Working papers

The UniCredit Foundation Working Paper series was launched in 2010, to collect scientific contributions from the winners of the competitions promoted by the Foundation - external students and researchers or UniCredit Group employees - encouraging their circulation both within and outside UniCredit, to generate comments and suggestions.
The articles are examined and selected by the Scientific Committee, made up of professors from the best Italian and European Universities. The selection is based on criteria evaluating the techniques used and their level of contribution to scientific debate.
All the winners of the Best Paper competitions launched by the Foundation will be able to have their own contribution published in the Working Paper series of UniCredit Foundation.
UniCredit Foundation Working Papers Series
Working Paper Series - 2021
No. 170 - "Banking diversity, financial complexity and resilience to financial shocks: evidence from Italian provinces" - Beniamino Pisicoli - 9th SUERF Best Paper Prize
No. 169 - " Public Guarantees for Small Businesses in Italy during Covid-19" Fabrizio Core, Filippo De Marco - 9th SUERF Best Paper Prize
No. 168 - "Defying Distance? The Provision of Services in the Digital Age" Amanda Dahlstrand Rudin - 8th Econ Job Market Best Paper Award
No. 167 - "Visual Bias" Giulia Caprini - 8th Econ Job Market Best Paper Award
No. 166 - "Redistribution of Return Inequality" Karl Schulz - 8th Econ Job Market Best Paper Award
No. 165 - "The Global Race for Talent: Brain Drain, Knowledge Transfer and Growth" Marta Prato - 8th Econ Job Market Best Paper Award
No. 164 - "Mergers, Foreign Entry, and Jobs: Evidence from the U.S. Appliance Industry" Felix Montag - 8th Econ Job Market Best Paper Award
No. 163 - "Rational Overoptimism and Moral Hazard" Luca Gemmi - 8th Econ Job Market Best Paper Award
No. 162 - "Dollar Dominance in FX Trading" Fabricius Somogyi - 8th Econ Job Market Best Paper Award
No. 161 - "Local Monopsony Power" Nikhil Datta - 8th Econ Job Market Best Paper Award
No. 160 - "The Macroeconomics of Rising Returns to Scale: Customers Acquisition, Markups, and Dynamism" Andrea Chiavari - 8th Econ Job Market Best Paper Award
No. 159 - "Ex-Post Loss Sharing in Consumer Financial Markets" Alexandru Barbu - 8th Econ Job Market Best Paper Award
No. 158 - "Free and Protected: Trade and Breaks in Long-Term Persistence" Sebastian Ellingsen - 2021 EEA Young Economist
No. 157 - "Who Are the Credit Constrained Among Unemployed Workers? Answers from Conditional versus Unconditional Income Transfers" Victor Hernandez Martinez, Kaixin Liu - 2021 EEA Young Economist Best Paper Award
No. 156 - "Female Entrepreneurship and Financial Frictions" Marta Morazzoni, Andrea Sy - 2021 EEA Young Economist Best Paper Award
No. 155 - "Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students" Francesca Truffa, Menaka Hampole, Ashley Wong - 11th Best Paper Award on Gender Economics
No. 154 - "Breaking Gender Barriers: Experimental Evidence on Men in Pink-Collar Jobs" Alexia Delfino - 11th Best Paper Award on Gender Economics
Working Paper Series - 2020
No. 152 - "The Great Depression as a Savings Glut" - Victor Degorce and Eric Monnet - 8th SUERF Best Paper Prize
No. 151 - "The Effects of Trend Inflation on Aggregate Dynamics and Monetary Stabilization" - Andrey Alexandrov - Econ Job Market Best Paper Award
No. 150 - "Processing Reserves Simultaneously" -David Delacretazy - Econ Job Market Best Paper Award
No. 149 - "The Saving and Employment Effects of Higher Job Loss Risk" - Ragnar E. Juelsrud and Ella Getz - Econ Job Market Best Paper Award
No. 145 - " Networks, Phillips Curves, and Monetary Policy" - Elisa Rubbo - Copenhagen Macro Days Best Paper Award
No. 144 - "The Missing Intercept: A Demand Equivalence Approach" - Christian K. Wolfy - Copenhagen Macro Days Best Paper Award
No. 143 - "The effects of monetary policy through housing and mortgage choices on aggregate demand" - Karin Kinnerud - Copenhagen Macro Days Best Paper Award
