We analyse 161 Italian IPOs on the Italian Stock Exchange in the period 1999-2007, focusing on the empirical praxis of share allocations by underwriters. In Italy, one offering (the public one) is reserved for retail investors and is conducted according to Italian regulation, while the second...

We analyse 161 Italian IPOs on the Italian Stock Exchange in the period 1999-2007, focusing on the empirical praxis of share allocations by underwriters. In Italy, one offering (the public one) is reserved for retail investors and is conducted according to Italian regulation, while the second...

Virtually all Initial Public Offering (IPO) prospectuses feature lockup provisions that limit pre-IPO shareholders’ share sale for some period of time after negotiations start. The aim of this article is to analyse voluntary lockups in Italy. We show that lockups are considerably longer and...

We analyze empirical share allocation practices in Italian IPOs, which are run as two separate offerings, one for retail investors who submit unconditional binding orders and another for institutional investors who submit only indications of interest. The effective allocation proportion between...

We apply the paradigm of the firm as a nexus of contracts to the debate on regulatory competition vs. unification of law as an alternative way of regulating the business corporation. This approach views the business corporation as a set of coordinated contracts among different parties. Agency...

Gläubigerschutz im Recht der Kapitalgesellschaften als Sozialschutz? Wurden Vertragsgläubiger von Lehre und Rechtssprechung als einfache Verbraucher, die den Schutz der Rechtsordnung gegen die Ohnmacht ihrer professionellen Vertragsparteien brauchen, betrachtet? Wurde der Kreditmarkt wegen...

This paper estimates the readiness of the accession countries of Central and Eastern Europe for EMU or unilateral euroization using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal...