Articles
“Disaster Resilience and Asset Prices” (with Christian Wagner and Josef Zechner), Journal of Financial Economics, Vol. 150, Issue 2, November 2023. Featured in The Economist. PDF
“Talent Discovery, Layoff Risk and Unemployment Insurance” (with Luca Picariello), European Economic Review, Vol. 154, May 2023. PDF
"COVID-19 and Corporate Finance” (with Josef Zechner), Review of Corporate Finance Studies, Vol. 11, No. 4, 849–879, 2022, featured in the Nov. 2022 ECGI blog. PDF
“Advertising Arbitrage” (with Sergei Kovbasyuk), Review of Finance, Vol. 26, No. 4, 799–827, 2022. IQAM Runner-up Award for the best investment paper published in the Review of Finance. PDF
“Short-Selling Bans and Bank Stability” (with Alessandro Beber, Daniela Fabbri and Saverio Simonelli), Review of Corporate Finance Studies, Vol. 10, Issue 1, 158–187, 2021. PDF
“Risk Sharing within the Firm: A Primer”, Foundations and Trends in Finance, Vol. 12, Issue 2, 117–198, 2020. PDF
“The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy” (with Elena Carletti, Tommaso Oliviero, Loriana Pelizzon and Marti Subrahmanyam), Review of Corporate Finance Studies, Vol. 9, Issue 3, 534–568, 2020. PDF Web Appendix
“Local Crowding Out in China” (with Yi Huang and Ugo Panizza), 2017 CICF Best Paper Award, Journal of Finance, Vol. 75, Issue 6, 2855-2898, 2020. PDF Web Appendix
“Health and Sustainability in Post-Pandemic Economic Policies” (with Carla Guerriero and Andrew Haines), Nature Sustainability, Vol. 3, 494–496, 2020. PDF
“Career Risk and Market Discipline in Asset Management” (with Andrew Ellul and Annalisa Scognamiglio), Review of Financial Studies, Vol. 33, Issue 2, 783–828, 2020. PDF
“Corporate Leverage and Employee Protection in Bankruptcy” (with Andrew Ellul), Journal of Financial Economics, Vol. 133, Issue 3, 685-707, 2019. PDF Web Appendix
“Employment and Wage Insurance within Firms: Worldwide Evidence” (with Andrew Ellul and Fabiano Schivardi), Review of Financial Studies, Vol. 31, Issue 4, 1298–1340, 2018. PDF
"Financial Disclosure and Market Transparency with Costly Information Processing” (with Marco Di Maggio), Review of Finance, Vol. 22, Issue 1, 117-153, 2018. PDF
“Bank Exposures and Sovereign Stress Transmission” (with Carlo Altavilla and Saverio Simonelli), Review of Finance, Vol. 21, Issue 6, 2103-2139, Editor’s choice and lead article, featured on the Managing Editors’ Blog, 2017. PDF
“ESBies: Safety in the Tranches” (with Markus K. Brunnermeier, Sam Langfield, Ricardo Reis, Stijn Van Nieuwerburgh and Dimitri Vayanos), Economic Policy, Vol. 32, Issue 90, 175–219, 2017. PDF
“Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent” (with Viral Acharya and Paolo Volpin), Review of Financial Studies, Vol. 29, No. 10 (Editor’s Choice), 2565-2599, 2016. PDF
“The Sovereign-Bank Diabolic Loop and ESBies” (with Markus Brunnermeier, Luis Garicano, Philip R. Lane, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, and Dimitri Vayanos), American Economic Review Papers and Proceedings, Vol. 106, No. 5, 508-512, 2016. PDF
“Bank Bias in Europe: Effects on Systemic Risk and Growth” (with Sam Langfield), Economic Policy, Vol. 31, Issue 85, 51-106, 2016. PDF
“Transparency, Tax Pressure and Access to Finance” (with Andrew Ellul, Tullio Jappelli and Fausto Panunzi), Review of Finance, Vol. 20, No. 1, 37-76, 2016. PDF
“Multiple-Bank Lending, Creditor Rights and Information Sharing” (with Alberto Bennardo and Salvatore Piccolo), Review of Finance, Vol. 19, No. 2, 519-570, 2015. PDF
“Systemic Risk, Sovereign Yields and Bank Exposures in the Euro Crisis” (with Niccolò Battistini and Saverio Simonelli), Economic Policy, Vol. 29, Issue 78, April 2014. PDF
“Short-Selling Bans around the World: Evidence from the 2007-09 Crisis” (with Alessandro Beber), Journal of Finance, Vol. 68, no. 1, February 2013, winner of the 2011/2012 Inquire U.K. Prize for Excellence. PDF Web Appendix
