At the end a very old work in progress has become a WP. And unfortunately, it is not finished yet!
The Survival of Tuscan Firms (co-authored with Filippo Randelli)
In this paper we analyze the survival probability of firms in Tuscany (Italy) in the first decade of the 21st century. Using the Official Register of Firms, held by Unioncamere Toscany, we build a panel for the period 1998-2010. Taking into account both individual and context variables, we find that a higher institutional complexity and a lower population density have a positive and significant effect on probability to survive. Moreover, both MAR and Jacob externalities have a nonlinear effect on the probability to survive: it must be reached a minimum level so that the negative effects of competition are more than offset by the positive effects of networking.
You can downloaded it here!
A new working paper:
Matching and merging different databases, we study how firm’s productivity is affected by individual characteristics and provincial context conditions in Italy. Mainly, we focus on the relation between social capital, in its different forms and dimensions and calculated at provincial level and firms’ productivity, calculated using the non-parametric DEA approach. We find that exporting, self-financing firms, and firms belonging to groups, are more productive. In particular, Cooperative firms are more productive than limited company. Moreover, the variables capturing the social capital show strong positive correlation with firms’ productivity, indicating that a widespread civism intended as pro-social behavior independent of specific interpersonal bounds, seems to create an economic environment which is more favorable to entrepreneurship and collaboration among firms, since it increases interpersonal trust, lowers transaction costs, enhances the compliance of formal or informal rules of fairness and fosters a more transparent, impartial and efficient working of the public administration.
It can be downloaded here
A new working paper, developed with Eleonora Bertoni (Unito). Comments are welcome.
Despite its recent economic development, Egypt employment inequalities among gender and between different age cohorts are still an unresolved issue. In this work we apply a Multilevel Generalized Linear Mixed Model to the Egyptian Labor Market Panel Survey 2006 (ELMPS 2006) and 2012 (ELMPS 2012). By exploiting the hierarchical structure of the survey data, we investigate how the interplay between individual characteristics and regional context conditions Egyptians' individual probability of being unemployed. Moreover, we attempt to check if and how these same characteristics have changed between 2006 and 2012, that is, before and after the 2008 global financial crisis and the 2011 Revolution of the Arab world.
It can be downloaded here.
In contrast with the canonical models of financial markets with heterogeneous agents,, Naimzada and Ricchiuti, (2008, 2009) show that the interaction of groups of agents who have the same trading rule but present different beliefs about the fundamental value could be a source of instability. In this paper, differently from, Naimzada and Ricchiuti, (2008, 2009), we assume that the market maker employs a so-called multiplicative price mechanism (Tuinstra, 2002; Zhu et al., 2009). We show that the occurrence of heterogeneity has an ambiguous role: it may either stabilize or destabilize the market.
The article has been published on Economic Notes, and can be downloaded here
(the preliminary WP can be downloaded here)