Andrea Carosi

Dataset for corporate valuation and analyses of peer effects in corporate practices and local factors favoring innovation

This data article provides cross-sectionals on the local values of the coefficients of ROE, R&D-TO-SALES, and TOTAL ASSET as regressors of the MARKET-TO-BOOK ratio and is related to the research article entitled “Do Local Causations Matter? The Effect of Firm Location on the Relations of ROE, R&D, and Firm Size with Market-to-Book” (A. Carosi, 2016) [1]. The data are aggregated at the regional level (NUTS2). The reported data are the regional average values of the coefficients of ROE, R&D-TO-SALES, and LN(TOTAL ASSET) on LN(MARKET-TO-BOOK), estimated upon the Italian non-financial listed firms in 1999–2007. Local coefficient estimates for family firms and utilities are also provided.

Retirement saving in the UK: a life-cycle analysis

This paper aims to study long-term savings accumulation in the UK. The authors use cross-sectional information from the extensive data set of the Family Resources Survey to compare long-term saving amongst different ethnic groups with the control group, the native population. The paper reflects on whether different groups are more likely to suffer poverty in retirement.,In this analysis, the authors apply the life-cycle framework to explain saving profiles. This theoretical model has been used extensively in the field of economics and can be applied to empirical studies to examine changes in income and saving patterns over the life-course. The framework contends that individuals make savings decisions to smooth consumption over different phases of their life-cycle.,The findings indicate that socio-economic factors are key elements in determining whether individuals plan for retirement if factors are controlled for the differences in saving behaviours between ethnic minorities and the control population decrease considerably. Asian women, with good education and social standing, display greater saving rates than the control group, while the socio-economic disadvantage suffered especially by Pakistani and Bangladeshi women is key to their inability to save long-term. High levels of poverty in retirement are more likely to be caused by the interaction of low levels of education, part-time work and long spells of unemployment than by ethnicity.,The important contribution to the debate on savings by ethnic minorities is the extension of the life-cycle model to specific sections of the population and to proffer new insights into their saving/dis-saving patterns and ultimately their welfare in retirement.

Initial Public Offerings and the Firm Location

The firm geographic location matters in IPOs because investors have a strong preference for newly issued local stocks and provide abnormal demand in local offerings. Using equity holdings data for more than 53,000 households, we show the probability to participate to the stock market and the proportion of the equity wealth is abnormally increasing with the volume of the IPOs inside the investor region. Upon nearly the universe of the 167,515 going public and private domestic manufacturing firms, we provide consistent evidence that the isolated private firms have higher probability to go public, larger IPO underpricing cross-sectional average and volatility, and less pronounced long-run under-performance. Similar but opposite evidence holds for the local concentration of the investor wealth. These effects are economically relevant and robust to local delistings, IPO market timing, agglomeration economies, firm location endogeneity, self-selection bias, and information asymmetries, among others. Findings suggest IPO waves have a strong geographic component, highlight that underwriters significantly under-estimate the local demand component thus leaving unexpected money on the table, and support state-contingent but constant investor propensity for risk.

Ethnic Minorities Saving in the UK: A Life-Cycle Analysis

In this paper, we apply the life-cycle framework to study saving accumulation and de-cumulation among ethnic minorities in the UK. Our findings reflect large variations between ethnic groups in terms of socio-economic characteristics and saving accumulation during the working life as well as in retirement, with gender, income and education as the most important factors in determining saving behaviours. The Pakistani and Bangladeshi ethnic groups in particular, show greater disadvantage in the workplace, which reflects negatively on their labour income and saving patterns. Although many ethnic minority groups show positive savings at the start of their working lives, the disadvantage experienced in employment has a profound effect on their ability to save for the long-term.