Questo lavoro prende in esame le connessioni fra economia e politica in Italia nel periodo compreso tra il 1987 e il 2006. Tale filone di studi si situa all’interno del sempre più variegato e crescente interesse per il legame fra corporate governance, potere di mercato, struttura finanziaria e performance dell’impresa. Dopo una prima parte volta a mettere in luce alcuni principali lineamenti teorici ed istituzionali del tema in oggetto, segue una seconda parte, di natura prettamente empirica. In primo luogo si vogliono mettere in luce quali siano state le società quotate connesse nel periodo considerato e le modalità con cui ha avuto luogo la connessione, nonché illustrare alcuni aspetti descrittivi dei soggetti e delle società connesse che costituiscono il campione. In secondo luogo, seguendo la letteratura internazionale in materia, viene svolta un’analisi empirica al fine di testare se esistano particolari differenze tra società politicamente connesse e società non connesse in termini di leverage, redditività, efficienza produttiva e potere di mercato. In particolare, il terzo capitolo contiene una puntuale esposizione delle fonti e delle metodologie che hanno portato alla definizione dei database utilizzati ed implementati, fornendo alcune prime evidenze di tali connessioni. Nel capitolo IV si forniscono le statistiche descrittive del campione preso in esame relativo alle società italiane industriali ed holding di partecipazione quotate sul MTA e MTAX nel periodo 1987-2006, in termini sia di capitalizzazione di mercato, sia di redditività, struttura proprietaria e finanziaria. Infine, nel capitolo V viene proposta una verifica empirica sul campione così determinato, provando ad enfatizzare le relazioni esistenti tra alcune grandezze determinate quali il grado di indebitamento, il potere di mercato e alcuni indicatori di redditività ed efficienza e principalmente una variabile volta a individuare la presenza o meno di connessioni politiche nelle società stesse. / This study analyses politically connected firms in Italy, since 1987 to 2006. We take into consideration this nation because in Italy political connections are supposed to have been more valuable and relevant than in other countries. We focus our attention on listed industrial corporations, leaving out of consideration banks and insurance companies. We try to develop two main questions: which listed industrial corporations have been politically connected in this period? Have these firms been politically connected through top officers or large shareholders, President of the Republic, members of Parliament or ministers? Which is the value of political connections and which are the differences between politically connected and non connected firms? This study tries to highlight the features and the sizes of the political connection in the Italian context, giving evidence of the economic, political and institutional framework. According to the existing literature we argue that firms with political connections gain financial benefits in terms of greater market power, but show poorer performances and efficiency than non connected firms because of the relevant private benefits that characterize the politically connected ones. Moreover we argue that politically connected firms show lower leverage than their non-connected peers defining a more complex framework in comparison to other relevant studies.

Ce document met l'accent sur la caractéristique des informations de la Chine dans l'environnement complexe de l'information, à la recherche empirique sur la relation entre l'information caractéristique de la Chine avec le marché boursier, outre d'étudier le modèle de diffusion de l'information concernant les différentes caractéristiques de la Chine sur le marché boursier. Les deux données transversales et série temporelles sont appliquées en mesurant la dépendance à partir du micro-indicateur, et en outre au niveau macro d'étudier la dépendance liée au phénomène unique de la Chine . Dans l'étude du niveau micro, nous choisissons le lien politique comme le mode variable de l'information de la Chine. Nous avons découvert que différents liens politiques ont donné lieu à différentes performances de l'entreprise, ce qui affecte plus le rendement des actions à la fois sur le temps et l'échelle du rendement anormal. Dans les tests de la dépendance au niveau macro, nous introduisons l'approche copula empirique dans l'immobilier, le marché de l'or et des actions. Notre résultat a détecté la dépendance univariée parmi les trois marchés bien qu'ils soient deux à deux indépendants. Enfin, nous avions établi un marché immobilier et boursier artificiel pour analyser la réaction du marché boursier avec la politique de l'immobilier basé sur les caractéristiques de la Chine. Basé sur la recherche ci-dessus, nous concluons que la caractéristique des informations de la Chine a un effet sur le marché financier tant au niveau micro et macro, et canalisés entre eux. Ainsi, nous devons tenir en compte ces caractéristiques dans l'étude de l'analyse du marché financier de la Chine. / After recent financial crisis, financial asset clustered and fell together, although there was not significant dependent relationship detected in academic research. lt is an indisputable fact that the correlation and dependence between financial asset and market is far more beyond our current knowledge. On stock market studies, in the current "Big data" world, the complexity and wide variety information calls for research on the particular kind of information and its effect on the stock market. Thus, we could further study the relationship and dependence among financial asset to detect the information diffusion pattern in financial market. To achieve this objective, exiting data sources and analytics required to be improved. This paper focuses on the China characteristic information in the complex information environment, to empirically research on the relationship of China characteristic information with stock market, and further study information diffusion pattern regarding to different China characteristics in stock market. Both cross-seclional and time series data are applied with measuring dependence from micro indicators, and further studied the on the macro level dependence related to China unique phenomenon. ln micro level study, we choose political connection as information which is particular China pattern. By non-parametric analysis, we conclude different political connections resulted in different stock performance. Then we considered stock analyst recommendations as aggregated information proxy, applying event study to test the stock reaction to information controlling for political connection and ratings. We discovered that different political connection affect stock retum both on the lime and scale of abnormal return. ln testing for macro level dependence, we introduce empirical copula approach with stock, real estate and gold market. Our result detected univariate dependence among the three market although they are pairwise independent. Finally, we constructed an agent-based artificial stock and housing market to test the stock market reaction with housing market policy based on China characteristics. Based on the above research, we conclude that China characteristic information do have effect on the financial market from both micro and macro level, and channeled between them. Thus, we need to consider these characteristic in studying China financial market issue.