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...

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...