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The purpose of this paper is to study the impact of unemployment on coronary heart diseases (CHD) in Italy on a sample of male manual workers in the private sector.

The authors investigate the association between CHD and different unemployment experiences (ever unemployed; short, mid and long cumulative unemployment), exploiting a large Italian administrative database on careers and health. The study design is based on the balancing of individuals' characteristics during a 12-year pre-treatment period; the measurement of unemployment occurrence during a seven-year treatment period; the observation of CHD occurrence during a five-year follow up. The workers characteristics and the probability of receiving the treatment are balanced by means of propensity score matching. Standard diagnostics on the balancing assumption are discussed and satisfied, while the robustness to violations of the unconfoundedness assumption is evaluated by a simulation-based sensitivity analysis.

The authors find a significant increase of CHD probability was found among workers who experience more than three years of unemployment (relative risks (RR)=1.91, p<0.1), and among those who exit unemployment starting a self-employment activity (RR=1.70, p<0.1). Using different selections of the study population, a clear pattern emerges: the healthier and more labour market attached are workers during pre-treatment, the greater is the negative impact of long-term unemployment on health (RR=2.79, p<0.01).

The very large representative sample (n=69,937) and the deep longitudinal dimension of the data (1985-2008) allowed the authors to minimize the risks of health selection and unemployment misclassification. Moreover, the adopted definition of unemployment corrected some undercoverage and misclassification issues that affect studies based on a purely administrative definition and that treat unemployment as a unique career event disregarding the duration of the experience.

The authors investigate whether matchings in equity crowdfunding are more likely to happen if homophily exists between investors and investees. They focus on gender, age and geographical proximity as crucial dimensions of similarity among individuals and thus of homophily. Furthermore, they investigate whether the effect of homophily depends on the risk of opportunism, which investors allegedly attribute to proponents basing on their area of residence.

The authors analyze a hand-collected database of 13 equity crowdfunding campaigns launched by Italian innovative start-ups from January 2013 to June 2016, which includes information about 384 equity crowdfunding investments carried out by 361 different investors.

The authors find a significant effect of geographical proximity and age similarity in explaining the probability that an investor finances a campaign. Moreover, these effects are particularly relevant if the proponent is located in areas characterized by a high risk of opportunistic behavior. Interestingly enough, they do not detect any significant effect related to gender.

In this paper, the authors have the unique opportunity to analyze a whole market (the Italian market) during three years, from inception (2013–2016), and to collect the identities of the investors in all successful campaigns.