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Publications (20)
In this article, we investigate whether the cooperation with universities may stimulate the innovative performance of Italian firms. We use a dataset merging information from two different surveys carried out by the Bank of Italy between 2007 and 2010. We derive our results using a two-stage procedure with the aim of ruling out spurious correlation...
This article analyses the link between banking geography and firm performance, i.e. whether the proximity within banks and between banks and borrowers has a positive impact on firms’ Returns on Assets (ROA).Using a unique dataset of Italian manufacturing firms and banks from 2006 to 2011 and an instrumental variable approach to account for endogene...
This paper investigates the interaction between R&D investment timing, probability of default, and capital structure. In particular we are interested in studying the investment behaviour of three different types of firms according to their capital structure: firms that only use internal funds as a source of funding (unlevered), firms that use debt...
This article aims at assessing the innovative performance of Italian SMEs through the analysis of the many dimensions which together define firms’ innovative capability. The European Innovation Scoreboard (EIS) classifies Italy as a moderate innovator. However, when disaggregating the data, it is possible to observe that Italy performs below the Eu...
Using a dataset which combines Community Innovation Survey (CIS) and accounting information on Italian manufacturing firms, we adopt a two step econometric procedure to investigate whether the receipt of public funding determines firms’ innovation strategy selection. In the first step an innovation selection equation is estimated, in the second we...
We analyse empirically the relationship between financial imperfections and firms’ innovative activities over the business cycle, using an Italian firm-level dataset based on survey data on innovation and balance sheet information over the period 2004–10. We explore how innovative investment decisions changed prior to and after the credit crunch of...
This paper aims at investigating the determinants of firms’ technological competencies and capabilities as defined by von Tunzelmann and Wang (Economie Appliquée 6:33–64, 2003). The analysis carried out in the paper shows that some company characteristics, such as size, being part of a group and internationalization, as well as cooperation channels...
The aim of this contribution is to briefly explore the economic foundation of competition policy and its main goals established in the European Union. The economic rationale of competition policy lies in teleological and deontological theories and its main objectives are consumer welfare, society welfare and an efficient allocation of resources. An...
The purpose of the article is to provide some evidence on the interconnection between capital structure, R&D investment and ownership concentration using a unique panel data-set of Italian firms. We study the effect of R&D intensity on leverage for two groups of firms which are different in terms of their degree of ownership concentration. Our resu...
In recent years, rapid technological change, shorter product life cycles and globalization have deeply transformed the current competitive environment. These changes are inducing firms to face stronger competitive pressures which push them to develop new products, improve production processes or implement new technologies. Thus, firms need to conti...
This paper investigates the interaction between investment decisions, company bankruptcy, and capital structure. We model young and innovative enterprises which face the possibility of making irreversible investments in R&D with uncertain returns, financed through risky debt. Uncertainty comes from two different sources: the technological success o...
R&D projects generally involve multiple phases with or without overlapping. Moreover, the investment is usually made in a phased manner, with the commencement of the subsequent phase being dependent on the successful completion of the preceding phase. The aim of this paper is to analyse the equilibrium strategies of two firms competing for a two st...
This paper analyses strategic investment games between two firms that compete for the adoption of a new more efficient technology whose returns are uncertain. We assume that once one of the two firms adopted the new technology, joint adoption is preferable for both firms, that is there are positive profit complementarities in the product market. Th...
The paper analyses the interaction between investment and financing decisions in a real option framework. In our model, the owner of an undeveloped real estate property (the asset in place) has the option to decide whether and when to develop/abandon his property. We show that debt financing induces the firm to invest earlier than in the pure equit...
The aim of this paper is to analyze the equilibrium strategies of two firms investing in a new technology, when the probability of successful implementation is uncertain and market shares are asymmetric. In particular, this paper considers three key features of a new technological adoption. First, it is, at least partially irreversible. Second, onc...
This article describes a methodology for evaluating R&D investment projects using Monte Carlomethods. R&D projects generally involves multiple phases with or without overlapping. R&D investments are made often in a phased manner, with the commencement of subsequent phase being dependent on the successful completion of the preceding phase, it is kno...
We investigate the role of strategic considerations on the optimal timing of investment when firms compete for a new market (e.g., the provision of an innovative product) under demand uncertainty. Within a continuous time model of stochastic oligopoly, we show that strategic considerations are likely to be of limited impact when the new product is...
The real option approach to investments can simply be considered as the extension of financial option theory to options on real (i.e. non-financial) assets. This approach underlies the need to consider the value of flexibility coupled to irreversible investment decisions in an uncertain environment. As main result, the theory offers the conclusion...
Aim of this paper is to analyse the equilibrium strategies of two developers in the real estate market, when demands are asymmetric. In particular, we are able to consider three key features of the real estate market. First, the cost of redevelop a building is, at least partially, irreversible. Second, the rent levels for different building vary st...