The authors model the channels through which public expenditure on infrastructure influences firm value and shapes its investment decisions via both adjustment costs and marginal profitability of capital. The authors test these hypotheses using a large panel of Italian firms. Empirical results...

The analysis of wage distribution has attracted scholars from different disciplines seeking to develop theoretical arguments to explain the upward or downward trend. In particular, how the middle management wage premium changes in different contexts is a relatively neglected area of research....

The present work analyzes convergence issues on a sample of international countries. By using nonparametric and semiparametric techniques, evidence of club convergence is found. Multimodality and persistence is a result emerging from the study of both real data and steady-state solutions. Thus,...

In this paper, we study the impact of the executive ownership on the probability of adopting an excess cash policy in the UK over the period 1990-2007. We provide a new approach to identify firms which adopt an excess cash policy and we distinguish between executive and non executive ownership....

We model the channels through which public expenditure on infrastructure influences firm value and shapes its investment decisions via both adjustment costs and marginal profitability of capital. We test these hypotheses by using a large panel of Italian firms. Empirical results show that...