Research

 
 

Applied econometrics on Panel Data; Uncertainty; Corporate Capital Structure; R&D and Innovation; Investment; Multilevel Panel data analysis; Heterogeneity and Clustering; Dynamic Modelling and Instrumental Variables.

Submitted and Working Papers

The Controversial Issue of How to Measure the Firms’ Financial Constraints” with A. Musolesi, V. Nigro & P. Sevestre, in progress, presented at the Bank of Italy, February 21, 2020.

“Market Power and Duration of R&D Investment” with L. Lambertini & E. Medeossi, under review, 2020

“Reading or (Web) Searching When Uncertainty Arises?” with R. Golinelli, M. Frigeri & M. Squadrani, revise & resubmit, 2020. We created a new index of economic and political uncertainty (EURQ, economic uncertainty related queries) based on the searches of specific queries on the Web. The index, available for the US and Italy (under construction for UK, Germany and France) is at monthly frequency, regularly updated. Discover the EURQ index, available on the EPU index website edited by Steven Davis (Chicago University), Nick Bloom (Stanford University) and Scott Baker (Northwestern University)! 

“R&D for Product and Process Innovation, Uncertainty and Market Structure” with L. Lambertini, in progress (Fourth Bi-annual Conference on “Uncertainty and Economic Activity: Global Perspectives”, Washington, DC, May 7-8, 2020, postponed; presented at SEM's 2017 conference, the Samberg Center at the Massachusetts Institute of Technology, July 26-28, 2017)

“Do Good Institutions Defer FDI to Natural Resource Rich Developing Countries? A Multilevel Dynamic Analysis” with H. Keen, in progress (Presented at SIDE First Italian Workshop of Econometrics and Empirical Economics (IWEEE): panel data Models and Applications, Univ. of Milano-Bicocca, January 25-26, 2018; IPDC 2017 Annual Conference, Univ. of Macedonia, Thessaloniki, July 7-8, 2017)

“Three-Ways Decomposition of Variance in Panel Data”, a new STATA procedure under implementation


Publications


            “A Multilevel Index of Heterogeneous Short-term and Long-term Debt Dynamics” with R. Golinelli & L. Bottazzi,
                    Journal of Corporate Finance
, 2020, 64, October

Capital Structure across Italian Regions: The Role of Financial and Economic Differences” with F. di Pietro, M.-J. Palacín-Sánchez & R. Samaniego-Medina, Sustainability, 2019, 11(16), 4474

Shortand Long Run Heterogeneous Investment Dynamics” with F. Bacchini, R. Golinelli & C. Jona-Lasinio, Empirical Economics, 2018, 54(2), 343-378

Investment-Uncertainty Relationship: Differences Between Intangible and Physical Investments”, Economics of Innovation and New Technology, 2016, 25(3), 240-268 (Invited at the European Commission IRE 4th Conference on Corporate R&D and Innovation: «Financing R&D and Innovation for Corporate Growth in the EU: Strategies, drivers and barriers» (CONCORDì), Seville, September 26-27, 2013)

Intangible Capital and Productivity at the Firm Level: a Panel Data Assessment” with J. Mairesse, Economics of Innovation and New Technology, 2015, 24(1&2), 22-51

Implementing a Strategy to Reduce the Instrument Count in Panel GMM” with I. Mammi, The Stata Journal, 2015, 15(4), 1075-1097 

The Changing Relationship Between Inflation and Cycle in Italy: 1861-2012” with A. Baffigi, E. Felice & R. Golinelli, Explorations in Economic History, 2015, 56, 53-70

Family Firms’ Investments, Uncertainty and Opacity with M. Bianco, R. Golinelli & G. Parigi, Small Business Economics, 2013, 40(4), 1035-1058

The Effect of Neglecting the Slope Parameters Heterogeneity on Dynamic Models of Corporate Capital Structure” with R. Golinelli, Quantitative Finance, 2012, 12(11), 1733–1751 (Also in Midwest Finance Association 2009 Conference, Chicago IL, March 4-7, 2009, Papers and Proceedings; the 1stworkshop on Dynamic Econometrics in memory of Carlo Giannini, University of Pavia, June 10, 2005)

