Seminari - Dipartimento Economics validi dal 20.10.2019 al 20.10.2020. http://www.dse.univr.it/?ent=seminario&rss=0&lang=en http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4915 Relatore: Guillaume Szulda; Data inizio: 2019-10-29; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 29 Oct 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4915 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4746 Relatore: Álvaro Cartea; Provenienza: University of Oxford; Data inizio: 2019-10-30; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Maria Flora; Riassunto: We model the trading strategy of an investor who spoofs the limit order book (LOB) to increase the revenue obtained from selling a position in a security. The strategy employs, in addition to sell limit orders (LOs) and sell market orders (MOs), a large number of spoof buy LOs to manipulate the volume imbalance of the LOB. Spoofing is illegal, so the strategy trades off the gains that originate from spoofing against the expected financial losses due to a fine imposed by the financial authorities. As the expected value of the fine increases, the investor relies less on spoofing, and if the expected fine is large enough, it is optimal for the investor not too spoof the LOB because the fine outweighs the benefits from spoofing. The arrival rate of buy MOs increases because other traders believe that the spoofed buy-heavy LOB shows the true supply of liquidity and interpret this imbalance as an upward pressure in prices. When the fine is low, our results show that spoofing considerably increases the revenues from liquidating a position. The PnL of the spoof strategy is higher than that of a no-spoof strategy for two reasons. First, the investor employs fewer MOs to draw the inventory to zero and benefits from roundtrip trades, which stem from spoof buy LOs that are lsquo;inadvertentlyrsquo; filled and subsequently unwound with sell LOs. Second, the midprice trends upward when the book is buy-heavy, therefore, as time evolves, the spoofer sells the asset at better prices (on average). Wed, 30 Oct 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4746 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4958 Relatore: Alessia Sconti; Data inizio: 2019-11-05; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 5 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4958 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4916 Relatore: Simone Quercia; Data inizio: 2019-11-12; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 12 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4916 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4892 Relatore: Luca Stella; Provenienza: Bocconi University; Data inizio: 2019-11-13; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Alessandro Sommacal. Wed, 13 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4892 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4912 Relatore: Laura Cavalli; Provenienza: Università del S. Cuore di Milano; Data inizio: 2019-11-19; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Veronica Polin; Riassunto: Localizing the Agenda 2030 is a complex issue, especially when we attempt to link numbers to the intrinsic value of the Agenda 2030. It requires a deep understanding of the (multidimensional) problem of sustainable development and practical tools able to help the policymakers facing this challenge. The paper focuses on the urban dimension of the phenomenon, proposing a way of measuring the Agenda 2030 at municipality level in Italy, merging social and environmental elementary indicators into 16 composite indices and one composite dimension representing 16 out of 17 Sustainable Developments Goals (SDGs) adopted by the United Nations in 2015. Tue, 19 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4912 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4787 Relatore: Paolo Pin; Provenienza: Bocconi University; Data inizio: 2019-11-20; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Roberto Renò. Wed, 20 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4787 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4917 Relatore: Angelo Zago; Data inizio: 2019-11-26; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 26 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4917 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4873 Relatore: Giampiero Gallo; Provenienza: Corte dei Conti; Data inizio: 2019-11-27; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Roberto Renò. Wed, 27 Nov 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4873 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4918 Relatore: Roberto Ricciuti; Data inizio: 2019-12-10; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 10 Dec 2019 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4918 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4919 Relatore: Athena Picarelli; Data inizio: 2020-01-14; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 14 Jan 2020 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4919 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4908 Relatore: Alessandro Castagnetti; Provenienza: University of Warwick; Data inizio: 2020-01-15; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Maria Vittoria Levati; Riassunto: This paper aims at identifying how individuals search for ego-relevant information and how they subsequently update their beliefs. In our lab experiment, participants are ranked according to either their performance in an IQ test (ego-relevant treatment) or a random number (control treatment). Subjects are incentivised to report their beliefs about whether their IQ score or their random number is in the top half of the distribution. We ask for both prior and posterior beliefs after three rounds of signals. Before the updating stage, subjects choose between information sources that vary in terms of informativeness, skewness and framing. Moreover, in a further treatment we exogenously assign subjects an information structure to investigate their updating behaviour. In particular, we ask: (1) Do individuals selectively choose less informative and positively framed information structures in order to maintain positive views about themselves? (2) Is the subsequent belief updating process biased by the information structure chosen? Our results show that subjects are significantly more likely to choose information structures that are less informative and positively framed if the rank is based on the ego-relevant task. Subjects subsequent belief formation and updating is also influenced by the information structure chosen. We find that updating differs across information structures with participants reacting not only to the signals#39; informativeness but also to their framing. Thus, we find that psychological biases (i.e., information structure selection) interact with cognitive biases (i.e., belief formation) in systematic ways that allows people to maintain and exacerbate overconfidence. . Wed, 15 Jan 2020 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4908 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4941 Relatore: Cosimo Petracchi; Data inizio: 2020-01-21; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 21 Jan 2020 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4941 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4920 Relatore: Francesca Rossi; Data inizio: 2020-01-28; Ora inizio: 12.00; Referente interno: Simone Quercia. Tue, 28 Jan 2020 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4920 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4926 Relatore: Michele Battisti; Provenienza: University of Palermo; Data inizio: 2020-03-25; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Tamara Fioroni. Wed, 25 Mar 2020 12:00:00 +0100 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4926 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4929 Relatore: Richard Van Weelden; Provenienza: University of Pittsburgh; Data inizio: 2020-05-13; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Emanuele Leopoldo Alberto Bracco. Wed, 13 May 2020 12:00:00 +0200 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4929 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4930 Relatore: Massimiliano Onorato; Provenienza: University of Bologna; Data inizio: 2020-05-27; Ora inizio: 12.00; Note orario: Polo Santa Marta, Via Cantarane 24, Sala Vaona; Referente interno: Adelaide Baronchelli. Wed, 27 May 2020 12:00:00 +0200 http://www.dse.univr.it/?ent=seminario&rss=0&lang=en&id=4930