<font size="2" face="CMR10"><font size="2" face="CMR10">In this paper, we explore tax revenues in a regime of widespread corruption in a growthmodel. We develop a Ramsey model of economic growth with rival but non-excludable public good which is financed by taxes which can be evaded via corrupt tax inspector.We prove that the relationship between the...</font></font>

<font size="2" face="CMR10"><font size="2" face="CMR10">In this paper we propose an exchange rate model as solution of a disutility based drift control problem. Assuming the exchange rate is a function of the fundamental, we suppose that Government Authorities control the fundamental's dynamics aimed at minimizing thediscounted expected disutility...</font></font>

<p> This paper investigates whether M&A operations influence the performance of banks. Using a sample of 714 deals involving EU acquirers and targets located throughout the worldover the period 1991-2005, we investigate whether M&A operations are associated withimproved performance (measured using...</p>

<p> This paper explores the internationalization process of the Italian SMEs, and aims to investigate their behaviour in the international contexts to ultimately outline general modelsable to optimize their peculiarities.The empirical study firstly examines 546 SMEs along their...</p>

<span style="font-size: 10pt"><span style="font-size: 10pt">This paper presents a specific-factor model showing that, under technological uncertainty and risk averse agents, increasing trade integration is not always welfare increasing. The reason is that changes in the country's specialization level induced by trade integration produce both benefits and...</span></span>

<span style="font-size: 12pt"><span style="font-size: 12pt">Neoclassical theory says that financial liberalization will make the cost of capital decrease, productivity increase and output grow. In reality this does not happen. A key to understanding why it is so is the link between financial liberalization and income distribution. After financial...</span></span>

<span style="font-size: 9.5pt"><span style="font-size: 9.5pt">This paper presents a new stochastic model of asset pricing, based on agents with heterogeneous beliefs. Forecasting rules of all agents are characterized by a stochastic term that</span><span style="font-size: 9.5pt">works as an agent-based time dependent weight of the conditional expectation of the fundamental. Since we consider...</span></span>