Working papers
Complex organizations, leverage and Interest Rates, (2026), with G. Nicodano.
We study the sensitivity of optimal leverage to the level of the risk-free interest rate. Our trade-off model implies a heterogeneous response depending on the presence of a sponsor backing company debt. A highly-leveraged, backed company optimally increases debt when interest rates fall, while a company without a sponsor reduces it despite having lower initial leverage. This heterogeneity implies divergent bankruptcy probability and recovery-upon-default, in the same interest rate scenarios, for the two company types. We also show that a lower risk-free rate reduces the sponsor's incentive to issue debt.
Selected publications (2019- )
The equilibrium effects of mortality risk, (2026), Journal of Economic Behavior and Organization 243, 107463, with A. Modena and G. Rizzini.
Tax evasion and the productivity distribution, (2026), Economic Modelling 157, 107480 with F. Menoncin and A. Modena.
Non-Standard Errors, (2024), Journal of Finance 79 (3), 2339-2390, with A. Menkveld et al..
Capital risk, fiscal policy and the distribution of wealth, (2024), Mathematics and Financial Economics , with A. Modena.
An analysis of the Dutch-style pension plans proposed by UK policy-makers, (2022), Journal of Social Policy 51 (2), 325-345, with I. Owadally and R.Ram.
Optimal life-cycle labour supply, consumption, and investment: the role of longevity-linked assets, (2020), Journal of Banking and Finance 120, with F. Menoncin.
A trade-off theory of ownership and capital structure, (2019), Journal of Financial Economics 131, 715-735, with G. Nicodano.
A continuous-time stochastic model for the mortality surface of multiple populations, (2019), Insurance: Mathematics and Economics 88, 181-195, with P. Jevtic.
Communities and regularities in the behavior of investment fund managers, (2019), Proceedings of the National Academy of Sciences of the United States of America 116 (14) 6569-6574, with A. Flori, F. Pammolli, S. Buldyrev and Eugene H. Stanley.