Giovanna Nicodano. w: (39-11) ; Fax (39-11) April 2015

Transcription

1 Giovanna Nicodano w: (39-11) ; Fax (39-11) April professor of Financial Economics, Università di Torino associate professor, Università di Torino assistant professor, Università Bocconi Scientific Affiliations and Visiting Positions 09- research associate, European Corporate Governance Institute, Bruxelles 08- international research fellow, Netspar, Tilburg 06- research fellow, Collegio Carlo Alberto, Torino 14- senior fellow, Luiss School of Political Economy 12- scientific committee, Centro Europa Ricerche 06- scientific committee, Rivista di Politica Economica 99- founding and scientific committee member, Centre for Research on Pension and Welfare Policies 09- scientific committee member, UniCredit & Universities research affiliate and scientific committee member since 2001, Paolo Baffi Centre, Università Bocconi 15 visiting scholar, London School of Economics, Department of Finance 09 visiting scholar, University of Freiburg, May-June visiting scholar, University of Amsterdam; CEMFI, Madrid; Haifa University 96 visiting, Financial Markets Group, London School of Economics, June 91 junior fellow, International Centre for Economic Research, Torino professor of financial economics, Master Programs, Coripe Piemonte, Torino contract professor, Università Bocconi, Capital Markets and Advanced Macro Education and Awards 90 Ph.D. in Economics; visiting student (1985), Princeton University, USA Public Information Supply and Asset Market Efficiency, Chairman Sanford Grossman 83 Laurea in Economics, Università L. Bocconi, highest honours - dignità di stampa. Struttura Finanziaria, Costo del Capitale e Decisioni di Investimento, Chairman Mario Monti CNR-NATO Advanced Research Fellowship (1988); European Investment Bank Prize (1985) San Paolo Bank, Luciano Jona Fellowship (1985 e 1986); Bank of Italy, Bonaldo Stringher Fellowship (1985) John M. Olin Foundation, summer support, Princeton University (1987) Amici della Bocconi (1984) Research Areas Corporate Finance, Portfolio Choice, Financial Regulation Research Grants Collegio Carlo Alberto Grant, "Labour Income Risk over the Life Cycle: Measurement and Implications", EC-FP6 Grant: RICAFE2, network with CEMFI Madrid, CFS Frankfurt, HEC Paris, LSE London,UVA Amsterdam, Technion Israel, Riga, Beograd, Tilburg. Coordinator of Italian node Inquire Europe, Research Grant. Asset allocation with Predictable Skewness and Excess Kurtosis, Netspar Research Grant, Time and Risk Diversification in Real Estate Investments: the Ex-Post Performance, International Centre for Pension Management, Toronto: The Role of Occupational Pension Funds in Hedging Background Risk, RTN Grant: RICAFE Risk Capital and the Financing of European Innovative Firms, with CEMFI Madrid, CFS Frankfurt, HEC Paris, London School of Economics. ESF Grant: Corporate Governance, Institutional Investment and Market Development in Europe, with LSE and Mannheim, 2001 Italian Ministry for Scientific Research: National coordinator. Local coordinator in ; ; ; 1996; Member

2 Conference Programme & Editorial Committees & Selection Committees Bank of Italy, Bonaldo Stringher Scholarship Selection Committee, European Financial Management Association, Program Committee, European Finance Association, Programme Committe, 2009, 2010, 2011, 2015 Enciclopedia Italiana, Economia e Finanza, Coordinatore dell'area Istituzioni della Moneta e della Finanza, Reviewer for Società Italiana degli Economisti, 2004 and 2009 Saving for Old Age in Financial Turmoil, CeRP 10th Anniversary Conference, 2009 IV, V, VI, VII Workshop in Quantitative Finance, 2003, 2004, 2005, 2006 Comportamenti e regole nell industria dei servizi