Industry Dynamics and the Distribution of Firm Sizes: A Non-Parametric Approach

The aim of this paper is to analyze the evolution of the size distribution of young firms within some selected industries, trying to assess the empirical implications of different models of industry dynamics: the model of passive learning (Jovanovic 1982), the model of active learning (Ericson and Pakes, 1995), and the evolutionary model (Audretsch, 1995). We use a non-parametric technique, the Kernel density estimator, applied to a data set from the Italian National Institute for Social Security (INPS), consisting in 12 cohorts of new manufacturing firms followed for 6 years. Since the patterns of convergence to the limit distribution are different between industries, we conclude that the model of passive learning is consistent with some of them, the active exploration model with others, the evolutionary model with all of them.Cohorts; Gibrats Law; Kernel; Industry Dynamics; Non-parametric; Shakeouts.

Incubo di guerra. Francesca Bertini tra metacinema, divismo e propaganda

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Revisiting the empirical evidence on firmsÂ’ money demand

In this paper we estimate the demand for liquidity by US non financial firms using data from COMPUSTAT database. In contrast to the previous literature, we consider firm-specific effects, such as cost-of-capital and wages. From the balanced and unbalanced panel estimations we infer that there are economies of scale in money demand by US business firms, because estimated sales elasticities are smaller than unity. In particular, they are lower than in previous empirical studies, suggesting that economies of scale in the demand for money are even bigger than formerly thought. In addition, it emerges that labor is not a substitute for money.Panel Data, Liquidity, Demand for Money, COMPUSTAT

Is firm growth proportional? An appraisal of firm size distribution

The aim of this paper is to shed light on the phenomenon of firm growth, analyzing the evolution of young firms within some selected industries. We find that the firm size distribution is fairly skewed to the right during the infancy stage, whereas it converges towards a more symmetric distribution, via selection mechanisms, with the passing of time.

CD271 downregulation promotes melanoma progression and invasion in 3-dimensional models and in zebrafish

CD271 is a neurotrophin receptor variably expressed in melanoma. While contradictory data are reported on its role as a marker of tumor initiating cells, little is known on its function in tumor progression. CD271 expression was higher in spheroids derived from freshly isolated cells of primary melanomas and in primary WM115 and WM793-B cell lines, while it decreased during progression to advanced stages in cells isolated from metastatic melanomas and in metastatic WM266-4 and 1205Lu cell lines. Moreover, CD271 was scarcely detected in the highly invasive spheroids (SKMEL28 and 1205Lu). CD271, originally expressed in the epidermis of skin reconstructs, disappeared when melanoma started to invade the dermis. SKMEL8 CD271(-) cells showed greater proliferation and invasiveness in vitro, and were associated with a higher number of metastases in zebrafish, as compared to CD271(+) cells. CD271 silencing in WM115 induced a more aggressive phenotype in vitro and in vivo. On the contrary, CD271 overexpression in SKMEL28 cells reduced invasion in vitro, and CD271 overexpressing 1205Lu cells was associated with a lower percentage of metastases in zebrafish. A reduced cell-cell adhesion was also observed in absence of CD271. Taken together, these results indicate that CD271 loss is critical for melanoma progression and metastasis

Employment, Innovation, and Productivity: Evidence from Italian Microdata

Italian manufacturing firms have been losing ground with respect to many of their European competitors. This paper presents some empirical evidence on the effects of innovation on employment growth and therefore on firms' productivity with the goal of understanding the roots of such poor performance. We use firm level data from the last three surveys on Italian manufacturing firms conducted by Mediocredito-Capitalia, which cover the period 1995-2003. Using a slightly modified version of the model proposed by Harrison, Jaumandreu, Mairesse and Peters (HJMP 2005), which separates employment growth rates into those associated with old and new products, we find no evidence of significant employment displacement effects stemming from process innovation. The sources of employment growth during the period are split equally between the net contribution of product innovation and the net contribution from sales growth of old products. However, the contribution of product innovation to employment growth is somewhat lower than in the four European countries considered in HJMP 2005, and the contribution of innovation in general to productivity growth is almost nil in Italy during this period.

Boston University Repertory Chorus and Women's Chorale, Saturday, December 2, 2000

This is the concert program of the Boston University Repertory Chorus and Women's Chorale performance on Saturday, December 2, 2000 at 7:00 p.m., at Marsh Chapel, 735 Commonwealth Avenue, Boston, Massachusetts. Works performed were From La Liberazione di Ruggiero dall' isola d'Alcina by Francesca Caccini, Dixit Dominus by Baldassare Galuppi, Zwolf Gesange, Heft I by Gustav Jenner, Salve Regina in E major by Franz Joseph Haydn, and Mass in C minor, K. 317 "Coronation Mass" by Wolfgang Amadeus Mozart. Digitization for Boston University Concert Programs was supported by the Boston University Humanities Library Endowed Fund

Employment, innovation and productivity: evidence from Italian microdata

Italian manufacturing firms have been losing ground with respect to many of their European competitors. This paper presents some empirical evidence on the effects of innovation on employment growth and therefore on firms' productivity with the goal of understanding the roots of such poor performance. We use firm level data from the last three surveys on Italian manufacturing firms conducted by Mediocredito- Capitalia, which cover the period 1995-2003. Using a modified version of the model proposed by Harrison, Jaumandreu, Mairesse and Peters (2005), which separates employment growth rates into those associated with old and new products, we provide robust evidence that there is no employment displacement effect stemming from process innovation. The sources of employment growth during the period are split equally between the net contribution of product innovation and the net contribution from sales growth of old products. However, the contribution of product innovation is somewhat lower than that for the four comparison European countries considered by Harrison et al.Innovation, employment, productivity, Italy.

The Post-entry Size Adjustment of New small Firms

The hypothesis underlined in this paper is that apart from infant mortality there is another relevant phenomenon taking place within new-born Small Business Enterprises (SBEs) in the period immediately after entry; namely that the smaller ones among them, having entered with a marked sub-optimal scale,adjust their size towards the mean size exhibited by larger SBEs. In the paper this hypothesis is tested using a cohort of 1,570 new firms, and applying a Gibrat-like specification with sample selection. The hypothesis of a size adjustment by smaller new entrants immediately after entry is confirmed in most selected industries in Italian manufacturing; more specifically, surviving smaller new SBEs show higher rates of growth in the first year (in one case in the first two) immediately after start-up, while they converge towards the average rate of growth of the whole cohort of new SBEs in the following years.-