Corporate finance

People with expertise in this area
Research interests

Emanuele Maria Carluccio: Full Professor
Paola Castellani: Assistant Professor
Giuseppina Chesini: Associate Professor
Corrado Corsi: Associate Professor

Veronica De Crescenzo: Associate 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.
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.