Working Papers
Cyber Incidents, Banking Stability and the Value of Supervisory Strictness, with C. Chiarella, P. J. Cuadros-Solas and L. Rossi
We study cyber incidents affecting U.S. banks and show that these events prompt stricter supervision. Affected banks subsequently become more prudent risk-takers and suffer less negative stock returns than peers during the 2023 banking turmoil. These results suggest that heightened supervisory strictness helps preserve shareholder value in times of distress.
Selected presentations: Cattolica University of Milan (2025)*
Political Conflict and Corporate Policies: Evidence from the Basque Country, with F. Derrien, S. Hadjigavriel and A. Romec
We exploit the announcement by the Basque nationalist terrorist group ETA of the definitive cessation of its armed and extortion activities, and find that firms exposed to the extortion risk significantly increase their cash holdings and exhibit higher cash flow sensitivity of cash. They also reduce investment in fixed assets. These reactions are consistent with a shift away from strategic liquidity minimization under extortion risk.
HKU Jockey Club Enterprise Sustainability Global Research Institute Paper No. 2025/201
Selected presentations: ESCP Business School (2025)*, Vrije Universiteit Amsterdam (2025)*
Governance effort reallocation by institutional owners, with S. Garcia and A. Remesal
Institutional investors re-balance internal and external monitoring mechanisms. As heightened short-selling threats improve external discipline and alleviate the need for direct monitoring, monitoring-prone institutional investors reallocate their effort to other portfolio firms.
Selected presentations: Financial Markets and Corporate Governance Conference (2022)*, FMA Europe (2022), KU Leuven (2022), Erasmus Corporate Governance Conference (2023), BOCA-ECGI Corporate Finance and Governance Conference (2024)
*Presented by a coauthor