No. 142 - "Market Power and Innovation in the Intangible Economy" - Maarten De Ridder - Copenhagen Macro Days Best Paper Award
No. 141 - "Monetary Policy and Production Networks: An Empirical Investigation" - Mishel Ghassibey - EEA Young
No. 140 - "Cyclical Attention to Saving" - Alistair Macaulay - EEA Young Economist Best Paper Award
No. 138 - "Comparative Advantage and Gender Gap in STEM" - Silvia Griselda Sofoklis Goulas, Rigissa Megalokonomou - 10th Best Paper Award on Gender Economics
No. 137 - "The Economic Motives for Foot-binding" - Xinyu Fan and Lingwei Wu - 10th Best Paper Award on Gender Economics
Working Paper Series - 2019
No. 136 - "Passive Investors Actively Impact Prices: Evidence from the Largest ETF Markets" Karamfil Todorov - 7th SUERF Best Paper Prize - summary
No. 135 - "Anomalies across the globe: Once public, no longer existent?" Heiko Jacobs and Sebastian Mueller - 7th SUERF Best Paper Prize published on www.academic.oup.com/jeea/article-abstract/doi/10.1093/jeea/jvz079/5697201?redirectedFrom=fulltext
No. 134 - "Labor Mobility and Capital Misallocation" Maxime Bonelli - 7th SUERF Best Paper Prize
No. 133 - "Product differentiation, oligopoly, and resource allocation" Bruno Pellegrino - 6th Econ Job Market Best Paper Award
No. 132 - "Carrots and Sticks: Targeting the Opposition in an Autocratic Regime" Cathrin Mohr- 6th Econ Job Market Best Paper Award
No. 131 - "Motivated Noisy Information Acquisition" Si Chen - 6th Econ Job Market Best Paper Award
No. 130 - "Location Sorting and Endogenous Amenities: evidence from Amsterdam" Milena Almagro/Tomàs Dominguez-Iino - 6th Econ Job Market Best Paper Award
No. 129 - "Breaking the Sovereign-Bank Nexus" Jorge Abad - 6th Econ Job Market Best Paper Award
No. 128 - "Uncertainty and Unemployment Risk" Joonseok Jason Oh - 2019 MBF Best Paper Award
No. 127 - "Macroeconomics, Firm Dynamics and IPOs" Beatriz Gonzalez lopez - 2019 MBF Best Paper Award
No. 126 - "The Gains from Reshaping Infrastructure: Evidence from the Division of Germany" Marta Santamaria - 2019 EEA Young Economist Best Paper Award
No. 125 - "The Aggregate Importance of Intermediate Input Substitutability" Cian Ruane - 2019 EEA Young Economist Best Paper Award
No. 124 - "When Income Effects are Large: Labor Supply Responses and the Value of Welfare Transfers" Giulia Giupponi - 2019 EEA Young Economist Best Paper Award
No. 123 - "Internal Default Risk Model: Simulation of Default Times and Recovery Rates within the new FRTB framework" Bertagna Andrea, Deliu Dragos, Lopez Luca, Nassigh Aldo, Pioppi Michele, Reffel Fabian, Schaller Peter and Schulze Robert - 10th UniCredit Best Paper Award
No. 122 - "Spillover Effects When Shareholders Are Distracted: Evidence From The US Market" Luigi Carabelli - 10th UniCredit Best Paper Award
No. 121 - "When Income Effects are Large: Labor Supply Responses and the Value of Welfare Transfers" Giulia Giupponi - 9th Best Paper Award on Gender Economics
No. 120 - "Mergers and Managers: Manager-Specific Wage Premiums and Rent Extraction in M&As" Alex Xi He, Daniel le Maire - 1st Finance, Labor, Inequality Best Paper Award
No. 119 - " Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical Evidence" Jiri Knesl - 6th Belgrade Young Economists Prize
No. 118 - "The Impact of Post-Marital Maintenance on Dynamic Decisions and Welfare of Couples" Hanno Foerster - 9h Best Paper Award on Gender Economics
No. 117 - "Search in Markets with Uncertain Product Availability" Atabek Atayev - 6th Belgrade Young Economists Prize
Working Paper Series - 2018
No. 116 - "How Do Equity Investors React to Green Bond Issuance Announcements?" Dejan Glavas - 6th SUERF Best Paper Prize
No. 115 - "Is There a Green Bond Premium? The yield differential between green and conventional bonds " Olivier Zerbib - 6th SUERF Best Paper Prize
No. 114 - "Switching Costs, Quality Misconceptions and Behavioral Pricing in the Pharmaceutical Market" Janssen Aljoscha - 5th Econ Job Market Best Paper Award
