In this contribution, we present a novel instrument to control for investment opportunities in studying the investment-cash-flow sensitivity. More in particular we introduce the book value of R&D. We argue this instrument has advantages over other theories of investment, especially when...

This paper analyzes the relationship between state aid and firm performance in terms of productivity growth. To this end, we use all European state aid cases that were granted (either to an individual firm or a group of firms under the form of a scheme) in manufacturing between 2003 and 2011....

Agricultural cooperatives have often been promoted as a way to increase their market power and to obtain stability of profit against uncertainty. This paper estimates the firm-level markups and markup volatility to identify the countervailing market power of cooperatives in the Italian fruits...