Financial advisors need to assess their clients’ risk profile to properly manage their portfolio risk and comply with regulatory provisions. Assessing an investor’s financial risk tolerance (FRT) is a challenge in the advisory process and none of the existing measures can be easily employed...

The underpricing of initial public offerings (IPOs) is a deeply investigated phenomenon, commonly explained with asymmetric information and risk. Ellul and Pagano (2006) first linked the underpricing with liquidity proxies like liquidity risk and effective spread. In this paper I propose a...

This paper performs an event study on mergers and acquisitions between publicly listed Italian banks. Our study shows that previous literature may have only partially captured the market reaction by choosing the announcement date as the event date. In less efficient markets that date is not...

The market microstructure literature focused particularly, in the last few years, on hybrid market structures, and actual markets offer some major examples of this kind like NYSE or the London Stock Exchange (the SET segment).This paper provides unique additional evidence represented by the...

The underpricing of initial public offerings (IPOs) is generally explained with asymmetric information and risk. Beyond Ellul and Pagano (2006), who build upon liquidity risk and effective spread (as liquidity proxy), this paper introduces a new liquidity based explanation: assimilating an IPO...