The hypothesis that ownership structure affects persistence of profits in the Italian banking industry is tested. The time-invariant components of ROA and ROE are regressed against ownership concentration and the fraction of shares held by the major shareholders. The results show that abnormal...

<!--Début du contenu @xml:lang="en"-->?Supplier firms selling intermediate inputs/goods to other producers operate and even proliferate in both developed and developing countries, especially after the considerable decline in vertical integration occurred within most industries in the last decades. In the past, most of the studies...

Using micro-data on small- and medium-sized enterprises, this paper empirically investigates the “signalling hypothesis” formulated on the role of trade credit (Biais and Gollier in Rev Financ Stud 10: 903–937, <CitationRef CitationID="CR19">1997</CitationRef>; Burkart and Ellingsen in Am Econ Rev 94: 569–590, <CitationRef CitationID="CR30">2004</CitationRef>). The research...</citationref></citationref>

Since 1980 several developing countries have received World Bank structural loans, aimed at opening their economy to international trade. By estimating a gravity equation on a panel of 180 countries, observed from 1962 to 2010, we investigate whether the Bank's programs have affected the export...

In this paper, we seek to empirically assess which determinants of the capability and incentives of banks to screen and monitor firms are significant in explaining credit rationing to Italian SMEs. After testing for the presence of non-random selection bias and the potential endogeneity of some...

This paper investigates the role of institutional differences at the local level as determinants of firms’ capital structure. Specifically, its aim is to empirically assess whether and to what extent SMEs’ financial decisions are affected by local financial development – evaluating this...

This note investigates the role of institutional differences at the local level as determinants of firms' capital structure. Specifically, its aim is to empirically assess whether and to what extent SMEs' financial decisions are affected by local financial development – evaluating this...

Based on a large panel of Italian SMEs, this paper focuses on the relationship between firms' default probability and the amount of bank debt they obtain, evaluating whether and to what extent this link is affected by the degree of competition characterizing the local credit market where firms...