We use a simple model to analyze the funding stage of new firms and characterize the directional causality between the ir capital structure and the length of prior working experience that entrepreneurs possess. In this light, we test a set of predictions by considering a sample of firms founded...

We use a simple model to analyze the founding stage of new firms. Our goal is to characterize the directional causality between the expected rewards from entrepreneurship and the length of prior labor market experience that entrepreneurs possess. We test predictions about the timing of the...

This paper analyzes the issue costs and initial pricing of bonds in the international market. In particular, we investigate the determinants of three components of issue costs: underwriter fee, underwriter spread (the difference between the offering price and the guaranteed price to the issuer),...

We investigate and compare the issuance costs of Eurobonds before and after the completion of the Economic and Monetary Union (EMU) in 2002, and find that the introduction of the euro has significantly reduced the issue cost of euro-denominated bonds compared with bonds denominated in the legacy...

For many years IO economists devoted attention to the size distributions’ of firms in a given industry. Most studies showed that the size distribution of firms in oligopolistic markets is highly skewed. There are many small firms and a few large firms. There is also a consensus that relative...

The principles underlying evolutionary psychology suggest an approach to Law and Economics that tends to reject top-down policy making and encourages a bottom-up stance, whereby rules lead to behavioral routines that are consistent with individuals’ shared psychological patterns. The view...

L'articolo esamina gli effetti redistributivi della dinamica dei prezzi e le conseguenze espansive/recessive che questa può avere sulla congiuntura. Si richiama l'attenzione sul ruolo del contesto istituzionale (concorrenza e regolamentazione) e sui costi di aggiustamento che ne seguono. Si...

Institutions matter: they affect individual action, influence cooperation and are crucial in making the difference between wealth and poverty, growth and stagnation. Yet, the explanatory power of modern institutional economics has not been exceedingly satisfactory. This paper criticizes the...

This article discusses whether altruism justifies ad-hoc legislation with reference to three different contexts. One is defined by the libertarian notion of liberty, a second framework corresponds to the egalitarian vision, and a third one originates from social-contract theory. It is shown that...

The public choice-school has explained why policy- making is generally disappointing and frequently against the very interest of the public at large. The economics profession has put forward two kinds of allegedly free-market remedies. On the one hand, the mainstream view underscores the need...