Working Papers
"Survival and Value: the
Conglomerate Case," with M. Alteri, CEPR DP18198, 2023
"Leverage and Interest Rate," with L. Regis, Carlo Alberto Notebooks 692, Collegio Carlo Alberto
"Life-Cycle
Risk-Taking with Personal Disaster Risk," with F.C.
Bagliano and C. Fugazza, ESRB: Working Paper Series 2021/132
"Life-Cycle
Risk-Taking with Personal Disaster Risk," with F.C.
Bagliano and C. Fugazza, 2021. CEPR Discussion Papers
16234
"Life-Cycle Welfare
Losses from Rules-of-Thumb Asset Allocation," with
F.C. Bagliano & C. Fugazza, 2020.Carlo Alberto Notebooks
616, Collegio Carlo Alberto
"Life-cycle Investing with Personal Disaster Risk," with F. Bagliano and C.Fugazza. Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
"Life-Cycle
Portfolios, Unemployment and Human Capital Loss,"
with F.C. Bagliano & C. Fugazza, 2019. Carlo Alberto
Notebooks 577
"Hedging Labor Income Risk over the
Life-Cycle, with F. Bagliano and C.Fugazza.
Proceedings of Paris December 2019 Finance Meeting EUROFIDAI
- ESSEC
"Does
Bankruptcy Risk Increase Value? Puzzles and
Diversification", Finance Working Paper 600/2019,
European Corporate Governance Institute (ECGI).
"A Trade-Off Theory of Ownership and Capital Structure", with L. Regis, 2017, Finance Working Paper 456/2015, European Corporate Governance Institute (ECGI).
"A
Life-Cycle Model with Unemployment Traps", with
F.C. Bagliano and C. Fugazza, 2017, Carlo Alberto Notebooks
514, Collegio Carlo Alberto.
"The
Apparent Diversification Discount", with M. Altieri,
2016, Carlo Alberto Notebooks 465, Collegio Carlo Alberto
"Life-Cycle Asset
Allocation and Unemployment Risk," with F.C. Bagliano
& C. Fugazza, Netspar Discussion Paper No.
10/2015-079
"Ownership,
Taxes and Default", with L. Regis, 2015, Working Paper
7/2015, IMT Institute for Advanced Studies Lucca.
"A Reporting Standard for Defined Contribution Pension Plans", with K. de Vaan, D. Fano and H. Mens, 2014, CeRP Working Paper 143, Center of Research on Pensions and Welfare Policies.
"Complex Organizations, Tax Policy and Financial Stability", with L. Regis, 2014, Carlo Alberto Notebooks 359, Collegio Carlo Alberto.
"The
Economic Value of Timing Higher Order (Co-)Moments in Bull
and Bear Markets", with M. Guidolin, 2013.
"A
reporting standard for defined contribution pension plans",
with K. de Vaan, D. Fano and H. Mens, 2013, Netspar Design
Paper 22, Network for Studies on Pensions, Aging and
Retirement.
"Ownership Links, Leverage and Credit Risk", with E. Luciano, 2008, Carlo Alberto Notebooks 69, Collegio Carlo Alberto.
"Leverage and Firm Scope" , with E. Luciano, 2008, Ricafe Working Paper 49, Risk Capital and the Financing of European Innovative Firms project.
"Investing in Mixed Asset Portfolios: the Ex-Post Performance", with C. Fugazza and M. Guidolin, 2007, CeRP Working Paper 69, Center of Research on Pensions and Welfare Policies.
"Small Caps in International Diversified Portfolios", with M. Guidolin, 2007, CeRP Working Paper 68, Center of Research on Pensions and Welfare Policies.
"International
Diversification and Labor Income Risk", with
C. Fugazza and M. Giofrè, 2007, CeRP Working Paper
67, Center for Research on Pensions and Welfare
Policies.
"Managing International Portfolios with Small Capitalization Stocks", with M. Guidolin, 2007, Federal Reserve Bank of St. Louis Working Paper 2007-030A. Also CeRP Working Papers 68, Center of Research on Pensions and Welfare Policies.
"Should
Insider Trading be Prohibited when Share Repurchases are
Allowed?", with A. Buffa, 2006, Carlo Alberto
Notebooks 16, Collegio Carlo Alberto. Published as: "Should
Insider Trading be Prohibited when Share Repurchases are
Allowed?", 2008, Review of Finance, 12(4),
735-765.
