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Banking consolidation and bank-firm credit relationships: the role of geographical features and relationship characteristics

Beretta, Enrico; Prete, Silvia Del - Banca d'Italia - 2013

Using data on single credit relationships, the paper shows that after a merger or an acquisition, involving two or more banks which had previously jointly financed the same firm, the share of credit granted to the client by the consolidated intermediaries moderately decreases over three years....

Persistent link: https://www.econbiz.de/10011105133

Learning, incomplete contracts and export dynamics: theory and evidence from French firms

Aeberhardt, Romain; Buono, Ines; Fadinger, Harald - Banca d'Italia - 2012

Using French firm-level trade data, we provide empirical support for a heterogeneous firm model in which exporting requires finding a local partner in each market: contracts are incomplete, exporters must learn the reliability of their partners through experience, and export behaviour is...

Persistent link: https://www.econbiz.de/10011099716

Outsourcing versus Integration at Home or Abroad

Federico, Stefano - Banca d'Italia - 2010

mode of organization (outsourcing versus integration) of intermediate inputs production. We find evidence of a productivity … productive and domestic outsourcing by the least productive firms; those with medium-high productivity choose domestic … integration, those with medium-low productivity foreign outsourcing. We also find that the preference for integration over …

Persistent link: https://www.econbiz.de/10008582225

Il commercio con l'estero e la collocazione internazionale dell' economia italiana : incontro di studio in memoria de Stefano Vona ; atti dell'incontro tenuto a Roma il 14 dicembre...

2003

Persistent link: https://www.econbiz.de/10001745410

Perchï¿½ le imprese ricorrono al factoring? Il caso dell'Italia.

Benvenuti, Michele; Gallo, Marco - Banca d'Italia - 2004

In this paper we examine the main aspects of Italian factoring market and its evolution during last two decades. Moreover, we analyze the characteristics of firms accessing this kind of financing. In Italy factoring market size is the third in the world in absolute terms (amount of turnover),...

Persistent link: https://www.econbiz.de/10005111554

Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices

Giannetti, Mariassunta - Banca d'Italia - 2000

This paper examines how firm characteristics, the legal system and financial development affect corporate finance decisions using a novel and unexplored data set containing balance sheet information for listed and unlisted companies. Contrary to the previous literature, by using data on unlisted...

Persistent link: https://www.econbiz.de/10005113552

Il credito commerciale: problemi e teorie

Omiccioli, Massimo - Banca d'Italia - 2004

This paper presents a survey of the literature on the determinants of inter-firm credit and on its implications for the transmission mechanism of monetary policy. Theoretical explanations for trade credit can be divided in two categories: a) theories based on real functions performed by trade...

Persistent link: https://www.econbiz.de/10005770786

Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices.

Giannetti, M. - Banca d'Italia - 2000

This paper examines how firm characteristics, the legal system and financial development affect corporate finance decisions using a novel and unexpored data set containing balance sheet information for listed and unlisted companies. Contrary to the previous literature, by using data on unlisted...

Persistent link: https://www.econbiz.de/10005486705

Condizioni del credito commerciale e differenziazione della clientela

Cannari, Luigi; Chiri, Salvatore; Omiccioli, Massimo - Banca d'Italia - 2004

In this paper we examine trade credit terms in Italy on the basis of two original surveys carried out by the Bank of Italy. The surveys show that 80-90 per cents of sales are paid on a deferred payment basis of 90 days on average and a delay of 11 days. 83 per cent of trade credit is extended on...

Persistent link: https://www.econbiz.de/10005609331

Debt maturity of Italian firms

Magri, Silvia - Banca d'Italia - 2006

In this paper we test different theories on debt maturity that can be ascribed to either the demand or the supply side of the market. Firm risk, asymmetric information, agency costs are all aspects that should be considered in the analysis. We also include leverage in the firm decision process...

Persistent link: https://www.econbiz.de/10005609336