finanziari, Collegio Carlo Alberto-Ceris CNR, novembre 2005 The Firm and its Stakeholders: The Evolving Role of Corporate Finance, March 2001, FEEM-CNPDS-CEPR-CeRP. Financial Market Abuse: Empirical Evidence and Policy Options, Università Bocconi-CoNSoB, Scientific Committee and Local Organizer, January 2001 European Association for Research in Industrial Economics, Programme Committee Member, 1999 Volatility, Crashes and Asymmetric Information in Speculative Markets, Centro Interuniversitario di Studi Teorici per la Politica Economica e CEPR, Università Bocconi Service Abilitazione Scientifica Nazionale, Economics, Committee Chair 11- board member, Collegio Carlo Alberto chair, Masters Programmes in Finance and Insurance and in Economics, School of Economics 08 director, Observatory on Financial Markets, Collegio Carlo Alberto scientific coordinator, Master in Finance, Coripe Piemonte and Università di Torino board member, Coripe Piemonte management committee, School of Economics, Università di Torino editor, Quaderni di Ricerca del Centro "P.Baffi" Seminar Coordinator Collegio Carlo Alberto 2006, and CeRP-CCA 2009 Istituto "G.Prato", Un. Torino: 1993, 1994, Centro "P.Baffi", Un. Bocconi: 1990, Academic Recruitment 07 international job market, Chicago, on behalf of Collegio Carlo Alberto 01, 05 associate professor, on behalf of Università Bocconi and Università di Milano Bicocca 06, 01, 99, 98 assistant professors, Università Bocconi, Università di Salerno, Università di Pisa, Università di Torino Invited Seminars, Panel Participation or Public Lecture and Contributed Presentation 15 Financial Market Group, London School of Economics (May) Cass Business School London (May) Tilburg University Consob Risk Outook, Panel Discussion, Università di Venezia (April) COVIP, Commissione di Vigilanza sui Fondi Pensione 14 City University London, seminar VII Financial Risks International Forum, Institut Bachelier, Paris Journees Louis-André Gerard Varet, Aix Koc University, Guest Speaker (I,P) Ispi, Panel Discussion "Letting the Euro Work at Full Speed", with V. Constancio (ECB) D. Gros (CEPS), L.Pench, DG ECFIN, R. Strauch(ESM) Paris, BMI Workshop on "The Challenges of Managing and Regulating Pensions" 13 WU Vienna University, Gutmann Center Invited Public Lecture

3 Vienna Graduate School of Finance (VGSF) seminar Società Italiana degli Economisti, Bologna Festival dell Economia, Spread, giugno Banca d Italia, Torino, giugno 12 Higher School of Economics - ICEF, Moscow, Financial Economics Conference Carefin Baffi CoNSoB Conference, Bocconi, Milan European Summer Symposium, Studienzentrum Gerzensee Netspar, Werkgroep Pensioencommunicatie, onzekerheid, en pensioenkeuze, Den Haag Panel CIPAG, "La previdenza pubblica e complementare dopo la Riforma Fornero " Fondazione Enasarco, "Il ruolo moderno delle casse: welfare e crescita" 11 National Bank of Serbia, Beograd LFE - ICEF, Moscow Katholiek Universitat Leuven Netspar International Conference, Amsterdam Inquire UK and Inquire Europe, Cambridge UK Meetings, Italian Economic Association, Rome Discussion, CeRP Conference, Turin Biennale Democrazia - Seminario di Financial Education, Torino Tesoro c'è la crisi, parliamone - Dove finiranno i nostri soldi?, Torino 10 European Finance Association, Frankfurt Goethe Universitaet Frankfurt Bank of Italy Discussion to Detemple and Garcia, EFA Meetings, Frankfurt Discussion to Crossan and Feslier, CeRP Netspar Conference on Financial Literacy, Turin Pioneer Investments, European Colloquia Series 2010, London, Panel on Optimizing Pension Fund Design, with David Laibson (Harvard), Christian Gollier (Toulouse), Giordano Lombardo (Pioneer) Cassa Forense, Panel on Pension Sustainability with