“Corporate Fraud, Governance, and Auditing” (with Giovanni Immordino), Review of Corporate Finance Studies, Vol. 1, Fall, 109–133, 2012. PDF
“Securitization, Disclosure and Liquidity” (with Paolo Volpin), winner of the LECG Prize for the Best Overall Conference Paper presented at the 36th Annual Meeting of the EFA, Review of Financial Studies, Vol. 25, No. 8, August 2012. PDF
“Finance and Employment” (with Giovanni Pica), Economic Policy, Vol. 27, No. 69, January 2012. PDF
“Incentives to Innovate and Social Harm: Laissez-Faire, Authorization or Penalties?” (with Giovanni Immordino and Michele Polo), Journal of Public Economics, Vol. 95, No. 7-8, August 2011. PDF
“Inheritance Law and Investment in Family Firms” (with Andrew Ellul and Fausto Panunzi), American Economic Review, Vol. 100, No. 4, December 2010. PDF
“Legal Standards, Enforcement and Corruption” (with Giovanni Immordino), Journal of the European Economic Association, Vol. 8, No. 5, September 2010. PDF
“Credit Ratings Failures and Policy Options” (with Paolo Volpin), Economic Policy, Vol. 25, No. 62, April 2010. PDF
“How Does Liquidity Affect Government Bond Yields?” (with Carlo Favero and Ernst-Ludwig von Thadden), Journal of Financial and Quantitative Analysis, Vol. 45, No. 1, February 2010. PDF
“Information Sharing and Credit: Firm-Level Evidence from Transition Countries” (with Martin Brown and Tullio Jappelli), Journal of Financial Intermediation, Vol. 18, No. 2, April 2009. PDF
“Where is the Market? Evidence from Cross-Listings in the U.S.” (with Michael Halling, Otto Randl, and Josef Zechner), Review of Financial Studies, Vol. 21, No. 2, March 2008. PDF
“Optimal Regulation of Auditing” (with Giovanni Immordino), CESifo Economic Studies, Vol. 53, No. 3, 2007. PDF
“Shareholder Protection, Stock Market Development, and Politics” (with Paolo Volpin), Journal of the European Economic Association, Vol. 4, No. 2-3, April-May 2006. PDF
“IPO Underpricing and After-market Liquidity” (with Andrew Ellul), Review of Financial Studies, Vol. 19, No. 2, Summer 2006. PDF
“Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence” (with Francesco Giavazzi, Tullio Jappelli and Marina Benedetti), Monetary and Economic Studies, October 2005 (special edition), reprinted in Fiscal Policy and the Road to the Euro, National Bank of Poland, Warsaw, 2006. PDF
“The Political Economy of Corporate Governance” (with Paolo Volpin), American Economic Review, Vol. 95, No. 4, September 2005. PDF
“Workers, Managers, and Corporate Control” (with Paolo Volpin), Journal of Finance, Vol. 60, No. 2, April 2005 (winner of the 2005 Egon International Prize for the best paper in the ECGI Finance Working Paper series, and nominated for the 2005 Brattle Prize). PDF
“Courts and Banks: Effects of Judicial Enforcement on Credit Markets” (with Magda Bianco and Tullio Jappelli), Journal of Money, Credit and Banking, Volume 37, No. 2, April 2005. PDF
“The European Bond Markets under EMU” (with Ernst-Ludwig von Thadden), Oxford Review of Economic Policy, Vol. 20, No. 4, 2004, reprinted in Handbook of European Financial Markets and Institutions, edited by Xavier Freixas, Philipp Hartmann and Colin Mayer, Oxford University Press, New York, 2008. PDF
“Financial Market Integration and Economic Growth in the EU” (with Luigi Guiso, Tullio Jappelli and Mario Padula), Economic Policy, Vol. 40, October 2004. PDF
“The Geography of Equity Listing: Why Do Companies List Abroad?” (with Ailsa A. Röell and Josef Zechner), Journal of Finance, Vol. 57, No. 6, December 2002, 2651-2694 (nominated for the 2003 Brattle Prize). PDF
“Information Sharing, Lending and Defaults: Cross-Country Evidence” (with Tullio Jappelli), Journal of Banking and Finance, Vol. 26, No. 10, October 2002. PDF
