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] R&R at International Journal of Industrial Organization
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, Technological Spillovers and Market Power: Evidence from Global listed firms
with D. Verdini and E. Zaurino
Passive investing has expanded common ownership, raising concerns about its effects on competition but also opening a potential efficiency channel via information spillovers. We test whether common owners facilitate spillovers across portfolio firms and, through that channel, reshape competitive conduct. Using a global panel of listed firms (2007–2023), we recover measures of market power, common ownership and technological spillovers to estimate the interaction effect of common ownership and technological spillovers on market power and firm productivity. We address endogeneity concerns thorugh a DID model with continous treatment, using M&A of financial institutions as a source of exogenous variation in common ownership.
Conferences and Seminars
Conferences and Seminars
2025
25th Simposio de Análisis Económico (SAEe), Barcelona, Spain
XXXIX Jornadas de Economia Industrial, Santander, Spain
2023
Local Geneva Trade and Development Workshop, WTO, Geneva
64a Riunione Scientifica Annuale della Società Italiana di Economia, GSSI, L'Aquila
ASSA 2023 American Economic Association Conference, New Orleans, United States
2022
23rd European Trade Study Group, Groningen, Netherlands
XXXVI Jornadas de Economia 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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