We study the pricing factor structure of Italian equity returns using 25 years of data. A two-step empirical analysis is provided where first we estimate an unrestricted multifactor model to test if there is any evidence of misspecification. Then, we estimate the restricted model through the...

Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set...

Even if the recent deregulation and disintermediation of financial markets have strongly reduced interest rates, some differences among Italian regional interest rates partially persist because of geographic and sector diversification. This could be one of the main reasons of the absence of risk...

The aim of this paper is to study the pricing factor structure of Italian equity returns. Using twenty-five years of data, we focus on the role of other risk factors besides the market beta, namely size, book to market, and momentum. A two step empirical analysis is provided where first we...

This paper sets out to analyse the determinants of Italian SMEs' choices of sources of finance, with specific reference to the role of informed (internal) capital compared to other forms of finance. In this work, we aim to identify the determinants of the mix of sources of finance using data...

Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set...

During the last decades banks have progressively moved towards centralized and hierarchical organizational structures. Therefore, the investigation of the determinants of bank efficiency and relationships with the functional distance between the bank head-quarter and operational units have...

We study the pricing factor structure of Italian equity returns. Using 25 years of data, we focus on a classical four factors model. A two step empirical analysis is provided where first we estimate an unrestricted multi-factor model to test if there is any evidence of misspecification. Then, we...