Working Papers

• "The Upstairs Market for large-block trades: an empirical analysis of price effects for Italian shares", with Pietro Gottardo, WP 2003. View PDF 0.4Mb

Selected Publications

• "Mergers and Shareholder wealth in European Banking" , with Alberto Cybo-Ottone, Journal of Banking and Finance 2000, Vol. 24, 831-859. View PDF 0.2Mb
• "Recent Development in the Structure of Securities Markets" , with Alberto Cybo-Ottone and Carmine Di Noia, Brookings-Wharton Papers on Financial Services 2000, 223-273.  View PDF 0.3Mb
• "The Pricing of Italian Equity Returns", with Annalisa Aleati and Pietro Gottardo, Economic Notes, 2000, Vol. 29, 153-177. View PDF 0.2Mb
• "Dividends, Taxes, and Signaling: Evidence from Germany", with Yakov Amihud, Journal of Finance 1997, Vol. 52, 397-408. View PDF 1.3Mb
• "Variabili fondamentali e performance dei fondi comuni d'investimento" (In Italian, translation: Conditional performance evaluation of Italian mutual funds), with Pietro Gottardo, Rivista Internazionale di Scienze Economiche e Commerciali, 1996, Vol. 43, 927-946. View PDF 2.0Mb
• "The Effect of Tax Heterogeneity on Prices and Volume around the Ex-dividend day: Evidence from the Milan Stock Exchange", with Roni Michaely, The Review of Financial Studies, 1995, Vol. 8, 369-399. View PDF 3.1Mb
• "Design e utilizzazione di un indice azionario italiano per la ricerca scientifica: il MISE" (In Italian, translation: On the design of a research stock market index: the Milan Stock Exchange Equally Weighted),with Pietro Gottardo,  Finanza-Imprese e Mercati, 1994, Vol. 6, 317-351. View PDF 1.3Mb
• "Struttura della proprieta’, conflitti d'interesse e politica dei dividendi delle imprese italiane"(In Italian, translation: Agency costs and dividend policy of Italian listed firms), L'Industria, 1993, 109-126. View PDF 1.4Mb

• "Il Valore delle azioni di risparmio: nuove evidenze empiriche" (In Italian, translation: The value of Italian non-voting stocks: some new evidence), with Riccardo Ferretti and Sandro Sandri, Finanza-Imprese e Mercati, 1993, Vol. 5, 351-389. View PDF 1.8Mb

• "Il Mercato Telematico Azionario: teorie ed analisi empiriche per la valutazione dell'impatto e della performance" (In Italian, translation: An Economic Evaluation of the New Italian Electronic Stock Market), 1993, Papers of the Osservatorio IRS sul Mercato Azionario Italiano, 1993, Vol. 7, 55 pages. View PDF 1.1Mb

• "Fondi Comuni d'Investimento: costi di gestione e performance"(In Italian, translation: Italian Mutual Funds: Management Fees and investment performance),with Riccardo Ferretti, In Alessandro Penati (Editor), Il Rischio Azionario e la Borsa (The Italian Stock Market: risk, return and efficiency), 571-628. EGEA Publishers, Milan 1991. View PDF 1.7Mb

• "Stock Market Microstructure and return volatility: evidence from Italy, with Yakov Amihud and Haim Mendelson, Journal of Banking and Finance, 1990, Vol. 14, 423-440. View PDF 0.7Mb

• "Le relazioni tra redditivita'-rischio e spessore di mercato dei titoli azionari - una prima analisi empirica per la Borsa Italiana: 1984-1986" (In Italian, translation: Risk-Return and thinness on the Italian Stock Exchange- an empirical analysis), Finanza-Imprese-Mercati, 1989, Vol. 1, 63-100. View PDF 1.5Mb