I am an Assistant Professor of Finance at ESCP.
I obtained my PhD degree at the Swiss Finance Institute and USI Lugano.
My research interests lie in empirical corporate finance. In my work, I study how firms' financing and investment decisions depend on their product market competition.
I visited Boston College during the academic year 2019/2020.
My CV is available here.
Contact: toreski@escp.eu, LinkedIn
Working papers
Entry timing to Product Markets and Mergers and Acquisitions
Review of Finance, Revise and Resubmit
This paper shows that the entry timing to product markets constitutes an important determinant of mergers and acquisitions (M&A). The analysis reveals that becoming an acquirer or a target depends on the entry timing. Moreover, M&A deals are more likely between companies implementing the same entry timing approach. Those deals yield higher combined announcement returns and lead to faster assets and sales growth. Consistent with companies maintaining product reputation developed through entry timing, the effect is stronger in a highly competitive environment and for acquirers with uncertain future sales. Overall, the results suggest synergies from entry timing to product markets strongly relate to M&A.
Conferences and seminars: EFA 2023, AFA 2022, SWFA 2021, SGF 2021, AFFI 2021, 17th Corporate Finance Day, SFI research days 2019, Nova Ph.D. Finance event 2021, 4th Dauphine Finance Ph.D. Workshop, SFI job market workshop 2021, USI Lugano, Boston College, University of St. Gallen, University of Bern, Indiana University, George Washington University, BI Oslo, SKEMA, ESCP
The Role of Product Life Cycle in the Benefits and Costs of IPO with Jiajie Xu
This paper studies how firms' product life cycle influences the trade-off between the benefits and costs of going public. We construct the product life cycle measure by performing a textual analysis of S-1 registration statements for IPOs. The findings show that firms with more innovative products have a greater benefit of receiving new capital for their investment projects but, at the same time, face a higher cost of revealing information to their competitors, for which they sacrifice higher information asymmetry. We use an instrumental variables analysis to establish causality and conduct an event study to confirm the findings.
Conferences and seminars: MFA 2024, ECWFC 2023, FMA 2022, TADC 2022, CIRF 2022, ENTFIN 2021, AFFI 2021, SFI research days 2021, Boston College, USI Lugano, ESCP, Shanghai University, Guanghua Alumni Research Forum
