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...

This study analyzes the effectiveness of the Market Abuse Directive (MAD) in reducing possible profits from insider trading during voluntary tender offers with the purpose of delisting initiated by controlling shareholders. Exploiting the quasi-experimental setting provided by the introduction...

Financial analysts' research activity seems to be important for investors in their investment decisions. Understanding if financial analysts' reports can influence the market and the degree of reliability of their forecasts has been a theme lively debated in the academic literature but also in...

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...

This paper investigates whether the market reaction to second-hand information is due to price pressure or information dissemination. We use the perspective of attention grabbing to analyze the market reaction to the dissemination of analysts' recommendations published in print media. This...

Retail investors pay over twice as much attention to local companies than non-local ones, based on Google searches. News volume and volatility amplify this attention gap. Attention appears causally related to perceived proximity: first, acquisition by a nonlocal company is associated with less...