The 2005-2006 reform of the Chinese stock market, aimed at eliminating nontradeable shares, is used to study the role of asset float on stock prices. The reform implies that holders of nontradeable shares compensate under various forms (cash, bonus shares, warrants) the holders of tradeable...

In this paper we provide empirical evidence on the impact of US and UK monetary policy changes on credit supply of banks operating in Italy and France over the period 2000–2015, exploring the existence of an international bank lending channel based on the reliance on funding sources located in...

We perform an event study to investigate the efficiency of the Chinese stock market. We study the reaction of stock returns and trading volumes to the 2005-2006 structural reform which allowed the transformation of non-tradable shares (NTS) into tradable shares (TS) through payment of a...

In response to the Covid-19 outbreak, among other previous "non-pharmaceutical interven-tions", on March 22, 2020 the Italian Government imposed an economic lockdown and ordered the closing of all non-essential economic activities. This paper estimates the causal effect of this measure on...

In this paper I develop a model of sovereign lending with default and long-duration coupon bonds. Long-duration bonds offer an insurance benefit to the borrower because countries are not required to frequently roll-over outstanding debt. However, investors anticipate that countries might default...

Emerging countries tend to default when their economic conditions worsen. If bad times in an emerging country correspond to bad times for the US investor, then these foreign sovereign bonds are particularly risky and should offer high returns. We explore how this mechanism plays out in the data...

The risk of default of sovereign bonds in the Euro area significantly changed during the Eurozone debt crisis. Mutual funds specialized in Euro area government bonds invest exactly in these assets and constitute a large share of the financial portfolio of Italian households. Their performance is...

I fondi obbligazionari governativi area Euro costituiscono una componente fondamentale del portafoglio Þnanziario delle famiglie italiane. In questa ricerca analizziamo le caratteristiche di questi fondi e la loro performance con particolare attenzione al periodo della crisi del 2007-2009....

In this paper we show that simple buy-and-hold strategies over-perform market-timing strategies effectively used by Italian investors in equity mutual funds. We estimate returns from market-timing strategies using aggregate data on net flows for a large sample of equity mutual funds, available...