We study the extent to which the impact of tail risk spillovers, originating in the financial sector and affecting real-economy firms, depends on the level of cash holdings and the financial conditions of the firm. Empirical evidence on 4,320 firms located in 16 European countries, from 2003 to...

The importance of innovation for the economic performance of industrialized countries has been largely stressed recently by the theoretical and empirical literature. Moreover the intensity of knowledge externalities in generating innovation, is the key parameter in determining sustained growth...