M&A transactions expose both the bidder and target shareholders to a number of major risks both prior to the close of the deal and during the post-close integration phase. The main pre-closing risk is the possibility that fl uctuations of bidder and target stock prices will affect the terms of...

"In this paper we test two hypotheses concerning the presence of innovation in venture capital investments and the growth of innovative venture backed firms. To examine these hypotheses we considered sample of 37 Italian venture backed firms that went public on the Italian Stock Exchange between...

Offtaking agreements are an important risk transfer mechanism in project finance. However, they can also be thought of as a trade-off between lower market and higher counterparty risks. We use the case of the Quezon Power Ltd Co. to test the effect of higher counterparty risk on the cost of...

We study the drivers of financial sophistication in small family firms. Sophistication is defined as the use of non-basic financial products such as options, swaps, debt restructuring, and mergers and acquisitions (M&A) advisory services. Our analysis is based on a unique dataset with detailed...

The extraordinary global growth in the private funding of public infrastructure projects in the form of public-private partnerships (or PPPs) is expected to have major social and economic benefits-benefits that result in large part from improving the allocation of project risks between the...

A sound bank resolution regime is crucial for ensuring long term financial stability and reducing the potential public cost of possible future financial crises. The Eu crisis management framework provides arrangements for restructuring a credit institution, in order to ensure the continuity of...

<i> Weather Derivatives: strumenti innovativi per la copertura del rischio climatico </i> (di Francesca Querci) - ABSTRACT: L’esigenza di proteggere i profitti aziendali dalla volatilità associata a condizioni climatiche indesiderate, ha dato vita ad uno dei segmenti più creativi del settore...

This paper is concerned with the cost-efficiency of Private Finance Initiatives (PFIs) in the delivery of hospital facilities in the UK. We outline a methodology for identifying the “fair” return on equity, based on the Weighted Average Cost of Capital (WACC) of each investor. We apply this...