The authors analyze the practical consequences of the bilateral counterparty risk adjustment. They point out that past literature assumes that, at the moment of the first default, a risk-free closeout amount will be used. They argue that the legal (ISDA) documentation suggests in many points that a substitution closeout should ...Download Now
The authors study how firm and foreign market characteristics affect the geographic distribution of exporters' sales. To this purpose, they use export intensities (the ratio of exports to sales) across destinations as the key measures of firms' relative involvement in heterogeneous foreign markets. In a representative sample of Italian manufacturing ...Download Now
The authors study the effect of financing constraints on the decision to do R&D and on the level of R&D investment using survey data and complete financial accounting data on a large number of Italian manufacturing firms from 2001 to 2003. They use a direct indicator of credit constraints and ...Download Now
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