Daniele Franco (BI), Giuseppe Vegas (Ministero Ec. Finanza), Giuseppe Guzzetti (Fond CaRiPLo), Luigi Ballanti (Mefop),Walter Anedda (CassaCommercialisti) AICA, Tempeste Finanziarie: Modelli matematici e tecnologie informatiche sotto accusa, Panel with Guido Giubergia (Ersel), Vivek Jacob, (Banyan Tree Holding), Carlo Gola, (Banca d Italia), Massimo Arnoldi, (Lifeware) 09 "Portfolio and Risk Management for Central Banks and Sovereign Wealth Funds", jointly organized by the World Bank, the European Central Bank and the Bank for International Settlements, November, Washington DC "The Changing geography of Money, Banking and Finance in a Post-Crisis World", October, University of Ancona OECD-IOPS Global Forum on Private Pensions, Association of Pension Supervisors, Rio de Janeiro, October SIFR and NETSPAR Conference on "Pension Plans and Product Design", Stockholm, June University of Freiburg, Germany European Winter Finance Summit, Austria World Bank-OECD, Research Workshop on Performance of Privately Managed Pension Funds, Mexico City ABI- ISI -UNITO Conference on Agent Based Modelling for Banking and Finance, Turin CeRP, X Anniversary Conference Discussion to Fabio Braggion, European Winter Finance Conference, Switzerland 08 BI Norwegian School of Management, Oslo Austrian National Bank, Vienna European Winter Finance Conference, Switzerland Netspar workshop Private Pension Provision, Tilburg University European Summer Symposium in Financial Markets, Studienzentrum Gerzensee, Discussion to M. Bianco, L. Enriquez and C. Mayer, Corporate governance in Italy: 10 years after the Securities Law, Bank of Italy, Discussion to Bugamelli and Schivardi, Conference on The International Firm, Università Statale di Milano Discussion to Gollier, at CeRP Annual Conference, Turin 07 Workshop on Internal Capital Markets, Antwerp

4 ICPM-Netspar Seminar, Maastricht Ricafe2 Conference, Riga Society for Nonlinear Dynamics and Econometrics, Paris Workshop in Quantitative Finance, Venice EFMA Symposium on Corporate Governance Discussions at: the European Winter Finance Conference (Giannetti); Ricafe 2 Conference, LSE (Matthews and Robinson); Workshop on the Economics of Aging, CeRP (Campanale); Finlawmetrics, Università Bocconi (Xi Li); Corporate Governance and Shareholder Activism (Gatti Meggison), Workshop in Quant. Finance (Berardi and Plazzi) 06 Bank of Italy, Rome CSEF, Salerno University of Venice European Financial Management Meetings, Madrid European Summer Symposium in Financial Markets, Studienzentrum Gerzensee Citigroup Quantitative Conference, 05 European Summer Symposium in Financial Markets, Studienzentrum Gerzensee Ente Einaudi, Rome Vienna Inquire Europe Seminar Global Finance Conference, Trinity College, Dublin Cambridge Maastricht Symposium, Discussion to Ellul and Guntay, University of Naples 04 Corporate Bond, University of Verona CeRP, Torino European Summer Symposium in Financial Markets, Studienzentrum Gerzensee 03 3 rd ECB-CFS Workshop Capital Markets and Financial Integration in Europe, Bank of Greece SET International Conference Organization Design, Corporate Governance, and Regulation, Milan FEEM. Meetings, Latin American Economic Association (LACEA), Madrid, 2003 Discussion to A. Karolij A., Emerging Financial Markets and the Global Economy, Paolo Baffi Centre I.C.E.R., IV Workshop of Mathematical Finance, 2003 Discussion to T. Gehrig, Final Conference on Privatization and Financial Market Development, FEEM 02 Consob Workshop, Sistemi di Incentivi e Controlli Nelle Società Quotate: Che Fare? Università di Verona, III Workshop of Mathematical Finance Parigi, Università di Evry Discussion to Almazan and Suarez, Corporate Governance and the New Economy,Bruxelles