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 Abel Noser institutional trading data, I show that routing through affiliated brokers declines sharply after the SEC’s 2004 compliance reforms strengthened monitoring, documentation, and board oversight. The decline is concentrated among institutions with high pre-reform reliance on affiliated brokers and in large, high-commission orders, and it is matched by greater routing to unaffiliated brokers, primarily through pre-existing broker relationships. I then study trading outcomes in a difference-in-differences design that classifies institution–stock pairs by pre-reform exposure. Effects are heterogeneous: for money managers, moving away from affiliated brokers is followed by worse execution and lower next-day returns; for pension plan sponsors, the decline in affiliated routing is associated with lower commissions and improved net outcomes. Overall, the findings highlight a trade-off: tighter compliance and governance can curb conflict-prone routing, but may also reduce the value of broker relationships and raise trading frictions.
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
