Applied microeconometrics, Panel Data analysis, Heterogeneity and clustering, dynamic modeling, GMM
Uncertainty, R&D and innovation, Investment and corporate capital structure

Links to Google Scholar, RePEc, Research Gate, Scopus, SSRN, WOS

 Papers, Working papers and Downloads
 Further Info
"R&D investment in product and process innovation, uncertainty and the market structure" (2016)
(with L. Lambertini)
Assessing the Stability of Heterogeneous Corporate Capital Structures: A Taxonomy and Directions for Future Research (2017) submitted (with R.Golinelli & L.Bottazzi)Accepted for presentation at the World Finance Conference, Sardinia, Italy (July 26-28th, 2017). 

 A previous version "Dynamic corporate capital structure behaviour: empirical essessment in the light of heterogeneity and nonstationarity" was presented at
The Sixth Italian Congress of Econometrics and Empirical Economics, January 21-23, 2015, Salerno. The 1st Conference on Recent Developments in Financial Econometrics and Applications, 4‐5, December, 2014, Deakin University, Victoria, Australia.
Preliminary verion in 
DSE WP n. 988 and IGIER WP n. 537
"A New Index of  Uncertainty Based on Google Trends: a Friend or Foe of Other Indicators?" (2016) submitted, (with R. Golinelli & M. Squadrani).

Here the web site on this New Index 
The Macroeconomic of Uncertainty and Volatility, Stanford Institute for Theoretical Economics (SITE), Department of Economics, Septemebr 7-9, 2016.
The 2nd workshop on "Impact of uncertainty shocks on the global economy", University College of London, University of Leicester and Banque de France, may 12-13, 2016, London. The 35th International Symposium on Forecasting of the International Institute of Forecasters, Riverside, June 21-24, 2015.
"Market power and duration of R&D investment" (2016) submitted (with L. Lambertini & E. Medeossi), DSE WP n. 1057
The 5th European Conference on Corporate R&D and Innovation: «Industrial Research and Innovation: Evidence for Policy» (CONCORDi-2015), European Commission, Seville (1-2 October 2015).
Short and long run heterogeneous investment dynamcis”  (2017) forthcoming in Empirical Economics(with F. Bacchini, R. Golinelli and C. Jona-Lasinio).
The Sixth Italian Congress of Econometrics and Empirical Economics, January 21-23, 2015, Salerno. Società Italiana degli Economisti, 55ma Riunione Scientifica Annuale, 23-25 Ottobre 2014, Trento. ISTAT, Rome (20 January 2014). The DIW Macroeconometric Workshop, Berlin (29-20 November 2013). Proposed at: "The macroeconomic consequences of risk and uncertainty", NBER Sept. 19-20, 2014.
Preliminary version in 
DSE WP n. 956
 “Investment-Uncertainty Relationship: Differences Between Intangible and Physical Capital” (2016) Economics of Innovation and New Technology, 25, 3, 240-268 Invited and presented at the 4th European Conference on Corporate R&D and Innovation: «Financing R&D and Innovation for Corporate Growth in the EU: Strategies, drivers and barriers» (CONCORDì-2013), European Commission, Seville (26-27 September 2013). Accepted to the Technology Transfer Conference 2011, University of Augsburg, Bavaria, Germany (September 21-23, 2011). Presented at the Industrial Organization reading group, Department of Economics, University of Bologna (May, 15, 2012).
Capital structure across Italian regions, the role of financial and economic determinants" (2017) (with F. di Pietro & María-José Palacín-Sánchez, Reyes Samaniego-Medina), submitted  
 Implementing a strategy to reduce the instrument count in panel GMM” (2015) The Stata Journal , 15, 4, 1075-1097, (with I. Mammi). Preliminary version in DSE WP n. 960.
Intangible Capital and Productivity at the Firm Level: a Panel Data Assessment (2015) Economics of Innovation and New Technology, 24, 1-2, 22-51, (with J. Mairesse). Supplementary material is here.
The Changing Relationship between Inflation and the Economic Cycle in Italy: 1861-2012” (2015) Explorations in Economic History, 56, 53-70, (with A. Baffigi, E. Felice and R. Golinelli)
Three Ways Decomposition of Variance in Panel Data(2015) to be submitted
"Principal Component Analysis: is this an effective way to deal with over-identification in GMM panel data estimation?" (2013), (with I. Mammi)

Presented at: the 54th Italian Economic Association Annual Conference, University of Bologna, 24-26 October 2013; the 19th International Panel Data Conference, Cass Business School (London), July, 4-5, 2013; the SIDE (Italian Econometric Association) Italian Congress of Econometrics and Empirical Economics (ICEEE) January 16-18, 2013, Genoa; the 18th International Panel Data Conference, July 5-6, 2012, Banque de France, Paris; the Internal Seminars of the Department of Economics, University of Bologna, 24 October 2012.
A preliminary version in DSE WP n. 843.

