In this paper we look at both the theoretical and empirical behaviour of price-cost margins when capital market imperfections affect firms' markup policies. We present a model of a firm operating in an industry with differentiated products and facing imperfect markets for financing operations....

Theoretical literature suggests that firms’ financial structure affects their real decisions because of capital markets imperfections. Several empirical studies have been conducted to test this hypothesis. This survey illustrates the main results of this literature focusing on the effects of...

In this paper the cyclical behaviour of markups in presence of imperfect capital markets has been analysed from an empirical point of view. A markup equation has been estimated including among regressors a leverage variable. This approach is based on the hypothesis that more leveraged firms have...

This paper analyses the empirical literature which tests the hypothesis that imports (or potential imports) may increase domestic competition. Most of studies analysed, including those conducted on industrialised countries and more recent contributions on less developed countries, confirm the...

Il presente scritto ha un duplice scopo: presentare le nuove basedati di impresa costruite presso il CERIS e predisporre un manuale d'uso per future ricerche. L'obiettivo ambizioso che ha spinto l'Istituto a investire ancora una volta risorse nell'arduo (e poco remunerativo) compito di...

This paper analyzes the effect of the forms of ownership on the substitutability between internal and external sources of fmance. In particular, we test whether fmancial constraints are more severe for independent firms and whether there are differences between members of large national business...

According to our pricing framework block transaction premia depend on voting power being transferred through a block relative to voting power enjoyed by the market. Block transaction premia are shown to be correlated with both the block seller's and the block buyer's Shapley- Shubik power...

Conventional explanations of diversification and multinationality both point to size/growth related motives and firm-specific intangible assets as the driving forces. However, previous empirical studies have rarely exploited this commonality by investigating multinationality and diversification...

This paper provides empirical evidence on how EU leading firms adjusted to European economic integration with respect to the following strategic variables: entry/exit decisions in the product/geographic space (diversification/multinationality). A novel dataset, including detailed information on...