"Investing for the Long-Run in European Real Estate", with C. Fugazza and M. Guidolin, 2006, Federal Reserve Bank of St. Louis Working Paper No. 2006-028A. Published as: "Investing for the Long-Run in European Real Estate", 2007, Journal of Real Estate Finance and Economics, 34(1), 35-80.
"Small Caps in International Equity Portfolios: The Effects of Variance Risk", with M. Guidolin, 2005, CeRP Working Paper 41, Center of Research on Pensions and Welfare Policies. Presented at the Meetings of the American Finance Association, Boston 2006. Published as: "Small Caps in International Equity Portfolios: The Effects of Variance Risk", 2009, Annals of Finance, 5(1), 15-48.
"Investing for the Long-Run in European Real Estate. Does Predictability Matter?", with C. Fugazza and M. Guidolin, 2005, CeRP Working Paper 40, Center of Research on Pensions and Welfare Policies
"Public Policy and the Creation of Active Venture Capital Markets", with M. Da Rin and A. Sembenelli, 2005, Working Paper Series 430, European Central Bank. Published as: "Public Policy and th Creation of Active Venture Capital Markets", 2006, Journal of Public Economics, 90(8-9), 1699-1723.
"Privatization and Stock Market Liquidity", with B. Bortolotti, F. de Jong and I. Schindele, 2004, SIFR Research Report Series 23, Swedish Institute for Financial Research. Published as: "Privatization and Stock Market Liquidity", 2007, Journal of Banking & Finance, 31(2), 297-316.
"Business Groups and Debt", with M. Bianco, 2004, MRN Case and Teaching Series. Published as "Pyramidal Groups and Debt", 2004, European Economic Review, 50(4), 937-961.
"Privatization and Financial Market
Development: Theoretical Issues", 2003, with G.
Chiesa, Working Papers 2003.1, Fondazione Eni Enrico Mattei.
"Private Benefits, Block Transaction Premiums and Ownership Structure", with A. Sembenelli, 2000, SSRN Working Paper Series. Published as "Private Benefits, Block Transaction Premiums and Ownership Structure", 2004, International Review of Financial Analysis, 13(2), 227-244.
"Insider Trading, Investment and Liquidity: A Welfare Analysis", with S. Bhattacharya, 1999, FMG Discussion Papers dp 334, Financial Markets Group. Published as: "Insider Trading, Investment and Liquidity: A Welfare Analysis" , 2001, Journal of Finance, 56(3), 1141-1156.
"Property Rights, Insider Trading and Disclosure", 1999, Quaderni del Dipartimento "G. Prato", n. 41.
"Insider Trading, Investments and Welfare. A Perturbation Analysis", with S. Bhattacharya, 1997, FMG Discussion Papers dp 334, Financial Market Group. Published as "Insider Trading, Investment and Welfare. A Perturbation Analysis", in G.Chiesa (ed. by), Banking Competition and Risk Management , Roma: Bancaria Editrice, 1997.
"Block Transaction Premia and Partial Benefits. An Empirical Investigation", with A. Sembenelli, 1996, Working Paper 112, Quaderni del Centro "P. Baffi" and Working Paper series 66/97, Fondazione Eni Enrico Mattei.
"Shareholders' Voting Power and Block Transaction Premia: an Empirical Analysis of Italian Listed Companies", with A. Sembenelli, 1996, Working Paper 17, CERIS_CNR.
"The Value of Non-Voting Shares and Pyramidal Groups", 1993, Working Paper 77 Quaderni del Centro "P. Baffi".
"Corporate Information Sales and Market Liquidity: A Property Right Approach to Insider Trading", 1992, CEPR Financial Markets Paper 0025, European Science Foundation Network in Financial Markets.
"Information Supply with a Linear Signalling Rule: A Note on Distorted Signals", 1990, CEPR Financial Markets Paper 0009, European Science Foundation Network in Financial Markets.
"Financial Constraints and Firms' Decisions under a Putty-Clay Technology", with R. Faini and F. Schiantarelli, 1989, Working Paper n. W89/12, Institute of Financial Studies.
"Equilibrium Public Information In Asset Markets", 1989, Working Paper 105, Princeton, Department of Economics - Financial Research Center.
"Insider Trading. A Review of the Issues", 1988, Quaderni di Ricerca, Centro di Economia Monetaria e Finanziaria.
.