ECARE Discussion to L. Viceira, Università Bocconi Discussion to Dyck and Zingales, FEEM, Milano 01 Freiburg University X International Conference on the Foundations and Applications of Utility, Risk and Decision Theory, Società degli Economisti Symposium Journal of Financial Intermediation Discussion to C. Laux, LSE 00 University of Amsterdam Tilburg University Cemfi Università di Bologna European Summer Symposium in Financial Markets Tinbergen Institute Summer Symposium of Network in Financial Markets University of Haifa Ente Einaudi di Roma Meetings European Econometric Society Meetings European Economic Association Meetings of the Italian Economics Society (Società Italiana degli Economisti) CEPR Conference on Information Learning and the Macroeconomy, Alghero Università di Torino Discussion to Lombardo and Pagano, Università di Napoli 99 Tor Vergata (Roma), VII Financial Conference, Centro Baffi, Scenari Futuri per il Mercato Azionario

5 Ente Einaudi (Roma), Commemorazione di Paolo Baffi, Discussion 98 Discussion to Carlin and Mayer, II European Corporate Governance Network Conference Discussion to Bruce Smith, Research in Economics Conference, University of Venice 97 I European Corporate Governance Network Conference 96 V Tor Vergata Financial Conference, Roma Financial Markets Group, London School of Economics Summer Symposium, Network in Financial Markets, Gerzensee Tenth Italian Congress of Game Theory and Applications, Univ. Bergamo CONSOB, Roma Universita' di Brescia Coalizioni di azionisti e valutazione dei pacchetti azionari, Un. Bocconi Discussion to Bottazzi, The Location of Financial Activity, Un. Federico II, Napoli 93 Banca d'italia "Frontiers of Economic Research", I.G.I.E.R workshop, Centro "Paolo Baffi" 92 Università Bocconi (Ricerca di Base) International Centre for Economic Research, Torino Summer Symposium, Network in Financial Markets, Gerzensee Workshop, Network in Financial Markets (CEPR - ESF), Konstanz 91 International Centre for Economic Research, Torino C.N.R., Università di Padova Centro "Paolo Baffi", Università Bocconi European Economic Association Meetings, Cambridge UK; European Meeting of the Econometric Society, Cambridge, U.K Summer Symposium, Network in Financial Markets (CEPR - ESF), Gerzensee 90 Centro "Paolo Baffi" conference, Università Bocconi IGIER, Milano VI World Congress of the Econometric Society, Barcellona Summer Symposium, Network in Financial Markets (C.E.P.R. - E.S.F.) Princeton University Workshop, Network in Financial Markets (CEPR - ESF), Lausanne 89 STEP - CEPR conference, Università Bocconi Princeton University 88 Convegno CNR, Progetto Finalizzato "Economia Italiana", LUISS Università Bocconi Seminario (STEP), Università di Bologna Referee & Tenure Reviews Econometrica (2), Journal of Finance, European Economic Review, Economic Systems, EARE, Electronic Journal of Comparative Economics, Journal of Empirical Finance, Journal of the European Economic Association, J Banking and Finance (4), Journa of Public Economics, International Review of Financial Analysis, Real Estate Economics, Review of Finance (2), European Fin Management, Economic Notes, Economia Politica, Economic Systems, Giornale degli Economisti, Ricerche Economiche, Rivista Internazionale di Scienze Economiche e Commerciali, Rivista di Politica Economica, Journal of Business Research, Journal of Management and Governance, Science and Public Policy, Zeitschrift Fur Nationalokonomie. U.S. National Science Foundation (2012), Dutch Research Board, Israel Research Board, Italian Ministry for Scientific Research, University of Haifa, Siena and Padova. LSE-HSE Moscow, Università della Svizzera Italiana Work in Progress The Value of Survival", with Michela Altieri "Taxes, Complexity and Bank Distress", with Silvia Bressan "Complex Organizations, Tax Policy and Financial Stability", with Luca Regis, Carlo Alberto Notebooks, 359/ 2014 Default risk in business groups with E. Luciano, Carlo Alberto Notebooks 283, Collegio Carlo Alberto, 2012 Insider Trading, Traded Volume and Returns with F. Bagliano & C. Favero, WP26, UniTo, 2011 Ex Post Portfolio Performance with Predictable Skewness and Kurtosis," with M. Guidolin, Carlo Alberto Notebooks 191, 2010