No. 113 - "Job referrals and strategic network formation" Marc Witte - 5th Econ Job Market Best Paper Award
No. 112 - "Unconventional Monetary Policy and Credit Rating Inflation" Nordine Abidi e Matteo Falagiarda - 2018 MBF Best Paper Award
No. 111 - "Creative Destruction Cycles: Schumpeterian Growth in an Estimated DSGE Model" Marco Pinchetti - 2018 MBF Best Paper Award
No. 110 - "Happily Ever After: Immigration, Natives' Marriage, and Fertility" Michela Carlana e Marco Tabellini - 2018 EEA Young Economist Best Paper Award
No. 109 - "Collateral, misallocation, and aggregate productivity: evidence from the US housing boom" Sebastian Doerr - 2018 EEA Young Economist Best Paper Award
No. 108 - "How Strategic are Political Activists? Evidence From a Natural Field Experiment" Lukas Hensel, Johannes Hermle, Anselm Rink and Christopher Roth - 2018 EEA Young Economist Best Paper Award
No. 107 - "Tasks, cities and urban wage premia" Anja Grujovic - 5th Belgrade Young Economists Prize
No. 106 - "Headscarves and Female Employment" Gozde Corekcioglu - 8th Best Paper Award on Gender Economics
No. 105 - "On the Origins of Son Preference and Female Genital Cutting " Anke Becker - 8th Best Paper Award on Gender Economics
No. 104 - "A risk-neutral approach for the evaluation of NPL" Danilo Tilloca - 9th UniCredit Best Paper Award
Working Paper Series - 2017
No. 103 - "Linking net foreign portfolio debt and equity to exchange rate movements"
Malin Gardberg - SUERF Best Paper Prize - PDF download
No. 102 - "External Imbalances, Gross Capital Flows and Sovereign Debt Crises"
Sergio De Ferra - SUERF Best Paper Prize
No. 101 - "Declining Micro Uncertainty: Implications for Consumers and Cities"
Federica Daniele - Econ Job Market Best Paper Award - PDF download
No. 100 - "Stereotypes and Self-Stereotypes: Evidence from Teachers' Gender Bias"-
Michela Carlana - Econ Job Market Best Paper Award - PDF download
No. 99 "Does Teacher Sorting across and within Schools Explain Inequality in Education Outcomes?"
Petra Thiemann - EEA Young Economist Best Paper Award
August 2017 - PDF download
No. 98 "Fiscal Rules and the Selection of Politicians: Evidence from Italian Municipalities"
Matteo Gamalerio - EEA Young Economist Best Paper Award
August 2017
No. 97 "A Kinked-Demand Theory of Price Rigidity"
Stéphane Dupraz - EEA Young Economist Best Paper Award
August 2017 - PDF download
No. 96 "From Local to Global: Offshoring and Asset Prices"
Lorenzo Bretscher - Belgrade Young Economists Prize
June 2017 - PDF download
No. 95 "Now She Is Martha, then She Is Mary": the Influence of Beguinages on Attitudes Toward Women"
Annalisa Frigo e Eric Roca - UWIN Best Paper Award on Gender Economics
June 2017
No. 94 "Till Money Us Do Part: Property Division at Divorce and Married Couples' Time Behaviour"
Daniela Piazzalunga - UWIN Best Paper Award on Gender Economics
June 2017 - PDF download
No. 93 "Prepayment risk modeling: behavioural options, contagion and interest rates dynamics"
Flavia Barsotti - UniCredit Best Paper Award
June 2017
No. 92 "Taylor Rule and Financial Instability"
Gianfranco Zampese - UniCredit Best Paper Award
June 2017 - PDF download
Working Paper Series - 2016
No. 91 "Financial Product Design and Catering: Evidence from the Global Mutual Fund Industry"
Mancy Luo - SUERF Best Paper Prize December 2016 - PDF download
No. 90 "Beta and Biased Beliefs"
Heiko Jacobs- SUERF Best Paper Prize December 2016 - PDF download
No. 89 "Job Mobility Networks and Endogenous Labor Markets"
Jan Nimczik - Econ Job Market Best Paper Award November 2016- PDF download
No. 88 "Optimal density forecast combinations"
Gergely Gánics - Econ Job Market Best Paper Award November 2016- PDF download
No. 87 "Dispersed Information and the Origins of Aggregate Fluctuations"
Jakob Grazzini e Domenico Massaro MBF Best Paper Award September 2016 - PDF download
No. 86 "Proxy-SVAR as a Bridge between Mixed Frequencies"
