We study a sample of the world's largest financial conglomerates from 15 countries and we track their largest divestitures over the period 2005-2016. We develop a novel market-based metric to analyse the impact of divestitures on financial conglomerate excess value, and our findings point to...

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 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 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...

The new prudential regulation framework, established by the European Central Bank (ECB) after the financial crisis, encompasses supervisory procedures to measure and monitor banks business model, capital requirements, governance control and liquidity risk. However, research on financial...