6 Articles in Refereed Journals Guarantees, Debt and Taxes, with E. LUCIANO, Review of Financial Studies, 27(9), 2014, "Projecting Pension Outcomes at Retirement - Towards an Industry Reporting standard", with Kees de Vaan, Daniele Fano, Herialt Mens, Bankers Markets and Investors, 134, 2015, "Equally Weighted versus Long Run Optimal Portfolios" with C. FUGAZZA and M. GUIDOLIN, European Financial Management "Optimal Life-Cycle portfolios for Heterogeneous Workers", with F. Bagliano and C. Fugazza, Review of Finance, 18, 2014, "International diversification and industry-related labor income risk," with C. Fugazza & M. Giofré, International Review of Economics and Finance, 20(4), 2011, Time and Risk Diversification in Real Estate Investments: the Ex-Post Performance, with C. FUGAZZA and M. GUIDOLIN, Real Estate Economics, 2009, 37(3), Can Pension Funds Hedge Wage Risk? with C. FUGAZZA and M. GIOFRE, 2009 Rotman International Journal of Pension Management, 2(1), 2009, Should Insider Trading Be Prohibited when Share Repurchases Are Allowed?, with A. BUFFA, Review of Finance, 12(4), Small Caps in International Equity Portfolios: The Effects of Variance Risk, with M. GUIDOLIN, Annals of Finance, 2008, vol.5, no. 1, Diversifying in Public Real Estate: the Ex-Post Performance with C. FUGAZZA and M. GUIDOLIN, Journal of Asset Management, 8(6), 2008, Investing for the Long Run in European Real Estate with C.FUGAZZA and M. GUIDOLIN, Journal of Real Estate Finance and Economics, 2007, 34(1), Privatization and Stock Market Development, with B. BORTOLOTTI, F. de JONG, I. SCHINDELE, Journal of Banking and Finance, 2007, 31(2), Public Policy and the Creation of Active Venture Capital Markets, with M. DA RIN and A. SEMBENELLI, Journal of Public Economics, 2006, 90(8-9), Pyramidal Groups and Debt, with M. BIANCO, 2006, European Economic Review, 50(4), Private Benefits, Block Transaction Premiums and Ownership Structure, with A. SEMBENELLI, 2004, International Review of Financial Analysis, 13(2), 2004, Insider Trading, Investment and Liquidity. A Welfare Analysis, with S. BHATTACHARYA, Journal of Finance, 56(3), 2001, Business Groups, Dual Class Shares and the Value of the Voting Right, Journal of Banking and Finance, 22(9), 1998, Public Information Supply, Speculation and the Pattern of Asset Returns, Rivista Internazionale di Scienze Economiche e Commerciali, 4, 1993, Insider Trading, Distribuzione del Reddito ed Efficienza del Mercato Azionario, Politica Economica, 2, 1990 Struttura Finanziaria e Decisioni d Investimento: una Verifica Econometrica (Capital Structure and Investment: an Econometric Analysis), Giornale degli Economisti, ¾, 1985, Decisioni d Investimento e di Finanziamento dell Impresa: un Integrazione Formale, Ricerche Economiche, 3, 1985, Other Articles and Chapters in Collective Volumes Economia e Finanza, Roma: Istituto dell'enciclopedia Italiana, 2012, ISBN Signed entries: Analisi, Asimmetria Informativa, Buyback, Chapter 11,Covip, Fondo Etico, Gruppo, Illiquidità, Insider trading, Leva, Prevedibilità,Thin Capitalization

