Research

Publications

Better Together: How Digital Connectivity and Regulation Reduce Trade Costs
with S. Rubinova and R. Piermartini Review of International Economics (2025) [Paper]

Navigating Uncertainty: Multinationals’ Investment Strategies after the Pandemic Shock.
with A. Rungi. Italian Economic Journal (2023). [Paper]

Chapters in books

A. Rungi, C. Bellucci (2022). Le imprese estere in Italia e i nuovi paradigmi della competitività. V. Meliciani, A. Ruocco (Eds.), Multinazionali e catene globali del valore, Rubbettino [Book].

Working Papers

Procompetitive effects of vertical takeovers. Evidence from the European Union
with A. Rungi
[Job Market Paper]

Rising market power threatens competition and decreases consumers’ welfare. To date, a few works have shown how global firm-level markups increase, but there is scant evidence about the channels of such a change. This study investigates the causal impact of takeovers on markups and related firm-level outcomes on European manufacturing in 2007- 2021. Interestingly, findings suggest that takeovers aimed at vertical integration strategies are procompetitive because they result in lower markups (0.7%) and more sales (2.9%). The effects are higher as time passes from the takeover event, and they increase with the parent’s number of already integrated subsidiaries. Notably, we do not find a significant impact on markups in horizontal integration strategies after we control for cherry-picking by acquirers. Eventually, we emphasize that our results on vertical takeovers point to strategies aimed at eliminating double profit margins on the input markets; thus, lower markups increase sales, spreading fixed costs and benefiting from economies of scale. Several checks on methods and sample composition effects confirm our central tenets. Finally, we reconnect with the debate initiated by the U.S. Vertical Merger Guidelines (2020; 2023), where the presumption of harm after vertical deals has been softened, thus considering procompetitive effects, but the discussion of potential foreclosure risks has been expanded.

Work in progress

Common Ownership and Market Power: Evidence from EU Manufacturing
with D. Verdini and E. Zaurino

Common ownership refers to the simultaneous holding of shares across firms by a large institutional investor. Using detailed firm-level balance sheet and ownership information over the period 2009-2019, we document the evolution of common ownership in the European manufacturing sector and its role in affecting firms’ performances and competition. In particular, we distinguish the effect played by common ownership of firms within a sector from common ownership of firms belonging to different sectors. Exploiting M\&As of large financial institutions as exogenous variations to the degree of common ownership, we provide causal evidence of the role of within- and between-sector common ownership on productivity and markups.

Conferences and Seminars

2023

Local Geneva Trade and Development Workshop, WTO, Geneva
64a Riunione Scientifica Annuale della Società Italiana di Economia, GSSI, L'Aquila
24th European Trade Study Group, Surrey, UK (not presenter)
ASSA 2023 American Economic Association Conference, New Orleans, United States

2022

23rd European Trade Study Group, Groningen, Netherlands
XXXVI Jornadas de Economa Industrial, Las Palmas de Gran Canaria, Spain
Royal Economic Society Annual Conference (RES), London, UK (online)
14th FIW Research Conference 'International Economics', (online)
Multinational Enterprises and Local Competencies, Workshop LUISS, Rome, Italy

2021

22nd European Trade Study Group, Ghent, Belgium

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