DI PIETRO , Filippo

Using a spatial general equilibrium model, this paper investigates the resilience of EU regions under three alternative recessionary shocks, each of them activating different economic adjustments and mechanisms. We measure the vulnerability, resistance, and recoverability of regions and we identify key regional features affecting the ability of...

En este trabajo hemos intentado contrastar la hipótesis de la información de los dividendos. Para ello, hemos estudiado si los cambios en los dividendos son seguidos por cambios en las ganancias futuras en la misma dirección. El estudio empírico se realiza sobre un panel de empresas cotizadas españolas durante el período 1995- 2004. Para...

This paper analyses the role that institutional factors play in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of the economic situation on leverage of firms. Furthermore,...

In this work we test the general assumption in the turnaround literature that time is critical for firm survival, especially during the retrenchment stage.We study three time dimensions of change at this stage: timing, speed and rhythm. Drawing on the downward spiral and threat-rigidity perspectives, we posit that the positive impact these time...

Two principal strands of scholarship analyse the material roots of European Union (EU) dis- content. Some focus on the effects of regional decline, while others examine the role of indi- vidual socioeconomic factors. This paper brings these two perspectives together. We argue that EU discontent is a multifaceted phenomenon structured by the...

Improving water practices among small farmers in a water scarce area like the Yucatan Peninsula in Mexico is a complex task. Despite government attempts to enforce regulations and question the possibility of adjusting prices, the misuse of this scarce resource continues. Most farmers are, at best, motivated to aim for a minimum level of...

Dentro de la línea de investigación en emprendimiento y desarrollo económico que defiende la iniciativa emprendedora como herramienta de creación de empleo y activación de la economía, vamos a realizar un análisis empírico en España de la relación entre entorno institucional, concretamente de la variable apoyo financiero, estructura de capital...

Dentro de la línea de investigación en emprendimiento y desarrollo económico que defiende la iniciativa emprendedora como herramienta de creación de empleo y activación de la economía, vamos a realizar un análisis empírico en España de la relación entre entorno institucional, concretamente de la variable apoyo financiero, estructura de capital...

Given the importance of the relationship between default rates and business cycles, we examine the ability of macroeconomic variables, explaining changes on the default rate of Italian companies. Via a VAR (vector autoregressive) model and an analysis of individual equations, we find a significant influence of short-term interest rates, and the...

The aim of this study is to classify scientific research on the impact of ESG and climate-related risks on the conduct of the banking business. The systematic literature review was based on a bibliometric analysis of articles found in the Scopus and Web of Science databases. The search was confined to materials published between 2000 and August...

En este documento, exploramos la interconexión y las relaciones existentes entre los Soberanos Credit Default Swaps (en adelante, CDS) y los mercados bursátiles de los principales países europeos. Por lo tanto, el objetivo de este documento es comprobar si las primas de CDS pueden predecir los rendimientos del mercado de valores de las...

Este trabajo estudia los factores determinantes del créditocomercial recibido y concedido en las pequeñas y medianas empresas del sector turístico español, prestando una especial atención a la situación económica. Para ello, se analiza una muestra de empresas utilizando lametodología de datos de panel durante el periodo...

The estimation of severity loss distribution is one the main topic in operational risk estimation. Numerous parametric estimations have been suggested although very few work for both high frequency small losses and low frequency big losses. In this paper several estimation are explored. The good performance of the double transformation kernel...

No description

Following an innovative approach, the effects of finan-cial report quality on the use of trade credit in small andmedium-sized enterprises (SMEs) are examined. Thiseffect is considered in a direct and indirect way. Firstly,we analyze whether SMEs with low-quality informationare more likely to use trade credit as a financialresource. Secondly,...

Este trabajo estudia los efectos de la situación económica sobre el crédito comercial en las pequenas y ˜ medianas empresas. Para lograr este objetivo, se analiza unamuestra de pymes espanolas durante los a ˜ nos ˜ 2004 a 2011, periodo que incluye una etapa de expansión y otra de recesión, utilizando la metodología de datos de panel. Los...

This paper analyses the determinants of the trade credit in Spanish tourist SMEs from a new perspective. More specifically, we focus on the relationship between trade credit and other important financial resources: bank credit and self-financing, and a quantile regression approach is used to analyse trade credit in the tourism sector....

Este artículo estudia la influencia del entorno institucional regional, medido a través del desarrollo regional, en la estructura de capital de las pequeñas y medianas empresas (PYME). Además, este estudio también considera los factores de empresa clásicos determinantes de las decisiones de financiación y el sector de actividad de la empresa....

This paper uses a general equilibrium framework to evaluate the macroeconomic impacts of the legislative measures contained in the third strand of the Investment Plan for Europe. Differently from most of the existing European policies evaluated with economic impact assessments, these measures do not involve any funds or money injections in the...

Inadequate access to finance for small and medium-sized enterprises (SMEs) can present a major impediment to SMEs' contribution towards driving sustainable economic growth. The aim of this article is to investigate the role of life cycle on SME financing decisions while focusing on trade credit. To this end, we study whether trade credit and...