7 A reply to Douglas Cumming s 'Review Essay: Public policy and the creation of active venture capital markets with M.DA RIN and A. SEMBENELLI, 2011, Venture Capital: Pension Funds, Life-Cycle Asset Allocation and Performance Evaluation with F.BAGLIANO and C. FUGAZZA, 2010, in P. Antolin, R. Heinz, R. Hinz, J. Yermo eds. Evaluating the Financial Performance of Pension Funds, Washinton, DVC:The World Bank , ISBN: Credit risk and rating assignments with parent-subsidiary links, with E. Luciano, in "Financial Risks: New Developments in Structured Product & Credit Derivatives", M. JEANBLANC and C. GOURIEROUX eds., EIF, Proceedings of the 1st International Financial Research Forum, Paris: Economica 2009, p Managing International Portfolios with Small Caps with M.GUIDOLIN, in 40 Anni di Attività dell Ente Einaudi, Parte 1, 2006, Roma: Bancaria, La ripartizione del rischio d insolvenza nei gruppi d imprese, in M. Bagella ed. Finanza e Crescita, Bologna: Il Mulino, 2004, Le scelte di portafoglio nel risparmio previdenziale in Quale modello previdenziale per una professione in evoluzione, Atti Convegno INARCASSA, luglio 2003, Insider Trading, Investment and Welfare. A Perturbation Analysis, WITH S. BHATTACHARYA, in G. Chiesa eds., Banking Competition and Risk Management, Roma: Bancaria Editrice, 1997 Investimenti, Efficienza ed Assetto del Mercato Azionario in G. Zanetti (a cura di), ), Le Decisioni di investimento, Bologna: Il Mulino, 1999, Karl Brunner, A Professional Biography, 1993, in Money and the Economy: Issues in Monetary Analysis, Cambridge: CUP, Allan Harold Meltzer, A Professional Biography, 1993, in Money and the Economy: Issues in Monetary Analysis, Cambridge: CUP, Tassazione dei Guadagni in Conto Capitale, Investimenti e Scelte Finanziarie, (Capital Gains Taxation, Investment and Financial Strategies) con R. FAINI e S. GIANNINI, in V. Visco (a cura di) Imposte e Prezzi Relativi, Milano: F. Angeli, 1993, Imperfezioni del Mercato dei Capitali, Trasferimenti dello Stato e Domanda di Fattori Produttivi (Capital Market Imperfections, Factor Demand and State Transfers), con R. FAINI e F. SCHIANTARELLI, in C. Milana (a cura di), Processi di Accumulazione e Politica Industriale in Italia, Milano: F.Angeli, 1992 La disciplina dell insider trading (Insider trading regulation), in A. Porta (a cura di), L integrazione europea e la regolamentazione dei mercati finanziari, Milano: EGEA, 1992 Valutazioni ed analisi economiche dell insider trading, Etica degli Affari e delle Professioni, 4(4), 1991, Tassazione dei Guadagni in Conto Capitale, Investimenti e Scelte Finanziarie, con R. FAINI, Note di Economia e Finanza, 1989 Investment, Profits and Financial Structure, European Investment Bank Papers, September 1986, Working Papers "A Reporting Standard for Defined Contribution Pension Plans" with Kees de Vaan, Daniele Fano, Herialt Mens, CeRP wp. 143/2014 "Complex Organizations, Tax Policy and Financial Stability", with Luca Regis, Carlo Alberto Notebooks, 359/ 2014 "Optimal Life-Cycle portfolios for Heterogeneous Workers", with F. Bagliano and C. Fugazza, Netspar Discussion Paper series, 06/ ; Carlo Alberto Notebooks 266, 2012 Intercorporate Guarantees, Debt and Taxes, with E. LUCIANO, "Default risk in business groups", with E. Luciano, Carlo Alberto Notebooks 283, Collegio Carlo Alberto, 2012 "Insider Trading, Traded Volume and Returns," WP26, with F. Bagliano & C. Favero, Department of Economics and Finance, UniTo, Also Quaderni del Centro P. Baffi, n.145, settembre 2001 "International diversification and industry-related labor income risk," with C. Fugazza & M. Giofré, Carlo Alberto Notebooks " Also Netspar DP, ; and CeRP Working Papers

