Thèse de doctorat : Università della Svizzera italiana, 2018 ; 2018ECO012.
Mergers and acquisitions (M&As) are among the largest and most important corporate events. Companies acquire other companies for a variety of reasons. The most quoted one is without any doubt the potential additional value from combining two firms, better known as synergy, while the most obscure and the most controversial one is probably the elimination of future competition. No matter what...
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Thèse de doctorat : Università della Svizzera italiana, 2018 ; 2018ECO003.
In my thesis I investigate the conflicts of interests between underwriters, issuers, and investors in initial public offerings (IPOs). I provide empirical evidence that conflicts of interest exist, affect the IPO process, and have real monetary costs for IPO issuers. The novel data, methodologies, and identification strategies used in this thesis allow answering questions so far unexplored by...
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Thèse de doctorat : Università della Svizzera italiana, 2014 ; 2014ECO009.
Financial intermediation plays a central role in connecting capital demanders, i. e. firms, and capital suppliers, i. e. investors. My essays focus on two types of financial intermediaries, namely investment banks, who provide a variety of services for firms and institutional investors, and sell-side security analysts, who analyze and provide information about firms, mainly, to institutional...
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Thèse de doctorat : Università della Svizzera italiana, 2014 ; 2014ECO002.
In my PhD thesis I unveil somewhat controversial trading practices and conflicts of interests in mutual fund industry and brokerage business. I aim to provide empirical evidence of premature information diffusion in capital markets. The novel data and identification approach of the study allows answering the questions so far not answered in the literature. In Chapter I of my thesis, I study a...
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Thèse de doctorat : Università della Svizzera italiana, 2012 ; 2012ECO002.
The first paper (joint with François Degeorge and Roni Michaely) examines the role of brokers in the performance of securities analysts, after taking into account the inherent abilities of the employed analysts. The question we are asking is if working at a large and resourceful Wall Street firm has overall advantages to the analyst, after controlling for an analyst's inherent ability. From the...
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Thèse de doctorat : Università della Svizzera italiana, 2010 ; 2010ECO004.
The aim of this research project is to discuss the information flow between managers, analysts and investors in the financial markets. It examines the official information releases such as quarterly earnings announcements, unofficial flows of information between managers and analysts, and uncertain information as interpretation of managers' actions, so-called "signals", used by analysts and...
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Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009ECO001.
The aim of this thesis project is to investigate the managerial behavior, the conflict of interest as well as the flow of information in the financial markets, in particular in the setting around equity offerings. An Initial Public Offering (IPO)s represents a fertile testing ground for these topics as this event constitutes a major structural change in the life of a company. At the time of...
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