Using establishment-level data from the World Bank Enterprise Survey, we assess the market power of exporting firms across 16 countries in Latin America. Leveraging information on export destinations, as well as exchange rate and price data, we construct exchange rate-driven shocks to the...

Financial frictions may represent a severe obstacle for firms' innovative activity. This paper shows the existence and quantifies the effect of binding financial constraints on the innovation propensity of Italian companies. Once provided a rich baseline specification for innovation, I analyze...

Financial frictions may represent a severe obstacle for firms' innovative activity. This paper shows the existence and quantifies the effect of binding financial constraints on the innovation propensity of Italian companies. Once provided a rich baseline specification for innovation, I analyze...

Financial frictions may represent a severe obstacle for firms' innovative activity. This paper shows the existence and quantifies the effect of binding financial constraints on the innovation propensity of Italian companies. Once provided a rich baseline specification for innovation, I analyze...

Financial frictions may represent a severe obstacle for firms' innovative activity. This paper shows the existence and quantifies the effect of binding financial constraints on the innovation propensity of Italian companies. Once provided a rich baseline specification for innovation, I analyze...

Financial frictions may represent a severe obstacle to firms' innovativeness. This paper shows the existence and quantifies the effects of financial barriers to the innovation propensity of Italian companies. Employing direct measures of financial constraints and a credit-score estimated ad hoc,...

Financial frictions may represent a severe obstacle to firms' innovativeness. This paper shows the existence and quantifies the effects of financial barriers to the innovation propensity of Italian companies. Employing direct measures of financial constraints and a credit-score estimated ad hoc,...

Financial frictions may represent a severe obstacle to firms' innovativeness. This paper shows the existence and quantifies the effects of financial barriers to the innovation propensity of Italian companies. Employing direct measures of financial constraints and a credit-score estimated ad hoc,...

We test whether financial fluctuations affect firms' decisions, through their impact on banks' cost of funding. We exploit two shocks to Italian bank CDS spreads and equity valuations: the 2007-2009 financial crisis and the 2010-2012 sovereign debt crisis. Using newly available data linking over...

We test whether adverse changes to banks’ market valuations during the financial and sovereign debt crises, and the associated increase in banks’ cost of funding, affected firms’ real decisions. Using new data linking over 3,000 non-financial Italian firms to their bank(s), we find that...