Using a unique hand-collected dataset, we investigate the effectiveness of internal dealing regulation and self-imposed blackout periods on companies in Italy. While insiders comply with the internal dealing regulation in reporting their transactions, managers are still able to realize abnormal...

Using data on private firms in the EU-15 area over the period 2004-2011, we investigate the determinants of firm profitability. We extend existing models by considering possible nonlinear effects of typical micro-level determinants as well as the effect of additional micro-level and macro-level...

In recent years, a large number of companies on the Italian stock market have been delisted. Several of these companies implemented a “Hit and Run” strategy, choosing to go private on-ly a few years after their IPO. In this study, we focus specifically on all Italian companies listed for...

Purpose. We focus on different compensation structures for real estate mutual fund Management Companies and assess whether management fees paid on NAV or GAV generate distorted incentives relative to those generated by performance fees paid on the market value of the...

Listed Real Estate Investment Trusts (REITs) share several characteristics with bonds. Modified duration and convexity – interest rate risk measures generally applied in bond analyses – could therefore be natural candidates to measure the REIT price sensitivity to interest rate changes. In...

We assess how owner's commitment to a firm influences the firm cost of capital, and whether the relation between the former and the latter is the consequence of the owner's higher opportunity cost of capital resulting from under-diversification. Using data on private Mediterranean firms and...