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Research

Working notes for "Financial Analysts and collective reputation"

Selected publications

  1. Watching the FedWatch (with S. Huang and M. Simaan), The Journal of Futures Markets, forthcoming.
  2. (Im)perfect Substitutes: Business Angels and Crowd Sourced Start-up Funding. (with V. Capizzi; G. Giudici, F. Tenca), International Review of  Economics and Finance, October 2025.
  3. Should Your Firm Have a Long-Tenured Independent Director? (with L. Enache, M. Ferrari, K. John, D. G. Ross), Harvard Business Review, December 2024.
  4. Buy the dip? (with M. Simaan, T. Shohfi),  European Financial Management, September 2024
  5. Homophily and Merger Dynamics (with M. Vaidya) , British Journal of Management, June 2024
  6. Dual Holding and Bank Risk, (with A. Taatian), Financial Review, Winter 2023
  7. Long tenured independent directors and firm performance (with K. John, J. Deng, M. Ferrari, David G. Ross), January 2022, Strategic Management Journal.
  8. Board meetings dynamics (with V. Lagasio), January 2022, Corporate Governance: an International Review.
  9. Digitization in Finance (with F. Bertoni, M. Colombo, S. Manigart, M. Wright), Entreprenurship Theory and Practice, August 2021
  10. Gazelles, ponies, and the impact of business angels’ characteristics on firm growth. (with V.Capizzi; A. Croce; and E. Ughetto), Journal of Small Business Management, September 2020 
  11. The performance of angel-backed companies, (with V. Capizzi, P. Zocchi), Journal of Banking and Finance, 21 (2-3), May 2019. 
  12. The Role of Venture Capital in the Entrepreneurial Finance Ecosystem: Future Threats and Opportunities (with V. Capizzi). Venture Capital, 21 (2-3), May 2019. 
  13. Emerging trends in entrepreneurial finance (with V. Capizzi, D. Cumming). Venture Capital, 21 (2-3), May 2019, 
  14. Angel Network Affiliation and Business Angels’ Investment Practices (with V. Capizzi, P. Zocchi, M. Valletta). Journal of Corporate Finance, June 2018 
  15. Credit Market Concentration, Relationship Lending and the Cost of Debt (with A. Dell'Acqua, M. Fungo, V. Kysucky), International Review of Financial Analysis, 2016
  16. Secondary Buy-Outs: operating performance and investment determinants,  Financial Management, Winter 2015.
  17. A, B or C? Experimental tests of IPO mechanisms (With O. Voloshyna), 2013, European Financial Management
  18. The effects of Venture Capitalists on the Governance of firms (With S. Alkan, A. Salvi) 2012, Corporate Governance: an International Review 
  19. Corporate Scandals and Capital Structure (with D. Boraschi), 2011, Journal of Business Ethics 
  20. The Macro and Political Determinants of Venture Capital Investments around the World (with S. Alkan), 2011, Small Business Economics
  21. Target price accuracy in equity research, (With R. Bianchini, A. Salvi, L. Zanetti), 2010, Journal of Business, Finance and Accounting

Working papers

  1. Bond ownership and credit default swap coverage  (with K. John,  S. Banerjee and M. Vaidya, ), under review
  2. The Value of Data: Analysts vs Machine, under review (with G. Zhou,  T. Shofi, and M. Simaan)
  3. Environmental Ethics, Financial Productivity, and Carbon Pricing, under review,  (with M. Vaidya, S. Wu),  
  4. Creditors inattention, risk taking and CEO latent characteristics: Evidence from CEO firing (with M. Vaidya)
  5. Private Equity Returns: Estimates  from 50 Million Funds.
  6. Worker (Mis)Classification Laws and Entrepreneurship (with M. Awuni)
  7. Intangibles and the pricing of corporate bonds  (with M. Vaidya)
  8. Equity reinvestment and sellers' myopia (with M. Lertora)
  9. Data as an asset: a Tobin’s Q decomposition (With M. Ferrari and I. Guttman)
  10. The pricing dynamics of continuation fund transactions (with M. Lertora)
  11.  Dark Trading and the Exchanges Switches (with Filippo Pavesi, T, Bassetti, A. Taatian).
  12. Definitivity Avoidance as a Source of Informational Inefficiency, (with Filippo Pavesi, Thomas Bassetti, and Fausto Pacicco).
  13. What is the Value of Analysts research? (with S. Bharath,)

