This paper investigates the valuation and merger and acquisition (M&A) dynamics of the population of 254 biotech firms that went public in Europe between 1990 and 2009. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization....

We question whether an evolution in the national legal system leads to higher valuations for companies going public. We investigate this issue with reference to the population of firms going public on the main and second stock markets in the three largest economies of Continental Europe over the...

The purpose of this study is to shed light on the valuation of firms belonging to European pyramidal groups at the time of their IPO. We question if the particularity in their ownership structure, and the identity of the ultimate shareholder, affect the valuation of the firms going public. With...

Purpose – The purpose of this paper is to report on the study of the two acquisitions of Telecom Italia carried out by Olivetti and Pirelli in the last decade, to evaluate how changes in ownership structure and corporate governance affected minority protection. Design/methodology/approach –...

This paper analyses the value determinants for both airports and airlines. The analysis is based on a sample of 24 airport operators and 87 airlines, listed on international financial markets on 31 December 2007. We analyse the value drivers for both airlines and airports by studying the...

This paper discusses the use of rights issues when interest conflicts between controlling shareholders and minorities arise due to the existence of private benefits that the former can extract from the value of a listed company. While the literature considers the issue of pre-emptive rights as...

In this paper, we study the history of Telecom Italia, the sixth biggest world telecommunication company for turnover, to evaluate how changes in control affected minority protection. Telecom Italia was privatized in 1997 and it has been the target of two takeovers in 1999 by Olivetti and 2001...

This paper analyzes the value determinants for both airports and airlines. The analysis is based on a sample of 24 airport operators and 87 airlines listed on international financial markets on 31 December 2007. We analyse the value drivers for both airlines and airports by studying the...

This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through...

We use a sample of 3677 European IPOs during the period 1998–2012 to examine how the adoptions of corporate governance codes by Member States of the European Union (EU) have affected IPO underpricing on Member State-regulated markets, where issuers are subject to corporate governance rules...