We study the potential benefits and mechanisms of firms' political connections by analyzing the Italian experience, where, in the early nineties, Silvio Berlusconi, a rich TV tycoon, became the leader of the conservative political coalition. Using firm-level data, we find that the 101 companies...

We study the potential benefits and mechanisms of firms' political connections by analyzing the Italian experience, where, in the early nineties, Silvio Berlusconi, a rich TV tycoon, became the leader of the conservative political coalition. Using firm-level data, we find that the 101 companies...

This paper studies the stock market response to corporate downgrades by S&P, Moody's and Fitch between 1999 and 2011. The empirical evidence shows that cumulative abnormal returns around downgrades become significantly smaller (in absolute value) after the release in 2003 of the Securities and...

In this paper we assess the relevance of information that credit ratings by Moody's, S&P's and Fitch convey to investors in light of financial scandals and reforms affecting the rating business. On a sample of downgrades issued on US corporate bonds by the three agencies from 1998 to 2011, we...

This paper studies the stock market response to corporate downgrades by S&P, Moody's and Fitch between 1999 and 2011. The empirical evidence shows that cumulative abnormal returns around downgrades become significantly smaller (in absolute value) after the release in 2003 of the Securities and...

This paper estimates long term earnings losses attending displacement of experienced Italian workers exploiting new administrative longitudinal data for Italy. In this dimension, Italian job separators are better off than their equivalents in the study published in 1993 by Jacobson, LaLonde and...

This paper examines the long term consequences of involuntary job losses on workers' earnings and employment histories, exploiting new longitudinal data for Italy. It fills the relative gap of evidence on the Italian labor market in the job displacement literature, providing new findings on the...

This paper studies the stock market response to corporate downgrades by S&P, Moody’s and Fitch between 1999 and 2011. The empirical evidence shows that cumulative abnormal returns around downgrades become significantly smaller (in absolute value) after the release in 2003 of the Securities and...

This paper studies the stock market response to corporate downgrades by S&P, Moody's and Fitch between 1999 and 2011. The empirical evidence shows that cumulative abnormal returns around downgrades become significantly smaller (in absolute value) after the release in 2003 of the Securities and...