Pre-Trade Transparency and Trade Size” with C. Lucarelli, Applied Financial Economics, 2012, 22(8), 597-609

“Reaction of the Italian Stock Exchange to Exogenous and Endogenous Events” with C. Lucarelli, C. Mazzoli & A.G. Quaranta, Journal of Emerging Markets, 2010, 15(1), 23-37 (Presented at the Midwest Finance Association 2009 Conference, Chicago IL, March 4-7, 2009)

Why Demand Uncertainty Curbs Investment: Evidence from a Panel of Italian Firms” with R. Golinelli & G. Parigi, Journal of Macroeconomics, 2010, 32, 218-238

Entry Strategies into China: the Choice between Joint Ventures and WhollyForeign-Owned Enterprises. An Application to the Italian Manufacturing Sector” with G. Prodi, International Review of Economics & Finance, 2009, 18(1), 11-19

Intangible Capital and Productivity: an Exploration on a Panel of Italian Manufacturing Firms” with J. Mairesse, NBER Working Paper Series  14108, Cambridge, MA. 2008 June (Presented at R&D,Science, Innovation and Intellectual Property, International Conference in Honor of Jacques Mairesse, ENSAE, Paris, September 16-17, 2010)

“Corporate Tax Reforms and Financial Choices: an Empirical Analysis” with S. Giannini & R. Golinelli, Giornale degli Economisti e Annali di Economia, 2005, 64(2/3), 271-194

Capital Heterogeneity: Does it Matter? Fundamental Q and Investment on a Panel of Italian Firms” with A. Del Boca, A. Franzosi, M. Galeotti & P. Rota, The Rand Journal of Economics, 2004, 35(4), 674-690

The Dynamic Specification of the Modified Pecking Order Theory: Its Relevance to Italy”, Empirical Economics, 2002, 27(1), 1-22

  

Other Publications & Comments

          "C'è un'altra epidemia da curare: l'incertezza" Lavoce.info 01/06/2020

          L’incremento dell’incertezza economica provocato dalla pandemia COVID-19” Blog di ParliamoneOra 2020, University of Bologna, April 2020

Uncertainty,Perception and the Internet” with M. Frigeri, R. Golinelli & M. Squadrani, Quaderni - Working Paper DSE (1134), 2019  (Presented at: 2018 IAAE International Association for Applied Econometrics Conference, Montreal, Canada, June 26-29, 2018)

Discussion to 'Il Modello di Microsimulazione delle Imprese dell'Istat'" Atti della 12° Conferenza Nazionale di Statistica, Roma, 22-24 Giugno 2016, III Area Tematica: Innovazioni e Sperimentazioni - Implementare e sviluppare la valutazione delle policy, 2018, 348-351.

Market Power and Duration of R&D Investment in a Panel of Italian Firms” with L. Lambertini & E. Medeossi, Quaderni - Working Paper DSE (1057), 2016 (Presented at The 5th European Conference on Corporate R&D and Innovation: «Industrial Research and Innovation: Evidence for Policy» (CONCORDi-2015), European Commission, Seville, October 1-2, 2015)

A New Index of Uncertainty Based on Internet Searches: A Friend or Foe of Other Indicators?” with R. Golinelli & M. Squadrani, Quaderni - Working Paper DSE (1062), 2016 (Achievement(Presented at the Macroeconomic of Uncertainty and Volatility, Stanford Institute for Theoretical Economics (SITE), Department of Economics, September 7-9, 2016; The 2nd workshop on "Impact of uncertainty shocks on the global economy", University College of London, University of Leicester and Banque de France, May 12-13, 2016, London; The 35th International Symposium on Forecasting of the International Institute of Forecasters, Riverside, June 21-24, 2015)

Dynamic Corporate Capital Structure Behavior: Empirical Assessment in the Light of Heterogeneityand Non Stationarity” with L. Bottazzi & R. Golinelli, Quaderni - Working Paper DSE (988), 2015 (Also IGIER Working Paper No. 537, 14 January, 2015)  (Presented at the SIDE Italian Workshop of Econometrics and Empirical Economics (IWEEE): Panel Data Models and Applications, University of Milano-Bicocca, January 25-26, 2018; accepted for presentation at the World Finance Conference, Sardinia, Italy, July 26-28, 2017; the SIDE Italian Congress ofEconometrics and Empirical Economics (ICEEE), Salerno, January 21-23, 2015; the 1st Conference on Recent Developments in Financial Econometrics and Applications, Deakin University, Victoria, Australia, December 4-5, 2014)

