In this paper we investigate the relationship between the number of lawyers and civil litigation across Italian provinces over the period 2000-2005. First, we document the existence of a positive correlation between the number of lawyers and litigation. We then employ a 2SLS approach to verify...

This paper examines private equity and venture capital in Italy. The first part looks at the main features of the Italian market and its recent evolution; the second part considers the results of a survey of firms and intermediaries designed to gather information regarding contract features and...

This paper provides a statistical overview of the extent and composition of publicly-funded loans granted by banks to Italian firms. The analysis is based on the universe of reports to the Central Credit Register (CR). Between 1998 and 2007 the subsidized loans recorded by the CR amounted to...

We exploit Italian Central Credit Register data to investigate the effectiveness of subsidized credit programs for public financing to firms via the banking system. The effect of public incentives depends on the availability of financial resources for the beneficiary firms. Financially...

This paper provides a survey of a number of studies conducted in recent years, above all at the Bank of Italy, aiming at assessing the quality and the efficiency of public services in Italy. We consider services provided by the central government (education and civil justice), regional...

This paper empirically investigates the role of the efficiency of judicial enforcement in shaping firms� financial structure, by focusing on the choice between trade credit and alternative external sources. Suppliers have an advantage over other short-term lenders in enforcing credit...

High concentration of creditors can have two beneficial effects on borrowers: i) by enhancing lenders� ability to monitor, it can reduce the likelihood of financial distress; ii) by reducing coordination failure among creditors, it can help a distressed firm to avoid bankruptcy. However, a...

This paper analyzes the results of two surveys conducted by the Bank of Italy in 2003, respectively among 1,900 and 500 Italian firms, on ownership structures, control and control transfers of non-listed firms, building upon similar surveys carried on in 1993. The aim of the research is to...

Despite accounting for a significant fraction of total litigation in Italy, small claims litigation has so far received little attention. Using a Ministry of Justice database that contains information disaggregated by subject matter, the paper provides a thorough description of the time trend...

Insufficient competition remains a major obstacle to growth in Italy. The main culprits include the institutional environment and the regulations governing some economic sectors subject to market failures. As to the former, relative neglect of economic efficiency has produced an unstable and...