The aim of this paper is to verify if the M&As implemented in the past decade in the banking sector have created value for shareholders. For this purpose a sample of 72 deals carried out during the period of 1994-2005 were examined using the “event study” methodology. These deals were...

Dual class systems, shareholder agreements and pyramid structures are legal devices whereby shareholders are able to separate voting rights from cash flow rights. These practices are used to strengthen the decision-making power of a small number of controlling shareholders to the potential...

The topic of the paper is the liquidity as the ability of firm to face at all times payment obligations arising from the unfolding of management. This ability is usually assessed with the financial statements, however, not have a short-term perspective and consider only tangible aspects. Hence...

The topic of the paper is the estimate of the benefit of control, according to the Barclay and Holderness method. The reference system of this research is Italy, given that the empirical evidence of the past which had underlined private benefits particularly high among Italian companies and the...

Foreign currency hedging provides certainty of cash flow, because it reduces the risk associated with the volatility of currency exchange rate. The hedging has become important element in these last months, given the strong volatility that is undergoing the euro against the dollar, as...

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an...