The aim of this paper is twofold. First, we measure the relationship between fiscal variables and companies debt choices in Italy using a dynamic representation of the modified pecking order model, where both trade-off and pecking order theories are nested. Second, our estimation results are...

We exploit the new historical national accounts data for Italy over the period 1861-2010, built by Banca d'Italia and Istat, with the collaboration of the University of Rome "Tor Vergata". In the first part of the paper, a thorough study of the new data's statistical properties is presented...

The article investigates the relationship between GDP and prices in Italy in the long-run, from the country's Unification (1861) up to present day. By using the new national accounts data, over the period 1861–2012, we were able to make Italy the third country to have a historical test of the...

Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and...

In this paper, we model business investment distinguishing between ICT (communication equipment, hardware and software) and Non-ICT (machinery and equipment, and non-residential buildings) components and taking into account asset specific characteristics potentially affecting the reactivity of...

We present a parsimonious representation of debt-ratio dynamics that is able to nest the Trade-Off, Pecking-Order and Market-Timing theoretical models, at the same time avoiding the poolability of the slope parameters. The inference on the heterogeneous speed of adjustment of the firm towards...

Theoretically, the effect on investment of uncertainty over the demand for a firm's product is unclear because of the influence of several factors, such as the production technology and the amount of competition in the product market. It has not been possible, until now, to investigate more...

From a theoretical point of view, uncertainty over the demand for a firm's product may not have clear effects on investments, because of the influence of a number of factors, such as the production technology and the amount of competition in the product market. Until now, a deeper investigation...