 “ICT and Non-ICT Investments: Short and Long Run Macro Dynamics” with F. Bacchini, R. Golinelli & C. Jona Lasinio, Quaderni - Working Paper DSE (956), 2014 (Presented at the SIDE Italian Congress of Econometrics and Empirical Economics (ICEEE), Salerno, January 21-23, 2015; the 55th Italian Economic Association AnnualConference, Trento, October 23-25, 2014; ISTAT, Rome, 20 January 2014; the DIW Macroeconometric Workshop, Berlin, November 29-30, 2013)

pca2: Implementinga Strategy to Reduce the Instrument Count in Panel GMM” with I. Mammi, Quaderni - Working Paper DSE (960), 2014 (Presented at the SIDE Italian Congress of Econometrics and Empirical Economics (ICEEE), Genoa, January 16-18, 2013; the 19th IPDC, Cass Business School, London, July 4-5, 2013; the 54th Italian Economic Association Annual Conference, University of Bologna, October 24-26, 2013)

Output Potenziale, Gap e Inflazione in Italia nel Lungo Periodo (1861-2010): un'analisieconometriawith A. Baffigi & R. Golinelli, Quaderni di Storia Economica, Banca d’Italia, n. 29, 2013 (Presented at I conti nazionali dell’Italia: la nuova ricostruzione deidati storici, 1861-2011, Bank of Italy, April 16, 2012)

The Macroeconometric models for Italy (MEMO-IT): Policy Evaluation and Future Challenges” with F. Bacchini, C. Brandimarte, R. Golinelli, C. Jona-Lasinio & C. Pappalardo, Rivista Italiana di Economia Demografica e Statistica, 2013, LXVII, 2, 171-179

The ISTAT MeMo-It Macroeconometric Model: Comments and Suggestions for Possible ExtensionsRivista di Statistica Ufficiale, ISTAT, 2013, 1, 47-56 (Presented at the Italian Economic AssociationAnnual Conference, Matera, October 18-20, 2013)

A Strategy to Reduce the Count of Moment Conditions in Panel Data GMM” with I. Mammi, Quaderni - Working Paper DSE (843), 2012 (Presented at the 18th IPDC, Banque de France, Paris, July 5-6, 2012)

Perché l’incertezza sulla domanda frena l’attività d’investimento” with R. Golinelli & G. Parigi, Temi di Discussione Bank of Italy Working Paper N. 621, 2007

Strategie d’entrata in Cina: la scelta tra JV e Wofe. Una applicazione al settore manifatturiero italiano” with G. Prodi, Quaderni del Dipartimento DEIT, University of Ferrara, N. 10/2006

Corporate Taxation and Financing Decisions in Italy: a Modified Pecking Order Approach” with S. Giannini & R. Golinelli, Quaderni del Dipartimento DEIT, University of Ferrara, N. 10/2005

Corporate Tax Reforms and Financial Choices: an Empirical Analysis” with S. Giannini & R. Golinelli, Quaderni del Dipartimento DEIT, University of Ferrara, N. 9/2005

“Corporate Taxation and its Reforms: Effects on Corporate Financing Decisions in Italy” with S. Giannini & R. Golinelli, Diritti, Regole, Mercato. Economia pubblica ed analisi economica del diritto", XV Conference SIEP - Italian Society of Public Economics – University of Pavia, October 3-4, 2003, v. II, 1255-81

Incentivi agli investimenti e tassazione dei profitti: l'impatto delle recenti riforme fiscali sul cash flow delle società di capitali” with S. Giannini, M. C. Guerra & A. Tiraferri, Politica Economica, 2001, 3, 249-284

“Le determinanti del leverage delle imprese: una applicazione empirica ai settori industriali dell'economia italiana” with R. Golinelli, Studi e Note di Economia, 1996, 2, 35-66

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