De Luca, Desiré; Piluso, Fabio; Ordine, PatriziaAs Covid 19 began to spread, people around the globe were faced with drastic changes in many aspects of their lives. In a response to “flatten the curve”, governments have imposed national lockdown, so all the non essential businesses were closed, people were required to limit trips outside border shutdowns were enforced, travel restrictions and quarantine shelter in place, led to huge disruptions of labour markets across the world, causing major income losses and sparking uncertainty about the future and fears of an impending economic crisis and recession. Economic contagion spread as fast as the coronavirus itself, upended family dynamics and undermined out economic stability , so they also rapidly altered how and where they spent their money. In fact, in the second quarter of 2020 consumption declined more than income, as households preferred to save, contradicting what the standard economic theory suggests. This occurrence for Italy as well as for other European countries, and for the United States.Item Infodemic and intention to vaccinate: causes and effects of Covid-19 Pandemic(Università della Calabria, 2023-11-16) Mammone, Mariachiara; Piluso, Fabio; Agostino, MariarosariaCon il crescente utilizzo degli smartphone e, in generale, dei dispositivi mobili, assistiamo a un cambiamento nella dieta mediatica degli italiani: internet e i motori di ricerca, ma anche blog e social network sembrano sostituire i media tradizionali, come giornali, radio e TV. La circolazione di fake news incontra barriere minori online e contribuisce a rendere più difficile la fine della pandemia di Covid-19: la confusione generata dai contenuti falsi compromette la cooperazione delle persone sulle misure e restrizioni necessarie nella lotta all’attuale pandemia. A questo proposito, la mia tesi intende valutare, in primo luogo, una possibile determinante della disinformazione (l’uso dei social media come fonte di informazione) e poi una possibile conseguenza della stessa (l’esitazione vaccinale).Item Three empirical essays on the deregulation of licensing in the pharmacy retail sector in Italy(Università della Calabria, 2023-11-16) Mazzulla, Francesco; Piluso, Fabio; Rose, GiuseppeThis thesis aims to investigate the effects of the deregulation of the pharmaceutical market in Italy on various aspects such as worker mobility and income, pharmacy revenue and net profit, as well as hospitalizations and access to service. The Monti government implemented this reform in 2012 to alter the way in which pharmacies operate in Italy. The primary objective is to increase openings and remove barriers to entry into this market. The opening of pharmacies in various Italian regions caused an exogenous shock, as certain regions started earlier than others, resulting in municipalities with new openings and others without. This presents us with a natural experiment that we can analyze using a difference-in-differences model. However, in our instance, we have a policy that is characterized by staggered adoption of the treatment, and thus we require more complex tools for the study. Fortunately, there are models recently developed by Callaway and Sant'Anna (2021) and Borusyak et al. (2022) that can accurately estimate the effects of a treatment over several periods.Item Three essays on institutional framework's effects on the human capital development and occupational outcomes(Università della Calabria, 2022-12-05) Fasano, Mattia; Rubino, Franco Ernesto; Rose, GiuseppeThis thesis has the goal to investigate how the human capital, take into account in different age period, can be influenced by reform in the institutional assets. In the first chapter universities’ students are take into account, analysing whether a change in the labour market can affect the time needed from the students to obtain their degree. It is founded that a deregulation, that lead to an increase of the number of pharmacies, had a positive effect on the speed with which students reach the degree. In the second chapter using the same deregulation of the first one, the focus point is moved on the job satisfaction of the worker in the pharmacist sector. The results show that, not only the deregulation lead to an increase of speed for the students, but after they become workers in the abovementioned sector, they are also more likely to be satisfied with their job. Finally, in the third chapter, is analysed the effects of a reform involving a change in the asset of the city council on the level of primary school students. This first chapter seems to demonstrate that there is no effect on the younger students.Item Three empirical essays on the Economics of Primary Education(Università della Calabria, 2024-03-27) Ciccarelli, Carmela; Piluso, Fabio; Rose, GiuseppeThe manuscript consists of three chapters, each of which contains an empirical analysis emphasising the importance of municipal investments in pre-school education on pupils' educational outcomes, the reopening of schools during the second wave of the Covid-19 pandemic, finally, the role of student bullying on schooling results. The initial chapter stems from the need to understand how to strengthen the education system, which even before the Covid-19 pandemic had some weaknesses among Italian students. This could potentially be associated with the allocation of spending on pre-school education. The focus of the research is whether spending on pre-school education somehow increases student achievement. Using INVALSI data, public expenditure data and data on the registry of local administrators, we mitigate endogeneity issues by exploiting the presence of women in politics, probably the female gender tends to increase investment in pre-school education. The findings demonstrate that a substantial female presence exerts a positive influence on public expenditure for preschool education and interventions pertaining to children and kindergartens. Furthermore, public expenditure, instrumented by the alteration in the gender composition between 2013 and 2011, positively impacts the INVALSI outcomes. The focal point of the second chapter revolves around the resumption of educational institutions amidst the pandemic. The primary objective of this research endeavour was to ascertain whether schools, during a pandemic scenario akin to the recent one, serve as a medium for the transmission of infections. Consequently, it aimed to determine whether the reopening of schools in Italy contributed to the rise in infection rates. The data utilized in this study were obtained from the Higher Institute of Health on a daily basis, with the province serving as the unit of observation. The dependent variable was the daily infection rate per province, while the key variable under scrutiny was the reopening of schools, which could potentially be endogenous due to the regions' inclination to postpone school reopening in light of increased infection rates. The findings of this study demonstrate a statistically significant and positive correlation between the reopening of schools and the escalation of infection rates. Therefore, it is evident from the latest INVALSI 2023 report that the pandemic has further deteriorated students' academic performance. However, it is important to note that the issue at hand is deeply rooted in the structural aspects, as discussed in the concise overview of the first chapter. A potential contributing factor to the decline in student achievement is the existence of bullying, which is the focus of chapter three. Bullying often occurs within educational institutions, causing not only physical and psychological harm among the victims, but also hampers their academic performance. Consequently, this problem has drawn our attention to pre-adolescent students. We analyse the information provided by the INVALSI Institute on the performance in mathematics and Italian and the questionnaires from the fifth classes of the 2013-2014 school year. We relate the scores obtained in mathematics and Italian to the cases of bullying, identified through the distribution of the questionnaires to the students. Since young students are more likely to be teased by older peers, we exploit the threshold imposed by the law for early enrolment to have a tool to predict bullying and its impact on educational outcomes. The presence of early learners in a class increases the likelihood of bullying among students, which could lead to a worsening of academic performance. The results show that the occurrence of bullying in a mixed class of precocious and regular pupils leads to a worsening of academic performance in Italian and mathematics among fifth grade students.Item La tecnologia blockchain nella strategia aziendale. Inquadramento contabile e profili di valutazione economica(Università della Calabria, 2023-07-05) Amodeo, Antonino; Lamantia, Fabio Giovanni; Tommaso, SilviaDistributed Ledger Technology (“DLT” for short) has led to the proliferation of Blockchain technology, which makes it possible to use specific cryptographic algorithms that guarantee the authenticity, integrity and origin of data through the creation of computer codes that uniquely intercept information flows, impacting multiple sectors of economy - with particular attention to the supply chain and the financial sector. The particular aspect of this technology, which now enables a new digital paradigm, is based on the logic of decentralization of information flows, consensus and immutability, with the aim of creating scenarios of collaboration based on transparency, minimization of fixed costs and trust.