The Macroeconometric models for Italy (MEMO-IT): Policy Evaluation and Future Challanges” (2013), Rivista Italiana di Economia Demografica e Statistica, Vol. LXVII n.2, pp. 171-179 (with F. Bacchini, C. Brandimarte, R. Golinelli, C. Jona-Lasinio,C. Pappalardo)
The ISTAT MeMo-It macroeconometric model: comments and suggestions for possible extensions" (2013) Rivista di Statistica Ufficiale, ISTAT, No. 1, pp. 47-56.

Presented at the Italian Economic Association (SIE) Annual Meeting, Session B10, Matera, October 18, 20.
Family Firms’ Investments, Uncertainty and Opacity” (2013) Small Business Economics, 40, 4, 1035-1058, (with M. Bianco, R. Golinelli, G. Parigi)
The Effect of Neglecting the Slope Parameters Heterogeneity on Dynamic Models of Corporate Capital Structure” (2012) Quantitative Finance, Vol. 12, No. 11, Nov., 1733–1751, (with R. Golinelli)

Preliminary versions: presented at Midwest Finance Association 2009 Conference, Chicago IL, March 4-7, 2009 and published in Midwest Finance Association 2009 Conference, Papers and Proceedings; 1st workshop on Dynamic Econometrics in memory of Carlo Giannini, University of Pavia, June 10, 2005 (Slides); accepted for presentation at the 11th International Conference for Panel Data, College Station, Texas, June 4-6, 2004.
Pre-Trade Transparency and Trade Size” (2012) Applied Financial Economics, 22, 8, 597-609 (with C. Lucarelli)

Presented at the third Rimini Finance Workshop, The Rimini Centre for Economic Analysis, Rimini, May, 30, 2011, the II World Finance Conference at Rhodes, Greece, June 15 - 17, 2011 and at the 2011 International Finance and Banking Society conference on “Financial Intermediation, Competition and Risk”, University of Rome III, 30 June -2 July 2011.
Why Demand Uncertainty Curbs Investment: Evidence from a Panel of Italian Firms
Journal of Macroeconomics, v. 32, pp. 218-238 (with R.Golinelli &
G. Parigi)

Preliminary versions: 2007 Banca d'Italia, Temi di Discussione, N. 621, 1-49, April and EABCN Research papers; presented at the 28th CIRET - Centre for International Research on Economic Tendency Surveys - Conference "Cyclical Indicators and Economic Policy Decisions", Rome, September 20-23, 2006; Bank of Italy, Research Department's seminar, Rome, December 7, 2006; the Second Italian Congress of Econometrics and Empirical Economics of the CIDE, University of Bologna, Rimini Campus, Rimini, January 25-26, 2007; Workshop "Modelling and Inference in Microeconometrics", Faculty of Statistics, University of Bologna, March 5, 2007.
Entry Strategies into China: the Choice between Joint Ventures and Wholly Foreign-Owned Enterprises. An Application to the Italian Manufacturing Sector” (2009) International Review of Economics & Finance, v. 18, n. 1, January, pp. 11-19
(with G. Prodi)

Previous versions: Department of Economics, University of Ferrara, 10/06; presented at ACE - All China Economics - International Conference, APEC Study Centre, Faculty of Business, City University of Hong Kong, December 18-20, 2006.
Capital heterogeneity: Does it matter? Fundamental Q and investment on a panel of Italian firms” (2004) The Rand Journal of Economics, v. 35 n. 4, pp. 674-690
(with A. Del Boca, A. Franzosi, M. Galeotti, P. Rota)

Presented at the Conference "New Perspective On Fixed Investment: Where is the research agenda leading?" organised by G. Urga, C. Driver, P. Temple, The Department of Investment, Risk Management and Insurance, Centre for Mathematical Trading and Finance, City University Business School, London, April 6-7, 2001.
The dynamic specification of the modified pecking order theory: Its relevance to Italy” (2002) Empirical Economics, Vol. 27, No 1, pp. 1-22.

Other related research
“Output Potenziale, Gap ed Inflazione in Italia nel Lungo Periodo (1861-2010): un'Analisi Econometrica” (2013)Quaderni di Storia Economica , Banca d'Italia, 29, February, (with A. Baffigi and R. Golinelli)

Presented at the Workshop "I conti nazionali dell’Italia: la nuova ricostruzione dei dati storici, 1861-2011", Bank of Italy, April, 16, 2012.
“Reaction of the Italian Stock Exchange to Exogenous and Endogenous Events”
(2010) Journal of Emerging Markets, v.15, n. 1, pp. 23-37 (with C. Lucarelli, C. Mazzoli, A.G. Quaranta).

