Archivio istituzionale della Ricerca - Bocconi
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The double and triple bubble problem for stationary varifolds: The convex case
No full textWe characterize the critical points of the double bubble problem in Rn and the triple bubble problem in R3, in the case the bubbles are convex
Leadership e responsabilità pubblica dei direttori delle istituzioni culturali
No full textObiettivo di questo capitolo è quello di riflettere su quali siano le caratteristiche specifiche delle istituzioni culturali per poi illustrare le competenze di leadership necessarie alla direzione delle istituzioni culturali pubbliche
Average bid auction format facilitates bidding rings: construction tenders in Italy
No full textThis chapter deals with collusion detection in the public procurement of contracts, focusing on the case of bid coordination in the average bid auctions
Real effects of centralized markets: evidence from steel futures
Full text linkI study the real effects of centralized derivative markets using the staggered introduction of futures contracts for different steel products in the U.S. Employing a difference-in-differences strategy, I find that the arrival of centralized futures markets improves price transparency and risk management in the underlying product market: price dispersion decreases and steel pro- ducers increase their hedging activity. Moreover, market share is reallocated toward low-cost producers, while product prices, producers’ profits, and valuations decrease. Overall, the results indicate that centralized futures markets foster competition in the product market
Financing infrastructure with Public–Private Partnerships
No full textThe paper presents the different alternatives available to finance infrastructure via PPPs in emerging market economie
Essays on ESG and Alliances
Full text linkIn the first chapter, I examine the audit consequences associated with financial misconduct by a firm within a strategic alliance. Core earnings restatements, which involve corrections to a firm's primary operational activities, such as revenues, cost of goods sold, and selling, general and administrative expenses, are particularly relevant to its alliance partners. I find evidence that audit fees increase for allied partners following a core earnings restatement. This increase does not appear to be driven by more audit effort but from an increased risk premium, to compensate for the higher perceived audit risk, and is concentrated on contractual alliances rather than joint ventures. Additional analyses indicate that this effect is not limited to core earnings restatements but extends to fraudulent restatements. Cross-sectional tests show that the spillover effect deriving from core earnings restatements is concentrated among firms with lower accruals quality, while, on the contrary, the spillover effect deriving from fraudulent restatements is concentrated among firms with better accruals quality. Overall, this study indicates that financial misconduct in one firm has detrimental consequences to allied partners’ perceived audit risk, which translates into higher audit fees.
In the second chapter (co-authored with Hami Amiraslani, Annita Florou and Peter F. Pope) we examine the effects of a change in ESG scoring methodology by LSEG ESG (formerly Refinitiv ESG) on both the disclosure practices and policy adoption of rated firms. In 2020, LSEG ESG implemented two major modifications to its ESG scoring approach: (1) the "summing the percentile" methodology, which penalizes firms that selectively disclose quantitative data, and (2) the "default-value removal," which rewards firms that adopt more ESG-friendly policies. Our findings indicate an increase in quantitative data disclosure and policy adoption, particularly within the Environmental and Social pillars. Cross-sectional analysis reveals that this effect is more pronounced among firms with higher levels of institutional ownership as of March 2020. Overall, this study suggests that changes in third-party rating methodologies can significantly influence firms' disclosure behaviors and real policy actions.
In the third chapter, I plan to explore how the presence of alliances within an industry influences the investment sensitivity of non-allied peer firms and the accuracy of financial analysts' capital expenditure (capex) forecasts. I intend to use a comprehensive dataset of alliances spanning multiple industries in the United States. I hypothesize that the presence of alliances will lead to a reduction in investment sensitivity for non-allied firms, a decline in the accuracy of analysts’ capex forecasts for non-allied firms, and an improvement in the forecast accuracy for allied firms. I further anticipate that these effects will be more pronounced under specific conditions: when alliances involve increased private communication (e.g., through joint ventures), when they pertain to higher-risk projects (e.g., exploration alliances), in high-tech sectors, and in contexts with higher investment irreversibility. Additionally, I expect that the average number of forecasts provided by allied firms within an industry will reinforce the observed decrease in investment sensitivity among non-allied firms. To validate these findings, I plan to use a shock to alliances across seven U.S. states as a falsification test. This study aims to contribute to the literature on information transfers and their impact on peer firm investments, on financial analysts' capex forecasting, and provide insights, albeit to a lesser extent, into the management literature on strategic alliances
Smart and autonomous work: when autonomy reaches subordination
No full textThe aim of the contribution is to offer a reflection on the progressive autonomy
in the organization of their working activity by traditional subordinate employees; and the specular and consequent need to rethink the notion of work and its legal labels, that – up to now – have been established mostly in order to relegate organisational autonomy solely to the sphere of self-employment
Essays in Empirical Corporate Finance
Full text linkThis dissertation explores the diverse effects of external shocks and interventions on corporate behavior, financial markets, and urban environments, offering new insights into firm strategies, governance dynamics, and urban policy outcomes. Through three empirical essays, it addresses key questions at the intersection of finance, corporate governance, and urban economics, utilizing robust data-driven approaches.
