Acconcia, Antonio; Cantabene, Claudia - Centro Studi di Economia e Finanza (CSEF) - 2015
In concurrence with the recent credit crisis, the Italian government tried to stimulate R&D expenditures through tax credit. We rely on this policy to identify the firm response to an exogenous countercyclical fiscal shock. Large heterogeneity by the size of cash is observed for firms in...