Stefania Cosci

Maria SS. Assunta University of Rome | Lumsa · Law Department

Using a 10-year (2006–15) regional dataset on hospital discharges, we estimate the determinants of Italian regional outflow rates while also including three proxies for social capital: the quality of friendships, the involvement in social activities and the ratio of blood donors to the population. We find a significant push effect from the lack of...

This paper investigates persistence in entrepreneurship across Italian provinces over the period 1927–2017. We distinguish between a ‘general’ dimension (sociopsychological) and a ‘specific’ dimension (learning) of the role model effect. Based on data obtained from a comprehensive survey conducted in 1927 by the Italian National Statistical Institu...

The European Union introduced a directive aimed at reducing trade credit due to its supposedly negative effect on the European economy. This contrasts with the redistribution view arguing that trade credit could facilitate the financing of credit‐constrained firms by more liquid suppliers. But does trade credit mainly flow from relatively unconstra...

A spatial analysis of growth and convergence in Italian provinces: the role of road infrastructure. Regional Studies. The role of road infrastructure in reducing economic disparities is debated in both Europe and the United States. During the 1960s, huge investments in highways significantly reduced the time run between north and south Italy. A spa...

‘Housing the city’ focuses the people, with their different requests of the city, in the centre of urban planning and the architectural debate, to reaffirm the right to the city as a crucial aim for environmental, social and economic sustainability. We can mention four focus: – the city of the poor, the city of the rich: enclaves and ghettos tell u...

This paper studies the impact of competition on lending behaviour and cross-selling incentives of banks in a spatial competition model of the banking sector where positively evaluated loan applicants are more likely to buy other services from their lending bank. Overall our model suggests that the more competition increases in the loan market, the...

This paper investigates the impact of relationship lending on innovation (the probability to innovate and the intensity of innovation). Using a unique dataset providing detailed information on bank–firm relationships across European firms, we relate different proxies of relationship lending (soft information, long-lasting relationships, number of b...

Abstract We model the effect of cross-selling on the quality of banks’ loans and interest rates under alternative lending technologies when banks produce both hard and soft information. The main theoretical findings are: i) when banks adopt transaction lending technologies, where loan officers have only the task of screening loan applicants, cross-...

Although lease financing provides a significant source of funds enabling many companies to invest, few studies examine the determinants of leasing in Continental Europe and we are aware of no study on the Italian case. This paper investigates the relationship between financial constraints and leasing decisions for a sample of Italian firms. In part...

In the last two decades a growing number of banks have started to implement cross-selling programs across their branch network in an effort to become sales-driven organizations. What are the consequences of cross-selling on the traditional role of banks as producers of imperfect information about borrowers? The authors show that the answer to this...

According to a part of economic literature, the growing competition among financial intermediaries, together with the consequent interest margin shrink, induced many banks to enter new markets and adopt cross-selling strategies. Our results show that two kinds of banks coexist in Europe: cross-selling banks, more interested in 'depositors' than in...

This article is aimed to study, by means of both a nonparametric and a parametric approach to convergence, whether after the recent enlargements of the European Union the traditional twofold spatial regime of regional per capita income growth, envisaging a north/south and/or a cohesion/non-cohesion countries divide, should be replaced by an alterna...

Introduzione – 1. Calcio e borsa – 2. Indici di borsa e calcio: l’indice Dow Jones Stoxx Football – 3. Il legame tra borsa e risultati agonistici – 4. Le squadre e gli incontri nella nostra analisi – 5. La relazione tra risultati in campo e andamento del titolo delle squadre – 6. Correlazione tra risultati agonistici, titoli delle squadre e Dow Jon...

In this paper we model and empirically test the impact of banks' shift towards financial services on their screening activity and on the quality of their loans. We present a model where it is easier to sell services to positively evaluated loan applicants and we show that the larger the banks' income from services, the lower their optimal screening...

This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...

This paper presents a monopolistic competition model of a bank choosing the optimal level of the screening effort in the presence of cross-selling activities. We demonstrate that, in absence of informational synergies, the larger is the range of services that the bank produces, the lower is the optimal screening effort. The paper also analyses the...

The study intends to deepen the analysis of the dynamics of income and employment in Europe between 1989 and 1996 by considering the complex spatial consequences of the failure of the Fordist production model. Previous studies found evidence of polarization in unemployment rates and persistence in per-capita income in European regions. When Objecti...

This paper studies the impact of the reform of the Employees Severance Indemnity (ESI) fund on Italian firms’ capital structure for a sample of 4680 Italian firms observed over the period 1991-2000. We find that, controlling for various factors affecting firms’ total leverage, ESI is a substitute for firms’ leverage. We also find that the degree of...

The purpose of this paper is to shed more light on the determinants of the number of bank lending relationships. In particular we look at the link between over-leverage and the number of banking relationships for a sample of Italian manufacturing firms, distinguishing between firms with a main bank and firms without a main bank. The main result of...

New data on the sources of finance for the non-financial corporate sector show that Italian firms as a whole use more equity finance than their Anglo-Saxon counterparts, and smaller Italian firms use equity more intensively than larger firms. Both findings can be understood in terms of the structure of industry and banking in Italy and the relation...

Despite the growing theoretical literature on multiple banking relationships, empirical studies investigating the determinants of the number of bank-lending relationships are very scant. The purpose of this paper is to fill this gap. Using a new data set provided by a large Italian bank we provide econometric evidence that the number of banking rel...

New data on the sources of finance for the non-financial corporate sector show that Italian firms as a whole use more equity finance than their Anglo-Saxon counterparts, and smaller Italian firms use equity more intensively than larger firms. Both findings can be understood in terms of the structure of industry and banking in Italy and the relation...

This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection a...