We exploit the exogenous COVID-19 shock in a bicultural area of Italy to identify cultural differences in the way companies respond to economic shocks, and in their resilience to those shocks. Firms with managers of diverse cultural backgrounds resort to different forms of government aid,...

Banks are expected to play a key role in assisting the real economy with the green transition process. One of the tools used for this purpose is the issuance of green bonds. We analyze the characteristics of banks that issue green bonds to understand: (i) which banks are more likely to resort to...

Banks are expected to play a key role in assisting the real economy with the green transition process. One of the tools used for this purpose is the issuance of green bonds. We analyze the characteristics of banks that issue green bonds to understand: (i) which banks are more likely to resort to...

We document significant differences in the financing structure of small firms with managers of diverse cultural backgrounds. To isolate the effect of culture, we exploit cultural heterogeneity within a geographical area with shared regulations, institutions, and macroeconomic cycles. Our...

Since 2013, The Order of St John Award for Organ Donation is offered to the families of deceased solid organ donors in the United Kingdom to honor the donors and inspire others to donate. We evaluate the effects of this award using a difference-in-differences approach that builds on the fact...

We study whether and how politicians can influence the behaviour of CEOs and firm performance with prestigious government awards. We present a simple model to develop the hypothesis that government awards have a negative effect on firm performance. The empirical analysis uses two legal...