The Economics of Imperfect Markets The Effects of Market Imperfectio

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Giorgio Calcagnini • Enrico Saltari Editors

The Economics of Imperfect Markets The Effects of Market Imperfections on Economic Decision-Making

Editors Professor Giorgio Calcagnini D.E.M.Q Università di Urbino “Carlo Bo” Via Saffi 42 61029 Urbino Italy [email protected]

Professor Enrico Saltari Department of Public Economics Università di Roma “La Sapienza” Via del Castro Laurenziano, 9 00161 Rome Italy [email protected]

ISSN 1431-1933 ISBN 978-3-7908-2130-7 e-ISBN 978-3-7908-2131-4 DOI: 10.1007/978-3-7908-2131-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009932416 © Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permissions for use must always be obtained from Springer. Violations are liable for prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: SPi Publisher Services Printed on acid-free paper Physica-Verlag is a brand of Springer-Verlag Berlin Heidelberg Springer is part of Springer Science+Business Media (www.springer.com)

Preface

This book is one of the final products of a research project on the effects of market imperfections on economic behavior and decisions. The project was put together by four Italian universities (Universit`a di Roma “Tor Vergata” and “La Sapienza” Universit`a Cattolica del Sacro Cuore – Piacenza and the Universit`a di Urbino “Carlo Bo”) in 2005 and funded by the Italian Ministry of Higher Education and Research for the period 2006–2007. The research title of the project “Corporate governance, financial systems and firms’ performances” was indicative of its agenda: to investigate the role of market imperfections and their interactions on firms’ decisions. In 2006 (May 12) the research group held the first conference at the Universit`a di Urbino where intermediate results were first presented and discussed with outstanding scholars from US, UK, and Italian universities, and the European Central Bank. The book reproduces the papers presented at the Universit`a di Roma “La Sapienza” conference (May 16–17 2008) and is organized in two parts. The first one discusses imperfections that are mainly related to the working of financial markets. The second part includes contributions which focus on different topics of real market imperfections. We wish to thank Stev