We propose a general framework for the analysis of dynamic optimization with risk- averse agents, extending WhittleÕs (Whittle, 1990) formulation of risk-sensitive optimal control problems to accommodate time-discounting. We show how, within a Markovian set-up, optimal risk-averse behavior is...

La ricerca indaga l’efficacia dell’azione di vigilanza e analizza le motivazioni e gli effetti che le sanzioni amministrative emanate dalla Banca d’Italia hanno avuto sulla performance delle banche italiane. Tale argomento sembra assumere una particolare rilevanza in un periodo quale...

This paper tests the impact of family ownership on firms' export decisions using a rich data set of about 20,000 Italian manufacturers. The results reveal that family ownership increases the probability that firms export, although the effect weakens as ownership concentration rises. The benefit...

Le banche a vocazione locale, sfruttando i tradizionali punti di forza del radicamento nel territorio e della capacita' di sviluppare e privilegiare rapporti di tipo relazionale con la propria clientela nella logica del relationship banking, negli anni della crisi hanno continuato a sostenere il...

Systemic risk is the risk of a collapse of the entire financial system, typically triggered by the default of one, or more, large and interconnected financial institutions. In this paper we estimate the systemic risk contribution of each financial institution in a large sample of European banks....

This paper tests the impact of an imperfect bank-firm type match on firms' financial constraints using a dataset of about 4,500 Italian manufacturing firms. We start considering an optimal matching of opaque (transparent) borrowing firms with relational (transactional) lending main banks. Next...

This paper proposes and empirically tests a theory of entrepreneurial innovation to explain its high degree of concentration in space and time. In the model, a successful entrepreneurial project is the result of a search and matching process between entrepreneurs looking for funds and...

Lo scopo di questo lavoro e' quello di definire un modello che permetta ai traders di stimare il valore dei derivati azionari e creditizi nellÕambito dello stesso schema teorico. Le formule chiuse proposte consentono ai traders di valutare equity, equity options e credit default swaps (CDSs) in...

Italian SMEs go public much less than SMEs located in other European countries, even though their relevance for the national economy is relatively higher in terms of employment and value added. Why do Italian SMEs so scarcely rely on equity as an external source of finance, despite the option of...