Corporate finance

Giuliana Borello
Temporary Assistant Professor
Emanuele Maria Carluccio
Full Professor
Paola Castellani
Assistant Professor
Giuseppina Chesini
Associate Professor
Corrado Corsi
Associate Professor
Veronica De Crescenzo
Assistant Professor
Lorenzo Faccincani
Associate Professor
Paolo Farinon
Assistant Professor
Flavio Pichler
Associate Professor
Research interests
Topic People Description
Firm crisis and restructuring Lorenzo Faccincani
Examination of the underlying causes of firms’ crises and restructuring processes, with particular consideration of asset and liability measures restructuring to be feasible in order to restore a business in a situation of economic and/or financial distress. Analysis of judicial and extrajudicial procedures provided for by Italian bankruptcy legislation aimed at facilitating the rescue of the company.
The citizens’ engagement in the financing process of civic ‘place-based’ initiatives Veronica De Crescenzo
Analysis of the supply-side of the Italian civic crowdfunding market. Through a case-study approach, analysis of the role played by local public administration in promoting, selecting and financing civic ‘place-based’ initiatives searching for funds.
Crowdfunding Flavio Pichler
Analysis of crowdfunding categories. Study of the features and functioning of crowdfunding platforms. Qualitative and quantitative investigation of success factors in crowdfunding campaigns, especially equity platforms where applicants are SMEs. Analysis of the potential biases affecting investor’s behaviour. Study of the impact of supervision and regulation on the future impact on crowdfunding’s future development.
Private equity Giuseppina Chesini
Analysis of the performance of European companies financed by private equity investors. Study of the impacts of private equity investments on the profitability and dimensional growth of the companies. Comparison between the performance of companies financed by private equity investors and the performance of similar companies not financed in the same way.
Dividend policy Paola Castellani
Giuseppina Chesini
Analysis of the theories that drive dividend distribution policies. Using data extracted from the databases, search for the compatibility of the theories with the decisions that are actually taken. Study of the consequences of dividend policies on other companies’ financial decisions. Comparison of dividend policies prevailing in different financial markets.
Firms’ capital structure Lorenzo Faccincani
Analysis of the advantages and disadvantages of recourse to debt or equity by non-financial firms. Examination of the italian and international tax laws affecting the firms’ decisions of capital structure, with a deepening of the various measures aimed at limiting the deductibility of interest liabilities and to recognising a tax credit to increments of equity.
The corporate financial structure and the innovative financing instruments Veronica De Crescenzo
The innovative financial instruments for corporate finance. The financial-based crowdfunding model: analysis of the supply-side market and of the platforms’ business and operational model. Analysis of the significant factors that make an equity crowdfunding round successful (panel analysis). Qualitative analysis of the degree of knowledge about these new tools that the potential users have and of the factors behind the decision of an entrepreneur to turn to these new and alternative financing instruments to raise money for a business idea.
Valuation of asset management companies and investment firms Emanuele Maria Carluccio
Application of financial criteria (Discounted Cash Flow and Dividend Discount Model) and relative valuation (multiples of stock exchange and comparable transactions) in estimating the value of Italian asset management companies and Asset gathered, divided in different cluster according to their prevalent business.
Mergers and acquisitions Corrado Corsi
Paolo Farinon
Analysis of theoretical profiles and practices of Mergers and Acquisitions, based on legislative evolution and international accounting standards. Exam of the relation between economic value of equity and Mergers and Acquisitions. Quantitative research methods, applied to data sets; theoretical discussion.
Equity crowdfunding Giuliana Borello
Equity crowdfunding as a tool to finance the start-up and growth of businesses. Analysis of the determinants for the success of the crowdfunding equity campaigns. Evaluation of the financial instruments subject to possible subscription in relation to the national and European legal framework.
Networks and financial performance Giuseppina Chesini
Study of the main characteristics of network contracts in Italy. Case studies and verification of the advantages that the companies in the network can achieve. Investigation of the performance of companies belonging to networks. Identification of the cases in which the companies belonging to a network have obtained advantages in the financing policies.
Corporate and intangibles valuation Lorenzo Faccincani
Application of financial criteria (Discounted Cash Flow and Dividend Discount Model) and relative valuation (multiples of stock exchange and comparable transactions) in estimating the value of non-financial companies and banks. Assessment of intangibles, including for the purpose of quantifying counterfeit damage. Economic exploitation of intellectual property in the bank-firm relationship.

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