Closed for mafia: Evidence from the removal of mafia firms on commercial property values
研究意大利近7000个市镇数据，发现清除黑手党渗透企业使商业地产售价和租金上涨约4%，尤其对黑手党猖獗地区的中小市镇效果显著，支持打击黑手党的经济政策。
Abstract Using a sample of almost 7000 Italian municipalities from 2002 to 2019, we investigate how the removal of mafia‐infiltrated firms affects commercial sale and rental prices. We conjecture that targeting mafia businesses leads to a reduction in local disamenities and an increase in the demand for commercial properties. Applying the latest methodologies based on difference‐in‐differences approaches, we show that antimafia policies aimed at confiscating and reassigning mafia firms have positive spillover effects on commercial real estate prices, driving values upward by about 4%. This is especially true for small–medium municipalities in mafia‐ridden provinces. The evidence we provide supports the enforcement of antimafia policies with an economic content, as they pose a threat to criminal financial interests and curb the mafia influence in the market.