We present results of an experiment on expectation formation in an asset market. Participants to our experiment must provide forecasts of the stock future return to computerized utility-maximizing investors, and are rewarded according to how well their forecasts perform in the market. In the...

This paper studies the impact of size on labor cost and productivity for Italian manufacturing firms. The distributions of both labor cost and productivity display a wide support, even when disaggregated by sector of industrial activity. Further, both labor cost and productivity, when considered...

In this work we explore some basic properties of the size distributions of firms and of their growth processes both at aggregate and disaggregate levels. First, we investigate which properties of firm’s size distributions and growth dynamics are robust under disaggregation. Second, at a...

This work explores and compares some basic properties of corporate growth process at both aggregate manufacturing level and disaggregated sectoral levels. Using an extensive dataset on Italian manufacturing firms, we investigate which properties of firm growth dynamics are robust under...

This work analyzes the log-returns of daily electricity prices from the NordPool day-ahead market. We study both the unconditional growth rates distribution and the distribution of residual shocks obtained with a non-parametric filtering procedure based on the Cholesky factor algorithm. We show...

The presence of excess covariance in nancial price returns is an accepted empirical fact: the price dynamics of nancial assets tend to be more correlated than their fundamentals would justify. We propose an intertemporal equilibrium multi{assets model of nancial markets with an explicit and...

The work studies the processes of growth of the world top 150 pharmaceutical firms, on the grounds of an original database which allows also disaggregate analysis at the level of single therapeutical classes and chemical entities.Our findings show that the industry -whose long-term evolution is...

We consider a simple asset-pricing model with one risky and one riskless asset in discrete time. In each trading period heterogeneous boundedly rational agents form their individual demand for the risky asset, and then the price of the asset is determined via Walrasian mechanism imposing a...