We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Many practical control problems are dominated by characteristics such as state, input and operational constraints, alternations between different operating regimes, and the interaction of continuous-time and discrete event systems. At present no methodology is available to design controllers in a systematic manner for such systems. This book introduces a new design theory for controllers for such constrained and switching dynamical systems and leads to algorithms that systematically solve control synthesis problems. The first part is a self-contained introduction to multiparametric programming, which is the main technique used to study and compute state feedback optimal control laws. The book's main objective is to derive properties of the state feedback solution, as well as to obtain algorithms to compute it efficiently. The focus is on constrained linear systems and constrained linear hybrid systems. The applicability of the theory is demonstrated through two experimental case studies: a mechanical laboratory process and a traction control system developed jointly with the Ford Motor Company in Michigan.
What was the real power of the Norman admirals? In what way did they practise their authority? This study on the Norman admiralty in Sicily focuses on the development of this office as it changes from an office to a title with increasing and increadible prestige in the years from the second half of the 11th century to the end of the 12th century. The admiral was an officer who worked in the royal palace for the royal authority as prime minister and was fundamental in orchestrating cultural activities. However, the admirals also established their power in fields separate to those of their position. The position of admiral was a unicum in Medieval Europe since no other political institution had a similar figure and his contribution was crucial for the development of the Norman kingdom in Sicily. The intention of this work is to study the sphere of competences of the admirality and to give a global and definitive view of the impact of the Norman admirals between the second half of the 11th century and the end of the 12th.
These memories, handwritten by Elmo Cermaria (Nonno Peppe) for his grandson Checco (Francesco Nicolini), tell of when, as a young man of 20, he found himself hurled into the inferno of the First World War. In those days, you could cry your heart out for a bread roll denied, then miraculously regained thanks to the compassion of a German soldier, “the hated enemy”. These recollections are terse, without a trace of rhetoric and devoid of recriminations. Nonno Peppe tells the facts just as he experienced them first hand, without expressing any condemnation of those responsible for them, even though an awareness of the large-scale massacre he witnessed transpires from his account. When Nonno Peppe delivered the manuscript to his grandson on his wedding day, he asked him to make a promise: “Let the President of the Republic know what we did for Italy.” A hundred years ago, whole generations of young Italian men were stripped of human honor and dignity. Only a few of these young men would live on and become our grandfathers; and only a few of us would be fortunate enough to become “grandchildren of the Great War” and bear witness to their ordeal.
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
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