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| Boitani, Andrea; Nicolini, Marcella; Scarpa, Carlo. |
| This paper investigates how the ownership and the procedure for the selection of firms operating in the local public transport sector affect their productivity. In order to compare different institutional regimes, we carry out a comparative analysis of 72 companies operating in large European cities. This allows us to consider firms selected either through competitive tendering or negotiated procedures. The analysis of the data on 77 European firms over the period 1997-2006 indicates that firms operate under constant returns to scale. Retrieving the residuals we obtain a measure of total factor productivity, which we regress on firm and city characteristics. We find that when firms are totally or partially in public hands their productivity is lower.... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Local Public Transport; Public Ownership; Translog Production Function; Financial Economics; C33; K23; L25; L33; L91. |
| Ano: 2010 |
URL: http://purl.umn.edu/59392 |
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| Manera, Matteo; Nicolini, Marcella; Vignati, Ilaria. |
| This paper analyses futures prices for four energy commodities (light sweet crude oil, heating oil, gasoline and natural gas) and five agricultural commodities (corn, oats, soybean oil, soybeans and wheat), over the period 1986-2010. Using CCC and DCC multivariate GARCH models, we find that financial speculation is poorly significant in modelling returns in commodities futures while macroeconomic factors help explaining returns in commodities futures. Moreover, spillovers between commodities are present and the conditional correlations among commodities are high and time-varying. |
| Tipo: Working Paper |
Palavras-chave: Energy; Commodities; Futures Markets; Financial Speculation; Multivariate GARCH; Financial Economics; C32; G13; Q11; Q43. |
| Ano: 2012 |
URL: http://purl.umn.edu/122868 |
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| Alderighi, Marco; Nicolini, Marcella; Piga, Claudio A.. |
| Based on two strands of theoretical research, this paper provides new evidence on how fares are jointly affected by in-flight seat availability and purchasing date. As capacity-driven theories predict, it emerges that fares monotonically and substantially increase with the flights occupancy rate. Moreover, as suggested in the literature on intertemporal price discrimination, the adoption of advance purchase discounts is widespread as the departure date nears, but it may be part of a U-shaped temporal profile, where discounts are preceded by periods of relatively higher fares. Finally, the intervention of yield management analysts appears to play a substantial role. |
| Tipo: Working Paper |
Palavras-chave: Pricing policy; Panel Data; Ryanair; Yield Management; Demand and Price Analysis; D22; L11; L93. |
| Ano: 2012 |
URL: http://purl.umn.edu/122020 |
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