The qualifying aspect of the ongoing changes in firm growth processes seems to be the increased heterogeneity of size and a trend towards a broader fluctuation in average size. Exogenous factors (market size, demand trends, technological innovations, higher competition) determine a different...

Il paper prende in esame il rapporto tra l’attivita' delle istituzioni locali e i processi dello sviluppo economico, soffermandosi su tre indicatori specifici: 1) la produzione di beni pubblici; 2) la realizzazione di politiche economiche “locali”; 3) la strutturazione di sistemi di...

We analyze the effects of market microstructure noise on the Fourier estimator of multivariate volatilities. We prove that the estimator is consistent in the case of asynchronous data and robust in the presence of microstructure noise. This result is obtained through an analytical computation of...

Any economic activity calls for the exercise of moral judgement. There are some economic activities that actively promote collective benefit as a primary or secondary aim, and there are others that aim to increase the value of a firm. Investment decisions always have collective impact, but...

The paper argues that the shape of the long-run size distribution of business firms is basically determined by the availability of organisational capabilities, and that its changes over time (the "direction" of change) depend on the way in which (exogenous) "environmental" conditions affect...

This paper investigates the effect of real assets as collateral on the economy. I show how credit rationing is mitigated by the exsistence of bad firms whether it is linked to the value of distressed assets. Indeed, when loans are collateralized and firms are credit constrained, the amount...