In most industrialized countries IPOs seem to underperform both the market and portfolios of comparable firms in the long-run, despite the initial underpricing. The reason of this phenomenon are not clearly known. Why should investors buy IPOs shares if probably they will obtain a loss in the...

In this paper, we compare the efficiency of the Italian and German universities in the process of transforming public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies...

In this paper, we compare the efficiency of the Italian and German university system in the process of translating public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies...

Introduction There is a large consensus that the amount of human capital in areas plays a crucial role for regional economic development. Previous evidence on regional economics highlight that a higher concentration of human capital is associated with more population, employment growth, income...

This paper aims to take stock of the extant knowledge on an emerging practice in the entrepreneurial finance landscape: <I>crowdfunding</I>, which seems to play an increasing important role for the seed financing of entrepreneurial projects. We provide a systematization of what it is known on this...</i>

This paper analyses the valuation process of IPO companies listed on the Italian Exchange in the period 2000-2009. One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering'...

An efficient frontier model is derived within a problem of passive management. An aggregate portfolio is rebalanced annually to restore the percent weights of its strategic asset allocation; its annual total returns are assumed to be independently and lognormally distributed. Expanding on...

Italian Abstract: I patti parasociali sono ampiamente diffusi in Italia, dove molte società quotate sono controllate da patti di blocco.Questo studio ha due obiettivi principali: 1) effettuare un'analisi empirica della varietà dei patti parasociali in società quotate italiane; 2) valutare...