The financial econometrics literature on Ultra High-Frequency Data (UHFD) has been growing steadily in recent years. However, it is not always straightforward to construct time series of interest from the raw data and the consequences of data handling procedures on the subsequent statistical...

In current debate, economic development is connected with relative social capital endowment, the diffusion of co-operative practices between firms and the role and efficiency of institutions. In this paper a factor analysis approach is used to provide synthetic indicators of these variables for...