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Publications (35)
We rely on a periodic public opinion poll indicator of the performance of mayors collected for 103 large cities in Italy and in three waves (2015, 2017, and 2020) to examine whether and to what extent the exogenous shift in policy-making decisions induced by the COVID-19 pandemic has affected citizens' perceptions regarding attributions of responsi...
The paper proposes a set of metrics and a methodology to measure the progress that European Union Member States are making towards the development and integration of capital markets. It identifies a set of indicators and analyzes the performance of these countries over the 2007–2018 period using a composite indicator approach (in both a static and...
We examine possible reallocation effects generated by the COVID-19 outbreak by analyzing the patterns of venture capital (VC) investments around the globe. Using transaction-level data and exploiting the staggered nature of the spread of the virus, we document a shift in VC portfolios towards firms developing technologies relevant to an environment...
This study explores the impact of gender on entrepreneurial finance, analyzing both the supply and demand sides of early-stage equity financing through Business Angel (BA) investments. The research investigates the probability of men and women-owned businesses securing BA investments and assesses whether the gender of BA investors influences financ...
Although firm characteristics play a crucial role in predicting future performance, public agencies often overlook these factors in their funding decisions, unlike Venture Capital investors. This oversight may have implications for the pay-offs from publicly allocated funds and the achievement of policy objectives. To explore the role of firm chara...
Achieving the goals of the 2030 agenda for sustainable development requires substantial investment and depends on the ability to attract private capital to complement public resources. Venture Capital (VC) investments have traditionally focused on sectors such as technology, healthcare, and clean energy, which align closely with the enhancement of...
This study investigates how the COVID-19 pandemic affected the European banking system, focusing on lending activities and risk-taking behavior. We use a difference-in-differences (DID) approach to compare the performance of banks highly impacted by the pandemic with those operating in less affected countries. Our results indicate a negative impact...
This study investigates the global relationship between venture capital (VC) investments and environmental pressure in order to contribute to the literature on the influence of venture capital on sustainable development. Using a unique dataset covering VC activity and CO2 intensity in 131 countries from 2011 to 2021, the study employs a revised STI...
This analysis compares the characteristics of firms supported by public and private sources in early-stage financing to investigate funding patterns for innovative companies. It examines whether the two sources of funding target similar firms in the period 2008-2017 using a portfolio approach on EU-based firms raising either Venture Capital financi...
Although the concept of FinTech - or Technofinance - is widely adopted by financial players and in the scientific literature, the absence of an unambiguous definition generates possible challenges in qualifying the phenomenon. In this
paper, we propose a new definition of FinTech based on a textual analysis aimed at categorising firms financed by e...
We exploit the natural experimental setting provided by the Covid-19 lockdown to analyse how performance is affected by a friendly audience. Specifically, we use data on all football matches in the top-level competitions across France, Germany, Italy, Spain, and the United Kingdom over the 2019/2020 season. We compare the difference between the num...
This paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on VC transactions, companies’ balance sheet variables and data on patented innovation at the firm level over the period 2008-2017. Taking advance of a novel granular definition of green innovative activiti...
This Science for Policy report addresses the technological and innovation challenges that the EU industry has to face during the next decade. The report focuses on the following themes: Technology diffusion and industrial dynamics; Innovation and company value chains; Financing innovation; Industrial innovation for transitions and transformation; E...
We use hand-collected data on penalty kicks in the top-level football competitions across France, Germany, Italy, Spain, and the United Kingdom over the 2019/2020 season to analyse how social environment affects the performance of individuals. We exploit the Covid-19 outbreak to induce a plausible source of variation in the supporters’ attendance....
The purpose of this report is to provide an overview of the recent trends of Venture Capital (VC) market in the European Union. In particular, it investigates and documents the characteristics of VC transactions, Venture Capitalists, and VC-backed firms, in the context of European Small and Medium-sized Enterprises (SMEs). Indeed, in recent years,...
In this article, we rely on a periodic public opinion poll indicator of the performance of the mayor, collected for 103 large cities in Italy and in three waves (2015, 2017, and 2020), to examine whether and to what extent the exogenous shift in policy-making decisions induced by the COVID-19 pandemic has affected citizens’ perceptions regarding at...
We show that the introduction of the procurement centralization within the regional healthcare systems in Italy reduced per capita health expenditure approximately by 2–8%, without affecting the level of health-related public services. Our results also indicate that the effect is persistent after six years, and is not influenced by the coexistence...
This technical report proposes a set of metrics and a methodology to measure the progress that European countries are making towards the development and integration of capital markets. Based on six priorities linked to the achievement of a well-functioning and integrated European capital market, we identify a set of indicators and analyze country p...
This paper investigates the environmental Kuznets’ curve hypothesis for total primary energy supply and CO2 from fuel combustion over the period 1971–2015.
Our analysis has two distinguishing features. Firstly, it adopts a robustness approach by (a) using both parametric and semi-parametric methods, and (b) analysing different geographical scales....
Composite indicators are very popular, despite being affected by several problems that often result in lack of robustness of the rankings involved. The aim of this paper is to show that composite indicators can be safely used, provided that rankings are built via uncertainty analysis rather than using a single composite. For this purpose, the appro...
In this work, the determinants of public expenditure on education are investigated for the 27 European Union countries. After having derived a demand model of the public expenditure structure from an extended version of the median voter model, I estimate the demand equations system on data from the COFOG-Eurostat dataset. The empirical results sugg...
The current economic crisis can be seen as arising from a failure to properly address sustainability and our effort aims at reaffirming the notion of sustainability as a fragile equilibrium among the economy, the society and the natural environment. After selecting a core set of indicators, for which the EU Sustainable Development Strategy was refe...
