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Diversification and ownership concentration

Parigi, Bruno Maria; Pelizzon, Loriana - 2005

We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...

Persistent link: https://www.econbiz.de/10010261366

Diversification and Ownership Concentration

Pelizzon, Loriana; Parigi, Bruno Maria - Dipartimento di Economia, Università Ca' Foscari Venezia - 2007

In a mean-variance economy where controlling shareholders can divert profits, equity ownership is more concentrated the higher the stock returns correlation. A higher returns correlation reduces the benefits of diversification, giving rise to both a higher investment by the controlling...

Persistent link: https://www.econbiz.de/10005030062

Diversification and ownership concentration

Parigi, Bruno; Pelizzon, Loriana - Dipartimento di Scienze Economiche "Marco Fanno", … - 2005

Persistent link: https://www.econbiz.de/10005619244

Diversification and Ownership Concentration

Parigi, Bruno Maria - 2013

Persistent link: https://www.econbiz.de/10012754549

Does Local Market Correlation Matter for Ownership Structure and Control Rights?

Parigi, Bruno Maria - 2012

We consider a general-equilibrium Capital Asset Pricing Model economy where the expected returns for controlling and non-controlling shareholders are different because the first can divert part of the profits. We show that local market correlation (the correlation between the returns of the...

Persistent link: https://www.econbiz.de/10012713473

Girardi, Giulio; Hanley, Kathleen Weiss; Nikolova, … - 2018

when they are regulatory capital constrained or markets are under stress. When faced with an exogenous liquidity shock …

Persistent link: https://www.econbiz.de/10011892692

Girardi, Giulio - 2020

We examine whether the concern of academics and regulators about the potential for insurers tosell similar assets due to the overlap in their holdings is justified. We measure this overlap usingcosine similarity and find that insurers with more similar portfolios have larger subsequent...

Persistent link: https://www.econbiz.de/10012853641

Resiliency : cross-venue dynamics with Hawkes processes

Pelizzon, Loriana; Sagade, Satchit; Vozian, Katia - 2020 - This version: September 16th, 2020

that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time …. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity … droughts on both venues disappear within less than one minute, the recovery is not lasting, as liquidity shocks spiral over the …

Persistent link: https://www.econbiz.de/10012300550

The carrot and the stick: Bank bailouts and the disciplining role of board appointments

Mücke, Christian; Pelizzon, Loriana; Pezone, Vincenzo; … - 2021

We empirically examine the Capital Purchase Program (CPP) used by the US government to bail out distressed banks with equity infusions during the Great Recession. We find strong evidence that a feature of the CPP - the government's ability to appoint independent directors on the board of an...

Persistent link: https://www.econbiz.de/10012648566

The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments

Mücke, Christian; Pelizzon, Loriana; Pezone, Vincenzo; … - 2022

Persistent link: https://www.econbiz.de/10013359271

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