Sadly, even good things must come to an end: don't miss the season finale of your favorite seminar series as WISE gets ready to host his last presenter for the summer.
On Wednesday June 8 at 12.45-14 pm in room E, Alvise Favotto will present his work "Mind the gap: exploring the perception of the ethical environment across groups of managers"
Here is an abstract of his presentation.
ABSTRACT
This study investigates whether and how the perception of the 'organizational ethical environment' (Trevino et al., 1998) varies across groups of managers at different hierarchical levels. We drew on research on organizational identity to investigate whether different opinions on ethical context are retained by different sub-groups of managers. Extant research suggests that senior managers are likely to express significantly more positive perceptions of organizational ethics when compared with employees in non-managerial positions, however it remains silent on middle and lower managers' perception of ethical environment, even though these managers act as 'linking pins', possibly influencing other organizational members, both upwards and downwards. Data from over 1700 respondents were collected in a large US-based corporation, operating in the utility sector. Our findings suggest that perception of the ethical environment varies significantly across groups of organizational members. Consistent with our predictions, senior managers are likely to hold a rosier perspective of the environment for ethics, while a more cynical approach is held by middle- and lower-level managers. Implications for research and practice are discussed.
Please note lunch will take place before the seminar, between 12.45 and 1 pm, with the presentation starting only at 1 pm.
Remember also that WISE went green, thus we kindly ask you to confirm by email your participation to the seminar in due time, in order to allow to prepare the right amount of food. Please remember also to state whether you require a vegetarian option!
Thank you and looking forward to seeing you all at WISE
- the WISE staff
The blog of the Wednesday Informal Seminar in Economics (WISE)
Summer Bubbles!
If this early summer is getting your fuses blowing, refresh your mind with the next WISE seminar!
On Wednesday June 1 at 12.45-14 pm in room E, Francesco Pesci will present his work on "A Speculative Bubble in an Intermediated Financial Market".
Here is an abstract of his presentation.
ABSTRACT
In a financial market in which trade is intermediated by specialized “market makers”, differences in expectations (or valuations) about the cash flow from an asset can push its price above its fundamental value, i.e., above what the agents, who are active in the market, would pay if they were forced to hold the asset until maturity.
We present a game-theoretic model, in which the possibility to realize capital gains by selling the asset to more optimistic traders can make the intermediaries be willing to pay a premium over what they think to be the fundamental.
Since the owners of the asset share the same expectations of the market makers, in the (pure-strategy) Nash equilibrium of the game trade between those agents takes place at price higher than what both the owners and the market makers hold to be the fundamental, i.e., the equilibrium exhibits a bubble.
While in the models on bubbles featuring agents with heterogeneous expectations, the demand of less optimistic agents tends to have a “stabilizing” effect on prices, which are bid up by the demand of more optimistic traders, in our model the price of the asset is driven up precisely by less optimistic agent, i.e., the market makers, who buy for speculative purposes.
Allowing for some modifications, our model could also offer an interpretation for events leading to the 2007 “financial crisis”.
Please note lunch will take place before the seminar, between 12.45 and 1 pm, with the presentation starting only at 1 pm.
Remember also that WISE went green, thus we kindly ask you to confirm by email your participation to the seminar in due time, in order to allow to prepare the right amount of food. Please remember also to state whether you require a vegetarian option!
Thank you and looking forward to seeing you all at WISE
- The WISE staff
On Wednesday June 1 at 12.45-14 pm in room E, Francesco Pesci will present his work on "A Speculative Bubble in an Intermediated Financial Market".
Here is an abstract of his presentation.
ABSTRACT
In a financial market in which trade is intermediated by specialized “market makers”, differences in expectations (or valuations) about the cash flow from an asset can push its price above its fundamental value, i.e., above what the agents, who are active in the market, would pay if they were forced to hold the asset until maturity.
We present a game-theoretic model, in which the possibility to realize capital gains by selling the asset to more optimistic traders can make the intermediaries be willing to pay a premium over what they think to be the fundamental.
Since the owners of the asset share the same expectations of the market makers, in the (pure-strategy) Nash equilibrium of the game trade between those agents takes place at price higher than what both the owners and the market makers hold to be the fundamental, i.e., the equilibrium exhibits a bubble.
While in the models on bubbles featuring agents with heterogeneous expectations, the demand of less optimistic agents tends to have a “stabilizing” effect on prices, which are bid up by the demand of more optimistic traders, in our model the price of the asset is driven up precisely by less optimistic agent, i.e., the market makers, who buy for speculative purposes.
Allowing for some modifications, our model could also offer an interpretation for events leading to the 2007 “financial crisis”.
Please note lunch will take place before the seminar, between 12.45 and 1 pm, with the presentation starting only at 1 pm.
Remember also that WISE went green, thus we kindly ask you to confirm by email your participation to the seminar in due time, in order to allow to prepare the right amount of food. Please remember also to state whether you require a vegetarian option!
Thank you and looking forward to seeing you all at WISE
- The WISE staff
BACK IN TIME!
we are finally back after a short break with more exciting WISE seminars!
Next week, it will be Giovanni Favero's turn on the WISE floor! Giovanni will bring us back in time with his presentation of "Industrial Statistics in Liberal Italy: A Case of Observatory
Capture". A very fitting "historical" opportunity in this anniversary year!
Don't miss this opportunity to join us at WISE on Wednsday May 18 at 12.45-14 pm in room E.
Here is an abstract of his presentation.
ABSTRACT
The ability of industrial entrepreneurs to influence the outcome of statistical surveys on industry is inquired here exploiting the correspondence between Luigi Bodio and Alessandro Rossi. Bodio (1840-1920) was the head of Italian official statistics from 1871 to 1898 and had also an important role in the International Statistical Institute. Rossi (1819-1898) was the main Italian wool industrialist of the time, and was directly involved in the promotion of protectionism. The in-depth study of the exchange of letters between the two allows a micro-analysis of the mechanisms by which a businessman could exert his influence on a public official, by which the data provided by the former could take on an official nature, and by which his opinions could affect the approach of the latter as a statistician to the measurement of industry. In time, the industrialist’s attitude changes from a passive resistance to statistical investigation to a more active role of unofficial consultant to the statistician. The growing influence Rossi exerted is interpreted as a case of deep regulatory capture, showing how industrialists could mould in some parts the official data that would be used to take economic-policy decisions. Rossi’s involvement in the construction of official statistics is also discussed in connection with the indirect effects it had in the long period on the statistical representation of Italian industrial economy.
The paper is available at : http://es.oxfordjournals.org/content/early/2011/03/07/es.khq141.full?keytype=ref&ijkey=dTzty71JqeIlJuf
Please note lunch will take place before the seminar, between 12.45 and 1 pm, with the presentation starting only at 1 pm.
Remember also that WISE went green, thus we kindly ask you to confirm by email your participation to the seminar in due time, in order to allow to prepare the right amount of food. Please remember also to state whether you require a vegetarian option!
Looking forward to seeing you all at WISE!
-the WISE staff
Next week, it will be Giovanni Favero's turn on the WISE floor! Giovanni will bring us back in time with his presentation of "Industrial Statistics in Liberal Italy: A Case of Observatory
Capture". A very fitting "historical" opportunity in this anniversary year!
Don't miss this opportunity to join us at WISE on Wednsday May 18 at 12.45-14 pm in room E.
Here is an abstract of his presentation.
ABSTRACT
The ability of industrial entrepreneurs to influence the outcome of statistical surveys on industry is inquired here exploiting the correspondence between Luigi Bodio and Alessandro Rossi. Bodio (1840-1920) was the head of Italian official statistics from 1871 to 1898 and had also an important role in the International Statistical Institute. Rossi (1819-1898) was the main Italian wool industrialist of the time, and was directly involved in the promotion of protectionism. The in-depth study of the exchange of letters between the two allows a micro-analysis of the mechanisms by which a businessman could exert his influence on a public official, by which the data provided by the former could take on an official nature, and by which his opinions could affect the approach of the latter as a statistician to the measurement of industry. In time, the industrialist’s attitude changes from a passive resistance to statistical investigation to a more active role of unofficial consultant to the statistician. The growing influence Rossi exerted is interpreted as a case of deep regulatory capture, showing how industrialists could mould in some parts the official data that would be used to take economic-policy decisions. Rossi’s involvement in the construction of official statistics is also discussed in connection with the indirect effects it had in the long period on the statistical representation of Italian industrial economy.
The paper is available at : http://es.oxfordjournals.org/content/early/2011/03/07/es.khq141.full?keytype=ref&ijkey=dTzty71JqeIlJuf
Please note lunch will take place before the seminar, between 12.45 and 1 pm, with the presentation starting only at 1 pm.
Remember also that WISE went green, thus we kindly ask you to confirm by email your participation to the seminar in due time, in order to allow to prepare the right amount of food. Please remember also to state whether you require a vegetarian option!
Looking forward to seeing you all at WISE!
-the WISE staff
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