An efficient frontier model is derived within a problem of passive management. An aggregate portfolio is rebalanced annually to restore the percent weights of its strategic asset allocation; its annual total returns are assumed to be independently and lognormally distributed. Expanding on...

Italian Abstract: I patti parasociali sono ampiamente diffusi in Italia, dove molte società quotate sono controllate da patti di blocco.Questo studio ha due obiettivi principali: 1) effettuare un'analisi empirica della varietà dei patti parasociali in società quotate italiane; 2) valutare...

This paper aims to take stock of the extant knowledge on an emerging practice in the entrepreneurial finance landscape: <I>crowdfunding</I>, which seems to play an increasing important role for the seed financing of entrepreneurial projects. We provide a systematization of what it is known on this...</i>

This paper analyses the valuation process of IPO companies listed on the Italian Exchange in the period 2000-2009. One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering'...

In 2000 more companies listed in Europe than in the US. This is mainly due to the success of quot;newquot; stock markets designed for high-growth companies. In this paper we analyse a sample of 482 Initial Public Offerings (IPOs), listed on five quot;newquot; European stock markets up to March...

In most industrialized countries IPOs seem to underperform both the market and portfolios of comparable firms in the long-run, despite the initial underpricing. The reason of this phenomenon are not clearly known. Why should investors buy IPOs shares if probably they will obtain a loss in the...

In 2000 Italy's new stock market for small fast-growing firms, the Nuovo Mercato (NM), has reached 40 listed companies. Born in June 1999 to join the Euro-NM network, the NM has now a total market capitalization which is larger than the French counterpart (the Nouveau Marche) and about 25% of...