Andrea Gazzani e Alejandro Vicondoa - MBF Best Paper Award September 2016 - PDF download
No. 85 "Lobbying, Inside and Out: How Special Interest Groups Influence Policy Choices"
Stephane Wolton - EEA Young Economist Best Paper Award August 2016 - PDF download
No. 84 "Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence"
Galip Kemal Ozhan - EEA Young Economist Best Paper Award August 2016 - PDF download
No. 83 "How Do Consumers Respond To Transitory Income Shocks? Reconciling Longitudinal Studies and Natural Experiments"
Jeanne Commault - EEA Young Economist Best Paper Award August 2016 - PDF download
No. 82 "Option-implied intra-horizon risk and first-passage disentanglement"
Nikola Vasiljevic and Markus Leippold- Belgrade Young Economists Prize
June 2016 - PDF download
No. 81 "Knowing who you are: the effect of feedback on short and long term outcomes"
Rigissa Megalokonomou and Sofoklis Goulas - Belgrade Young Economists Prize
June 2016 - PDF download
No. 80 "Top of the Class: The Importance of Ordinal Rank"
Felix Weinhardt and Richard Murphy - UWIN Best Paper Award on Gender Economics June 2016 - PDF download
No. 79 "Why Are Older Women Missing in India? The Age Profile of Bargaining Power and Poverty"
Rossella Calvi - UWIN Best Paper Award on Gender Economics
June 2016 - PDF download
No. 78 "Measuring the ECB's Monetary Policy Stance: A Media-Based Automated Approach"
Francesco Pesci - UniCredit Best Paper Award
June 2016 - PDF download
No. 77 "CDO Analytic Pricing with Subordinator Levy Marshall - Olkin Correlation"
Stefano Giovannitti - UniCredit Best Paper Award
June 2016 - PDF download
Working Paper Series - 2015
No. 76 "The (Unintended?) Consequences of the Largest Liquidity Injection Ever"
Miguel Faria-e-Castro, Matteo Crosignani, Luis Fonseca - SUERF Best Paper Prize
December 2015 - PDF download
No. 75 "The Criminal And Labor Market Impacts Of Incarceration"
Michael George Mueller-Smith - Economics of Crime Prize
November 2015 - PDF download
No. 74 "The Effect Of Social Connectedness On Crime: Evidence From The Great Migration"
Bryan Andrew Stuar And Evan James Taylor - Economics of Crime Prize
November 2015 - PDF download
No. 73 "The Impact of Early Grading on Academic Choices: Mechanisms and Social Implications"
Luca Facchinello - Econ Job Market Best Paper Award
November 2015 - PDF download
No. 72 "The informational content of prices when policy makers react to financial markets"
Christoph Siemroth - Econ Job Market Best Paper Award
November 2015 - PDF download
No. 71 "Sovereign Risk and Bank Risk-Taking"
Anil Ari - MBF Best paper Award
September 2015 - PDF download
No. 70 "The existence and persistence of liquidity effects: evidence from a large-scale historical natural experiment"
Nuno Pedro Goncalves Palma - MBF Best paper Award
September 2015 - PDF download
No. 69 - "If fail, fail less: Banks' decision on systematic vs idiosyncratic risk"
Una Savic - Young Economists Prize
June 2015 - PDF download
No. 68 - "Do financial incentives affect fertility - Evidence from a reform in maternity leave benefits"
Anna Raute - UWIN Best Paper Award
June 2015 - PDF download
No. 67 - "Women's Inheritance Rights and Bargaining Power: Evidence from Kenya"
Maria Flavia Harari - UWIN Best Paper Award
June 2015 - PDF download
No. 66 - "Disguised Discrimination"
Silvia Saccardo and Anastasia Danilov - Best Paper Awards on Economics of Discrimination
June 2015 - PDF download
No. 65 -"Attention Discrimination: Theory and Field Experiments with Monitoring Information Acquisition"
Vojtěch Bartoš, Michal Bauer, Julie Chytilová and Filip Matějka - Best Paper Awards on Economics of Discrimination
June 2015 - PDF download
No. 64 - "Can Market Risk Perception Drive Inefficient Prices? Theory and Evidence"
Matteo Formenti - UniCredit Best Paper Award
June 2015 - PDF download
No. 63 - "Robust estimators for operational risk: a computationally efficient approach"
Ivan Danesi- UniCredit Best Paper Award
June 2015 - PDF download