Embedded Files
Publications
Publications
Better Together: How Digital Connectivity and Regulation Reduce Trade Costs
with S. Rubinova and R. Piermartini Review of International Economics (2025) [Paper]
Navigating Uncertainty: Multinationals’ Investment Strategies after the Pandemic Shock.
with A. Rungi. Italian Economic Journal (2023). [Paper]
Chapters in books
Chapters in books
A. Rungi, C. Bellucci (2022). Le imprese estere in Italia e i nuovi paradigmi della competitività. V. Meliciani, A. Ruocco (Eds.), Multinazionali e catene globali del valore, Rubbettino [Book].
Working Papers
Working Papers
Procompetitive effects of vertical takeovers. Evidence from the European Union
with A. Rungi [Working Paper]
This study investigates the causal impact of takeovers on firm-level financial accounts on a sample of 4,482 targets in the European Union in the period 2007- 2021. Findings suggest that horizontal integrations do not have a statistically significant impact, while vertical takeovers bring about a lower markup (0.7%), a larger market share (2.5%), a higher profitability (2.3%), and a lower capital intensity (7.2%). The impact of vertical integrations grows over time, and it is higher when the corporate perimeter of the acquirer is bigger. Our results point to strategies aimed at eliminating double profit margins along supply chains. Finally, we reconnect with the debate initiated by the U.S. Vertical Merger Guidelines in 2020 and 2023, where the presumption of harm after vertical deals has been softened, thus considering procompetitive effects, but the discussion of potential foreclosure risks has been expanded.
Work in progress
Work in progress
Common Ownership and Market Power: Evidence from EU Manufacturing
with D. Verdini and E. Zaurino
Common ownership refers to the simultaneous holding of shares across firms by a large institutional investor. Using detailed firm-level balance sheet and ownership information over the period 2009-2019, we document the evolution of common ownership in the European manufacturing sector and its role in affecting firms’ performances and competition. In particular, we distinguish the effect played by common ownership of firms within a sector from common ownership of firms belonging to different sectors. Exploiting M\&As of large financial institutions as exogenous variations to the degree of common ownership, we provide causal evidence of the role of within- and between-sector common ownership on productivity and markups.
Conferences and Seminars
Conferences and Seminars
2023
Local Geneva Trade and Development Workshop, WTO, Geneva
64a Riunione Scientifica Annuale della Società Italiana di Economia, GSSI, L'Aquila
24th European Trade Study Group, Surrey, UK (not presenter)
ASSA 2023 American Economic Association Conference, New Orleans, United States
2022
23rd European Trade Study Group, Groningen, Netherlands
XXXVI Jornadas de Economa Industrial, Las Palmas de Gran Canaria, Spain
Royal Economic Society Annual Conference (RES), London, UK (online)
14th FIW Research Conference 'International Economics', (online)
Multinational Enterprises and Local Competencies, Workshop LUISS, Rome, Italy
2021
22nd European Trade Study Group, Ghent, Belgium
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