English Abstract: This study investigates the effect of the publication of spin-off news, published between 2000 and 2011 in the Wall Street Journal (WSJ), on the abnormal returns of companies involved in the deal. The results of the empirical analysis developed through an event study on a...

The Economic Value Added formally translates the theoretical notion of excess profit (also known as residual income). Its use is so firmly entrenched in applied corporate finance and management accounting that its name is often used as a noun for denoting the concept of excess profit itself....

In capital budgeting, the internal rate of return (IRR) criterion and the net present value (NPV) criterion are considered incompatible in several cases. A longstanding debate developed in past years about the reliability of either method is still an issue of investigation (see, for example,...

Italian Abstract: Questa tesi tratta problemi di valutazione delle opzioni cosiddette "reali". La prima parte descrive le due tecniche di valutazione principali (contingent claims analysis e programmazione dinamica stocastica), la seconda parte si concentra sulle opzioni "comuni" (cioè,...

Italian Abstract: Presentiamo un modello stocastico multivariato, per sviluppare stress test finalizzati a valutare l'adeguatezza patrimoniale delle banche e il loro grado di fragilità finanziaria. L'articolo fornisce una descrizione teorica del metodo e delle caratteristiche essenziali del...

Using Bank of Italy data on Italian banks in the period 1990-2004, the paper analyses the short and long-run effects of the concentration of the banking industry on the availability of credit to small and medium-sized firms. Our study employs a bank-based approach and investigates the...

More than a decade has now gone by since the crises of Banco di Napoli, Banco di Sicilia, Sicilcassa and the majors southern “Casse di Risparmio” have actually decreed the vanishing of an independent banking system in southern regions, but the economic and political debate on the effects of...

In this work we consider the link between corporate governance and social responsibility (CSR) in local utilities companies. More specifically, we use the term 'tool of corporate governance' as a tool able to support the governance of a company to reach its strategic aims, reconcile efficiency...

Il lavoro analizza il processo di riallocazione della proprietà nei settori manifatturieri di 16 paesi europei nel biennio 2006-2007, concentrandosi sullo studio dei fattori istituzionali, settoriali e tecnologici alla base di fusioni ed acquisizioni. In particolare si esaminano le determinanti...

The banking industry is consolidating at an accelerating pace, yet no conclusive results have emerged on the benefits of mergers and acquisitions. We analyze the Italian market, which is similar to other main European countries. By considering both acquisitions (i.e. the purchase of the majority...