The evolution of the control of Telecom Italia, the sixth largest telecommunication company in the world by turnover, is an exemplary textbook case for studying minority expropriation. Our study consists of three parts. First we analyse how Olivetti's and Pirelli's acquisitions of Telecom Italia...

This paper discusses the use of rights issues in a context where interest conflicts between controlling shareholders and minorities are due to the existence of private benefits that the former can extract from the value of a traded company. While the literature considers the issue of preemptive...

This paper introduces a model, based on the Kalman filter framework, which allows for latent factors, time varying parameters, and a general GARCH structure for the residuals, extending the Bekaert and Harvey (1997) model. With this extension it is possible to test if an emerging stock market...

We propose a novel dynamic factor model to characterise comovements between returns on securities from different asset classes from different countries. We apply a global-class-country latent factor model and allow time-varying loadings. We are able to separate contagion (asset exposure driven)...

In this paper, we investigate China’s changing financial interconnectedness via the presence of Granger-causality between firm level factors (Leverage, Market To Book Value and Returns) and systemic risk measures (DCoVaR, MES, and SRISK). The analysis is based on 161 Chinese financial...