Thank you for visiting my webpage! I am a Senior Lecturer in Finance at the University of Bristol and I hold a Ph.D. from the Swiss Finance Institute and USI Lugano. For more information, you can find my CV here: Curriculum Vitae.
Main research interests: Corporate Finance; Financial Intermediation
Email: giuseppe.pratobevera [at] bristol.ac.uk
Links: University of Bristol, LinkedIn, ResearchGate, Google Scholar, SSRN, ORCID
Degeorge, F., & Pratobevera, G. (2025). Nepotism in IPOs: Consequences for issuers and investors. Journal of Financial and Quantitative Analysis, 60(5), 2367-2397.
Headline summary: Using a regression discontinuity design (RDD) on a novel hand-collected dataset, we find that higher allocations to underwriter-affiliated funds cause higher IPO underpricing, resulting in monetary costs for issuers. [Preprint | Online appendix]
Pratobevera, G. (2024). Bank-affiliated institutional investors and IPO syndicates formation. Journal of Corporate Finance, 86, 102587.
Headline summary: IPO syndicate banks use affiliated institutional investors to support IPO prices, particularly in underperforming IPOs, to build relationships with lead underwriters and secure future underwriting business. [Preprint | Online appendix]
Pratobevera, G. (2022). Homework and finance students’ learning and achievement. Finance Research Letters, 46, 102496.
Headline summary: Increased effort on homework significantly boosts Master’s students’ final exam scores in an advanced finance class, supporting the idea that homework enhances learning and human capital. [Preprint]
Nefedova, T., & Pratobevera, G. (2020). Do institutional investors play hide-and-sell in the IPO aftermarket?. Journal of Corporate Finance, 64, 101627.
Headline summary: Institutional investors often sell IPO shares through non-lead brokers after buying them from lead underwriters to conceal their trades and break laddering agreements, avoiding penalties particularly within the first month and in underperforming IPOs. [Preprint]
Institutional Trades through Affiliated Brokers
(Draft coming soon)
Preliminary abstract: Using institutional trading data, I find that investment managers significantly reduce the trading volume directed to their affiliated brokers after a regulatory change strengthens the monitoring of such transactions in the U.S. This reduction is driven by large orders with higher commission fees, which are more likely to be scrutinized, and is associated with a shift in trading volume toward unaffiliated brokers. In a difference-in-differences setting, I show that the execution quality and information content of affiliated investment managers' trades decline after the regulatory change, partly due to the splitting of orders into smaller trades. Additionally, affected stocks experience temporary increases in volatility around the reform. These results indicate that affiliated investment managers make disadvantageous trading choices to mitigate regulatory and compliance risks, highlighting the unintended consequences of financial regulation and tight governance.
Prestented at: Manhattan University (2025), University of Manchester (2025), FBA Conference (2025), World Finance Conference (2024), U.S. Securities and Exchange Commission (2023), University of Bristol (2022)
Geopolitical Risk and Green Transition: Evidence from Green and Sustainability-linked Loans
with Tobias Dieler, Klaus Schaeck, and Xueyi Wang
Abstract: We use the 2022 Russia-Ukraine war as a quasi-natural experiment to examine how geopolitical risk influences the green transition in the green and sustainable loan (GSLL) market. Using bilateral trade exposure as a proxy for geopolitical risk across 54 major economies, we find a significant postwar increase in the number and volume of GSLL originations in highly exposed countries. This suggests firms pursue green and sustainable investments as a hedge against geopolitical risks. Industry-level analysis shows that this increase is driven by low-exposed industries, while high-exposed industries exhibit a negative but statistically insignificant response. Exploring potential mechanisms at firm-level, we find that GSLL borrowers in low-exposed industries experience improved EBIT margins, while those in high-exposed industries face declining operating cash flows. These results highlight two distinct channels: low-exposed firms leverage green loans for growth and opportunity, while high-exposed firms prioritize financial survival by diverting resources away from green investments.
Best Paper Award (2025 International Conference in Banking and Financial Studies*)
Presented at: International Conference in Banking and Financial Studies* (2025), ESSEC-Luxembourg-CEPR Conference on Sustainable Financial Intermediation* (2025), 6th NSFE* (2025 - poster session), Sustainability and Green Finance Workshop* (2025 - poster session)
*Indicates presentation by coauthor
