We assemble a unique dataset containing population-level information on loan applications in region hosting two cultural groups to study the role of culture firm borrowing decisions. find that firms are more likely apply for loans from culturally close banks. This effect is stronger opaque firms, but not less performing indicating do expect preferential treatment same-culture Loan distant banks increase sharply with firms' size and age, suggesting asymmetry firm-bank matching. In contrast,...

Climate change has long-term effects on the size and composition of a country's business sector. Using administrative data universe Italian firms, we find that an increase in number very hot days per year persistently reduces growth rate active firms market medium run. This is due to drop firm entry exit, with relocation playing minor role. A firm-level investigation reveals dichotomy between suffer as result higher temperatures those improve their profitability by adapting hotter climate:...

Does an increase in credit supply affect firms' likelihood to invest green technologies? To answer this question, we use text algorithms extract information on investments from the comments financial statements of Italian SMEs between 2015 and 2019. identify effect supply, all loans disbursed by banks operating Italy construct a firm-specific time-varying instrument for availability. We find large positive elasticity supply. The is concentrated among firms with high availability internal...

Extreme temperatures have long-run effects on the size and composition of a country's business sector. Administrative data universe Italian firms show that higher slow down growth in number active market, mainly due to drop entry rates an increase exits warmer areas. Balance sheet reveals dichotomy between large, young companies, which adapt improving their profitability, older, smaller-sized persistently suffering from hot temperatures. According average climate scenario, will impact firm...

This paper analyzes the impact of cultural proximity on economic exchanges and, in particular, tourist flows. It exploits heterogeneity South Tyrol, an Italian region bordering Austria and Switzerland where two main linguistic groups (Italian German) coexist. is shown that share tourism by German-speaking countries (Germany, Switzerland) positively correlates with local population belonging to German group. result robust introduction a very fine set geographical dummies (local labour...

In addition to the general issue that fewer interpersonal contacts reduce speed of contagion, less attention has been paid spatial configuration such contacts. Italy, Covid-19 severely affected most industrialized area country, where network commuting flows is particularly dense. We investigate relationship between workers' mobility and diffusion disease by computing, for each municipality, intensive extensive margins measuring excess mortality over period January–May 2020. find if patterns...

Climate dynamics and weather variations affect search matching processes. We provide evidence for the housing market by analyzing impact of high temperatures on search. By leveraging unique data Italy, tracking online clicks contact requests 2 million home listings at frequency, physical appointments scheduled buyers sellers with real estate agents, we show that demand drops in hotter months. House prices are average permanently reduced as revise down those properties not climate-safe --...

What is the role that credit supply plays in climate transition process? We answer this question by looking at effect of bank loans on green investments. use textual algorithms to extract information investments from comments financial statements Italian firms between 2015 and 2019, match with loan-level data Credit Registry. Using an exogenous firm-specific time-varying measure supply, we find provision significantly increases firms' likelihood undertake This more pronounced for operating...

Italian Abstract: Il lavoro analizza i divari territoriali nell'accesso al credito delle imprese tra il 2008 e 2019 descrive funzionamento del mercato nel Mezzogiorno. settore produttivo meridionale è caratterizzato da un maggiore rischio di credito; anche a parità caratteristiche impresa, le aziende meridionali fronteggiano condizioni accesso meno favorevoli rispetto quelle Centro Nord, pagando tassi interesse più elevati fornendo maggiori garanzie sui prestiti. Nonostante ciò la dinamica...

This paper examines the impact of an extreme wind event on tourism industry in Italian alpine region. The study finds that second and third years following shock, municipalities top quintile storm damage distribution lost between 17% 23% their summer stays. In areas with fewer cultural amenities foreign tourists, effect is stronger. concludes particularly vulnerable to weather events, effective policies are needed prevent mitigate consequences these shocks. Further research understand...

We use detailed data on security holdings by households of diverse cultural origin to analyze the effects culture investments in government bonds. For identification, we exploit European sovereign debt crisis a region hosting individuals Italian and Germanic origin. uncover significant differences investment bonds following crisis. Our results suggest that these stem from distinct risk perceptions bonds, influenced deep-rooted attitudes towards its excess. These insights enhance our...

Climate and weather variations affect search matching processes. We provide evidence for the housing market by combining daily temperatures in Italian cities with online 2 million ads in-person appointments real estate agents. Two results stand out. First, extremely hot reduce search, both physical, increasing time to sale delaying transactions. Second, they induce a preference shift away from properties that are not climate-safe, leading persistently lower prices. Extreme temperature...

We assemble a unique dataset containing population-level information on loan applications in region hosting two cultural groups to study the role of culture firm borrowing decisions. find that firms are more likely apply for loans culturally-close banks. This effect is stronger opaque firms, but not less performing indicating do expect preferential treatment from same-culture Loan culturally distant banks increase sharply with firms’ size and age. Our results suggest an important determinant...

Italian Abstract: Nel periodo compreso fra giugno 2020 e dicembre 2021, il ricorso alle misure a sostegno della liquidità delle imprese introdotte seguito pandemia di Covid-19 ha presentato una distribuzione non uniforme sul territorio nazionale. Le differenze sono riconducibili solo in parte alla diversa struttura produttiva territoriale. A parità caratteristiche osservabili imprese, la quota aziende beneficiarie moratorie totale è stata simile nel Centro Nord Mezzogiorno, mentre...

Italian Abstract: Il lavoro analizza i divari territoriali nell’accesso al credito delle imprese italiane. L’analisi econometrica, riferita periodo 2010-2019, mostra, come già rilevato da precedenti studi, che le meridionali, a parità di caratteristiche, ottengono prestiti più frequentemente assistiti garanzie e cui sono applicati tassi interesse mediamente elevati rispetto alle altre aree del Paese. Le peggiori condizioni accesso si riflettono sulla domanda finanziamenti risulta inferiore...