Preliminary versions: Department of Economics, University of Bologna, WP/678; presented at Midwest Finance Association 2009 Conference, Chicago IL, March 4-7, 2009; the U.S. Commodity Futures Trading Commission, August 18, 2009; accepted at Eastern Finance Association 2009 Annual Meetings, Washington, D.C., April 29 - May 2, 2009.
Intangible Capital and Productivity: an Exploration on a Panel of Italian Manufacturing Firms” (2008) NBER WP Series n. 14108, June (with J. Mairesse, CREST-INSEE, UNU-MERIT).

Previous versions: presented at the International Conference in honour of Jacques Mairesse, “R&D, Innovation and Intellectual Property”, ENSAE, Paris, September 16-17, 2010; COINVEST Conference “Intangible Investments at Macro and Micro Levels and Their Role in Innovation, Competitiveness and Growth”, Instituto Superior Técnico, Lisbon, March 18-19, 2010; EU Commission, Bruxelles, June 22, 2008; 13th International Conference on Panel Data, Faculty of Economics & Robinson College, University of Cambridge, UK, July 7-9, 2006; Carlos III Universidad de Madrid, May 30, 2006; Workshop on Innovation and Growth, Free University of Bolzano, School of Economics and Management, May 25-27, 2006; 2nd PRIN Workshop "Dinamica Strutturale: Imprese, Organizzazioni, Istituzioni", Milano, Bicocca University, Italy, May 20, 2005; DRUID Tenth Anniversary Summer Conference 2005 on "Dynamics of Industry and Innovation: Organizations, Networks and Systems", Copenhagen Business School, Frederiksberg, Denmark, June 27-29, 2005; EIASM 1st Workshop on "Visualising, measuring, and managing intangibles and intellectual capital", Department of Economics, University of Ferrara, Italy, October 18-20, 2005.
“Evidence from Cross-country Econometric Regressions on the Impact of R&D on Productivity Growth: A first update of Guellec and Van Pottelsberghe (2001) on 'R&D and Productivity Growth: Panel Data Analysis of 16 OECD countries'”
Report on the impact of R&D on productivity growth prepared for the OECD, Directorate for Science, Technology and Industry (with J. Mairesse).
“Corporate taxation and financing decisions in Italy: a modified pecking order approach” (2007) Department of Economics, University of Ferrara, WP n. 10/05 (with S.Giannini & R. Golinelli).

Presented at CIDE "First Italian Congress of Econometrics and Empirical Economics", Università Ca' Foscari, Venice, January 24-25, 2005.
Corporate tax reforms and financial choices: an empirical analysis”
(2005) Giornale degli Economisti e Annali di Economia, v.64, n.2/3, pp. 271-194
(with S.Giannini & R. Golinelli).

Previous versions in Department of Economics, University of Ferrara 9/05; presented at Conference "La questione tributaria in Italia", organised by DEFAP - Doctoral School in Economics and Finance of Public Administrations - with the support of SIEP - Italian Society of Public Economics - Università Cattolica, Milan, December 17-18,  2004; “Corporate Taxation and its Reforms: Effects on Corporate Financing Decisions in Italy",Workshop “The micro analysis for evaluating corporate taxation policies", Bank of Italy, July 7, 2004.
Corporate Taxation and its Reforms: Effects on Corporate Financing Decisions in Italy” (2003) in Diritti, Regole, Mercato. Economia pubblica ed analisi economica del diritto", XV Conference SIEP - Italian Society of Public Economics -, v. II, pp. 1255-81, University of Pavia, October 3-4  (with S.Giannini & R. Golinelli).Also presented at "The Evaluation of Fiscal Reforms' Impact on Firms Leverage: a Possible Modelling", Comitato Scientifico dell'Osservatorio sulle Piccole e Medie Imprese, Banca di Roma, Rome, June 20, 2002.
"Incentivi agli investimenti e tassazione dei profitti: l'impatto delle recenti riforme fiscali sul cash flow delle società di capitali” (2001) Politica Economica, No 3, pp. 249-284 (with S. Giannini, M. C. Guerra, A. Tiraferri).

Related researches for ISAE - Istituto di Studi e Analisi Economica, 2002; Banca di Roma, Rome, 2001; Faculty of Law, University of Padova, 2000; Credito Italiano, Milan, 1997 and 1998; University of Rome Tor Vergata, Rome, 1998.
Le determinanti del leverage delle imprese: una applicazione empirica ai settori industriali dell'economia italiana” (1996) Studi e Note di Economia, No 2, pp. 35-66 (with R.Golinelli). Presented at the European Commission workshop, held in Athens, June 6, 1995.
Statutory Charges and Economic Functions for Italy” (1995) Nota di lavoro di Prometeia n. 9503 (with S. Giannini & R. Golinelli).

Additional information

Organization of the conference on “The transformation of local production systems”, 31 January and 1 February, 2012, Bologna, Faculty of Economics.