“The Political Economy of Finance” (with Paolo Volpin), Oxford Review of Economic Policy, Vol. 17, No. 4, 2001. PDF
“Collateral vs. Project Screening: A Model of Lazy Banks” (with Michael Manove and Jorge Padilla), RAND Journal of Economics, Vol. 32, No. 4, Winter, 2001. PDF
“What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions” (with Ailsa Röell, Otto Randl and Josef Zechner), European Economic Review, Vol. 45, May 2001. PDF
“Sharing Default Information as a Borrower Discipline Device” (with Jorge Padilla), European Economic Review, Vol. 44, December 2000. PDF
“Searching for Non-Linear Effects of Fiscal Policy” (with Francesco Giavazzi and Tullio Jappelli), European Economic Review, Vol. 44, June 2000. PDF
“The Welfare Effects of Liquidity Constraints” (with Tullio Jappelli), Oxford Economic Papers, Vol. 51, 1999. PDF
“The Choice of Stock Ownership Structure: Agency Costs, Monitoring and the Decision to Go Public” (with Ailsa Röell), Quarterly Journal of Economics, Vol. 113, No. 1, February 1998. PDF
“Why Do Companies Go Public? An Empirical Analysis” (with Fabio Panetta and Luigi Zingales), Journal of Finance, Vol. 53, No. 1, February 1998 (nominated for the 1998 Smith Breeden Prize). PDF
“Endogenous Communication among Lenders and Entrepreneurial Incentives,” (with Jorge Padilla), Review of Financial Studies, Vol. 10, No. 1, 1997. PDF
“Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience” (with Francesco Giavazzi), Swedish Economic Policy Review, Vol. 3, No. 1, Spring, 1996. PDF
"Transparency and Liquidity: a Comparison of Auction and Dealer Markets with Informed Trading” (with Ailsa Röell), Journal of Finance, Vol. 51, No. 2, 1996 (nominated for the 1996 Smith Breeden Prize). PDF
“The Stock Market as a Source of Capital: Some Lessons from Initial Public Offerings in Italy” (with Fabio Panetta and Luigi Zingales), European Economic Review, Vol. 40, 3/4, April 1996. PDF
“Saving, Growth and Liquidity Constraints” (with Tullio Jappelli), Quarterly Journal of Economics, Vol. 109, 1, February 1994. PDF
“Information Sharing in Credit Markets” (with Tullio Jappelli), Journal of Finance, Vol. XLIII, 5, December 1993 (nominated for the 1994 Smith Breeden Prize). PDF
“The Flotation of Companies on the Stock Market: a Coordination Failure Model,” European Economic Review, Special Issue on Finance, Vol. 37, 5, June 1993. PDF
“Financial Markets and Growth: an Overview,” European Economic Review, Vol. 37, 2/3, April 1993. PDF
“Auction and Dealership Markets: What is the Difference?” (with Ailsa Röell), European Economic Review, Vol. 36, 2/3, April 1992. PDF
“Trading Systems in European Stock Exchanges: Current Performance and Policy Options” (with Ailsa Röell), Economic Policy, 10, April 1990. PDF
“Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries” (with Francesco Giavazzi), NBER Macroeconomics Annual, 1990. PDF
“Imperfect Competition, Underemployment Equilibria and Fiscal Policy,” Economic Journal, June 1990. PDF
“Consumption and Capital Market Imperfections: An International Comparison,” (with Tullio Jappelli), American Economic Review, December 1989. PDF
“Trading Volume and Asset Liquidity,” Quarterly Journal of Economics, Vol. CIV, 2, May 1989. PDF
“Endogenous Market Thinness and Stock Price Volatility,” Review of Economic Studies, Vol. 56, 2, April 1989. PDF
“The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility” (with Francesco Giavazzi), European Economic Review, Vol. 32, no. 5, June 1988, 1055-1075, reprinted in the Half Century Issue, European Economic Review, Vol. 50, 272-292, and in Recent Developments in Monetary Policy, edited by Alec Chrystal and Paul Mizen, Edward Elgar Publishing, 2009. PDF
“Relative Price Variability and Inflation: The Italian Evidence,” European Economic Review, Vol. 29, December 1985. PDF