Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend to fail when more ratings reciprocate prior...

Using an international sample of more than 65,000 rating actions by Fitch, Moody's and S&P, we analyze the effect of the Dodd-Frank Act on credit ratings. We document that (i) rating report content changes significantly after Dodd-Frank and (ii) show, by exploiting within firm-quarter variation,...

In more than 130 years, the cooperative banks and rural banks, have become a best practice, widespread in all the Italian regions so as to become, through Federcasse, a federal system included among the 130 European banks, referents ECB. A model that today has about 400 local banks and that,...

The working group, in valuing the scientific publications made in previous years on the quantification and measurement of the indicators of 'attraction' of a territory, tried to find a sustainable development model, verifing the effect that the recent introduction APEA (Industrial Areas...

Using fund-, firm- and bank-level data we investigate the investments of private equity (PE) funds in the north-western regions of Italy. Both the private equity fund managers and the PE investments are heavily concentrated in this most developed area of the country. The average size of the...

The existing literature on cluster embeddedness largely neglects the impact of finance on the development of firms' network linkages. This is striking in so far that particularly venture capital is often referred to as "smart money" providing firms not only with funds but also with network...

Industry 4.0 revolution find a real interest of entrepreneurs but in the case of frontier and emerging markets it is difficult to find a reliable source of long-term financing. The decoupling of the technological evolution from the evolution of the access to financing capacities must be analysed...

This paper investigates short-term effects of big tech start-up acquisitions on innovation empirically. Innovation research has found a strong positive, causal relationship between VC investment and innovation. Using this insight, we can explore the repercussions of big tech start-up...

We study the macroeconomic effects of bank capital requirements in an economy with two banking sectors. Banks are connected through a wholesale funding market. Anticipated banking crises occur endogenously in the form of self-fulfilling wholesale funding rollover crises. Retail bank capital...

Research suggests that public subsidies for newly founded firms have a positive effect on follow-on financing, in particular on Venture Capital (VC), through providing certification and early-stage liquidity. Building on the attention-based view, we argue that the various sources of VC value...