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...

Using a unique hand collected dataset which comprises the 2009 balance sheets of all Italian listed REITs, we test whether NAV discount can be explained by expert assessor over-estimations. Our results suggest that expert assessors make conservative assessments of NAV values, thus they are not...

We investigate the relationship between corporate social responsibility (CSR) and risk, using measures that capture systematic, idiosyncratic, downside and extreme risks. We analyze the aggregate CSR score as well as its subdimensions. We base our analysis on a large panel of listed firms from...

In this paper, we focus on the precautionary motive for holding cash in private firms. We check novel implications of such motive that arise under conditions that are typical of private firms. Because of incomplete separation of the finances of these firm from the finances of the owner, we also...

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...