Book Chapters

  1. The role of angel syndicates on the  demand and supply of informal venture capital (with V. Capizzi), 2019,  in New Frontiers in Entrepreneurial Finance, World Scientific Publishing  
  2. Institutional investors and corporate governance, in Handbook of Research on Entrepreneurship and Corporate Governance, Edward Elgar Press, 2016.
  3. The causes and financial consequences of corporate frauds (with D. Boraschi), 2012, in Entrepreneurship, Finance, Governance and Ethics, R. Cressy, D. J. Cumming, C. Mallin eds, Springer Press 
  4. The development of Venture Capital. December 2011, in Handbook of Venture Capital and Private Equity, Douglas Cumming editor, Oxford University Press, 

Other Publications

  1. Subjective valuation and target price accuracy(with Alexander Kerl, Giessen University). Journal of Financial Management, Markets and Institutions, June 2022.
  2. Does post-IPO M&A activity affect firms' profitability and survival? (with V. Capizzi, G, Giudici) Journal of Financial Management, Markets and Institutions, 1/2018 
  3. Do firms hedge translation risk? (with M. Dallocchio, P. Raimbourg, A.Salvi), Journal of Financial Management, Markets and Institutions, 2/2016
  4. Testing Share Repurchases Hypotheses: a Conditional Study (With V. Capizzi, R. Mazzei), Corporate Ownership and Control, Vol. 5, n. 4, Summer 2008.

Research Awards

  • October 2022: Financial Management Annual Conference, Best Paper Award (Finalist)
  • October 2021: Financial Management Annual Conference, Best Paper Award (Runner-up)
  • November 2019: Puebla Mexico, The Econometric Society American Conference, Honorable mention. 
  • June 2015: Amsterdam, EFMA Conference Best paper award (Runner-up)
  •  May 2014: Tokyo, FMA Conference Best paper award (Runner-up)

RESEARCH Coverage

Blog

  • Harvard Law School Forum on Corporate Governance, June 2017 on Long Tenured Directors. 
  • Columbia Law School Blue Sky Blog, May 2017 on Long Tenured Directors.

Press

  • Financial Times: multiple coverage on the Illumina buyout, 2023
  • Financial Times: multiple coverage on the Twitter controversy, 2022
  • WalletHub, interview on peer-to-peer lending, 2021
  • CNN Business, interview on the fixed income market after the 2020 Presidential elections.
  • Aftonbladet (Sweden), Norwegian Business Daily, coverage of article on Secondary buyouts December 2012.
  • Fortune, coverage of article on Secondary buyouts, August 2012.
  • Wall Street Journal, coverage of article on Secondary buyouts, October 2011.
  • Il Mondo, Sarfatti 25: coverage of article on corporate scandals, 2011.
  • Il Sole 24 ore, coverage of article on analyst target prices, 2008.
  • L’espresso, coverage of article on analyst target prices, 2008.
  • Il Mondo, coverage of article on analyst target prices, 2008.
  • Il Corriere della Sera: coverage of article on analyst target prices, 2008.
  • Il Sole 24 ore: roundtable with the CEO of Borsa Italiana and the president of AIAF on analyst accuracy and conflicts of interest, 2008.

TV

  • AP: regular column capital markets, 2021-present
  • Sky News columnist on inflation and FED policy 2022-presentCNBC Italy: invited speaker on conflict of interests in the investment banking industry, 2008.
  • CNBC New York: invited speaker on the financial crisis, 2009.
  • CNBC Italy: invited speaker on analyst forecasts and target prices. 2008.

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