First Banque de France-Banca d’Italia workshop in empirical corporate finance

First Banque de France-Banca d’Italia workshop in empirical corporate finance

9 June 2017, Paris, Banque de France

The Banque de France hosted on Friday, 9 June 2017, the first Banque de France-Banca d’Italia workshop in empirical corporate finance at its conference center in Paris. Jointly organized by the Bank of France’s Microeconomic and Structural Analysis Directorate and the Bank of Italy’s Structural Economic Analysis Directorate, this workshop on invitation aimed at enhancing exchanges of views and research cooperation among economists from both institutions with a research interest in empirical corporate finance and banking. The papers presented covered topics like the impact of banking market concentration on credit supply, the benefits of relationship lending during the financial crisis, and the role of credit constraints in explaining investment, productivity and firm creation. This workshop is intended to be the first of a series of regular research meetings between economists of both institutions on these and connected issues of primary policy relevance.                      

Session 1:       Banking market concentration and credit supply

Finance and creative destruction: evidence from Italy  slide

Francesco Manaresi (Banca d’Italia) joint with Francesca Lotti (Banca d’Italia)

                        Discussion: Juan Carluccio (Banque de France)  slide

SMEs’ financing: divergence across Euro area countries?

Frédérique Savignac (Banque de France) joint with Sébastien Roux (INSEE)

                        Discussion: Guillaume Horny (Banque de France)  slide

Session 2:       Relationship lending

The real effects of relationship lending

Enrico Sette (Banca d’Italia) joint with Ryan N. Banerjee (BIS) and Leonardo Gambacorta (BIS and CEPR)  slide

                        Discussion: Jean-Stéphane Mésonnier (Banque de France)  slide

Unconventional Monetary Policy and Bank Lending Relationships

Anne Duquerroy (Banque de France) joint with Christophe Cahn (Banque de France) and William Mullins (University of Maryland)  slide

                        Discussion: Federico Cingano (Banca d’Italia)  slide

“Brownbag session”: financial constraints and investment

Firms’ leverage and investment

                        Enrico Sette (Banca d’Italia) joint with de Antonio de Socio

Investment and the cost of equity

Clément Mazet-Sonilhac (Banque de France) with Juan Carluccio and Jean-Stéphane Mésonnier (Banque de France)

Session 3:       Credit constraints

Credit constraints and firm productivity: evidence from Italy

Francesco Manaresi (Banca d’Italia) joint with Nicola Pierri (Stanford University)  slide

                        Discussion: Claire Lelarge (Banque de France and CEPR)  slide

Entrepreneurship and Information on Past Failures: A Natural Experiment

Mattia Girotti (Banque de France) joint with Christophe Cahn (Banque de France) and Augustin Landier (Harvard Business School) slide

                        Discussion: Giacomo Rodano (Banca d’Italia) slide

Program Committee: Federico Cingano  (Banca d’Italia) & Jean-Stéphane Mésonnier (Banque de France)