We examine both displayed and non-displayed orders sent by all investors to the electronic central limit order book of the Italian stock exchange Borsa Italiana (BI). Extant literature relies on trades as basic level of observation for the lack of data. Our unique dataset enables us to...

This paper uses order-level data of all investors of the Italian stock exchange Borsa Italiana (BI) to resolve three issues that remained unsettled in the extant microstructure literature: the interaction between the exchange and a parallel market for large blocks; the asymmetry between the...

This paper tests the empirical validity of theoretical predictions on corporate spin-offs motivations and ex-post performance. Using a unique data set of completed spinoffs in twelve European countries we show that spin-off decisions are frequently triggered by firm’s governance changes,...

This paper uses order-level data of all traders of the Italian stock exchange Borsa Italiana (BI) to resolve three issues that remained unsettled in the extant microstructure literature: the interaction between the exchange and a parallel market for large blocks; the asymmetry between the price...

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...

This paper assesses the productivity change of the French Technology Transfer Offices (TTOs) after the introduction of the July 1999 Innovation Law and the New Public Management Oriented Reform. By using Data Envelopment Analysis (DEA)-based Malmquist Productivity Index, we find an average...

This paper assesses and tests the response of banks operating in the financial centres to the financial crisis in terms of the actual productivity change and its main components: the pure efficiency change, scale efficiency change and technological change (innovation). The heterogeneity in the...

Diversified and focused business models may affect foreign bank efficiency differently in branches or subsidiaries. We investigate whether there is a unique optimal business model in three dimensions: assets, funding and income. We apply recently developed bootstrap methods to estimate group...

This paper studies the convergence process, or lack thereof, of Total Factor Productivity (TFP) for a panel of 13 OECD countries over the period 1979-2007, adding breadth and depth to the convergence debate in the telecommunications industry. TFP growth is examined through the Malmquist Index...

This paper presents the first assessment of the efficiency of the technology transfer operated by the French university system and its main determinants. The analysis is based on a detailed and original database of 51 TTOs, categorized by type of university they belong to, over the period...