8 "Ex Post Portfolio Performance with Predictable Skewness and Kurtosis," with M. Guidolin, Carlo Alberto Notebooks 191, /N and long run optimal portfolios: results for mixed asset menus," with C. FUGAZZA and M. GUIDOLIN, St. Louis Fed WP "Ownership links, leverage and credit risk," with E. LUCIANO, Carlo Alberto Notebooks 69, 2008 Time and risk diversification in real estate investments: assessing the ex post economic value with C. FUGAZZA, M. GUIDOLIN, Netspar DP, "Investing in Mixed Asset Portfolios: the Ex-Post Performance" with C. Fugazza & M. Guidolin, CeRP Working Papers "Small Caps in International Diversified Portfolios," with M. Guidolin. CeRP Working Papers "Managing international portfolios with small capitalization stocks," with M. Guidolin, Working Papers , Federal Reserve Bank of St. Louis. Also CeRP Working Papers 68, 2007 "Should Insider Trading be Prohibited when Share Repurchases are Allowed?," with A.Buffa, Carlo Alberto Notebooks "Investing for the long-run in European real estate," with C. Fugazza & M. Guidolin. Working Papers , Federal Reserve Bank of St. Louis. Also CeRP Working Papers 40, 2006 "Public policy and the creation of active venture capital markets," with M. Da Rin & Alessandro Sembenelli, WP Series 430, European Central Bank. "Small caps in international equity portfolios: the effects of variance risk," with M. Guidolin, WP , Federal Reserve Bank of St. Louis. Also CeRP Working Papers 41, 2005 Bortolotti, B. & de Jong, F., & Schindele, I., "Privatization and Stock Market Liquidity," SIFR Research Report Series 23, Swedish Institute for Financial Research. Also: CEPR Discussion Papers Privatization and Financial Market Development: Theoretical Issues, with G. Chiesa, Working Papers , Fondazione Eni Enrico Mattei. Business Groups and Debt, with Magda Bianco Property Rights, Insider Trading and Disclosure, Quaderni del Dipartimento G.Prato, n.41, luglio 1999 "Insider Trading, Investment and Liquidity: A Welfare Analysis," with S. Bhattacharya, FMG Discussion Papers dp334; also CEPR Discussion Papers 2251 also I.C.E.R. WP 4/1997 Private Benefits, Block Transaction Premiums and Ownership Structure, with A. SEMBENELLI, University of Haifa Working Paper Series and www. SSRN.com Block Transaction Premia and Partial Private Benefits. An Empirical Investigation, WITH A. SEMBENELLI, Centro P. Baffi, n. 112, 1996 and Fondazione Eni Enrico Mattei W.P. Series, n.66/97 Shareholders voting power and block transaction premia: an empirical analysis of Italian listed companies, WITH A. SEMBENELLI, CERIS-CNR, 17, 1996 The Value of Non-Voting Shares and Pyramidal Groups, Quaderni del Centro Paolo Baffi, 77, September 1993 "Corporate Information Sales and Market Liquidity: A Property Right Approach to Insider Trading," CEPR Financial Markets Paper 0025, European Science Foundation Network in Financial Markets, 1992 "Information Supply with a Linear Signalling Rule: A Note on Distorted Signals," CEPR Financial Markets Paper 0009, European Science Foundation, Working Paper: "Equilibrium Public Information In Asset Markets," Papers 105, Princeton University Financial Research Center, 1989 Financial Constraints and Firms Real Decisions under a Putty-Clay Technology, with R. FAINI and F. SCHIANTARELLI, Institute for Fiscal Studies, n. W89/12, 1989 Insider Trading. A Review of the Issues, Quaderni di Ricerca, Centro di Economia Monetaria e Finanziaria, 1988 Published Comments to Finance, Investment and Growth, by W.Carlin and C.Mayer, at II European Corporate Governance Network,

9 November 1998, available at to Size Effect and Stock Market Efficiency in Italy, by S. Fabrizio and G. Siciliano, in Ricerche sull Industria dei Srevizi Mobiliari in Italia, Quaderni di Finanza n.22, Vol.I, CONSOB, ottobre 1997 to Il mercato delle azioni italiane a Londra, by M.Pagano and A.Roell, in A. Penati (ed), Il Rischio Azionario e la Borsa, Milano: Egea.