Chapter 1 focuses on the role of hedge fund activism in transforming corporate governance by inducing changes in board composition and structure. examines how activist campaigns affect board structure and subsequent firm value. We document large-scale increases in board turnover following activist interventions, driven both by entries and exits. Turnover events are not priced by the market prior to activism but become valuable following engagements. Activists target underperforming board members, indicating a “weakest link” strategy rather than an attempt to enhance overall board skill sets. Consistent with this, activist-driven board turnover appears to not alter board diversity or aggregate board skills, and individual director characteristics explain only a minor fraction of the observed valuation effects. These results suggest that activism is valuable not because of who the board members are that are appointed or removed. We explore the origins of new director appointments and investigate the career trajectories of activist-appointed directors to understand the long-term impact of activist campaigns.
Chapter 2 examines the urban and economic consequences of infrastructure development, focusing on the impact of metro station inaugurations on housing prices in Tehran. The opening of a new metro station, as a mode of the transportation corridor, potentially could have different effects on housing prices. We have investigated its effect on the value of residential properties around those stations, using data from large expansions of the metro network in Tehran, Iran. In the period of our study (April 2010 to December 2018), forty-five metro stations were inaugurated in Tehran. We use a difference-in-difference regression method to identify the causal effect of interest, where adjacent properties are used as the treatment group and similar but distant properties as the control group. The results indicate that, on average, the adjacent properties are affected by a 3.7 percent increase in price relative to distant properties. We also extend our study by categorizing new metro stations according to the extent of ex-ante access to other modes of public transportation such as bus rapid transit (BRT). We find 2 to 11 percent positive effect of new metro stations in regions with lower public transport, while in regions with ex-ante extensive public transportation system, we find less than 2 percent positive.
Chapter 3 investigates the corporate and financial market responses to the Russia-Ukraine war, a geopolitical shock with far-reaching economic implications. Drawing on a dataset of 8,500 firms from 17 countries, the study analyzes how corporate reputation, as reflected in ESG performance and social exposure, shapes firms' operational decisions to withdraw, suspend, or continue their activities in Russia. Firms with stronger social ESG scores and greater public exposure are found to be more likely to withdraw, highlighting the importance of reputation management during crises. Additionally, event studies reveal significant stock market reactions, underscoring the role of shareholder pressure in influencing firm behavior. The findings contribute to the literature on corporate crisis management and demonstrate how reputational factors interact with financial considerations in shaping strategic responses to geopolitical events
The impact of gender diversity on M&A process results
Full text linkThe financial services industry still features a limited number of women in leadership roles: as of 2021, women held only 21% of board seats, 19% of C-suite positions, and 5% of CEO roles (Deloitte, 2022). However, female directors are associated with stronger monitoring, lower risk appetite, and greater institutional resilience. This study investigates whether the presence of women on boards influences the success of M&A transactions. We examine a sample of M&As conducted between 2013 and 2021 by Western European acquirers across global targets. Regression analyses assess the impact of female board participation across three phases: pre-merger, execution, and post-merger. The results suggest that higher female representation correlates with smaller transaction sizes and lower acquisition premiums. Additionally, companies with more women on their boards exhibit better post-merger performance. These findings highlight the relevance of gender diversity in enhancing the quality and outcome of strategic corporate decisions such as mergers and acquisitions