Using data on international equity portfolio allocations by U.S. mutual funds, we estimate a portfolio expression derived from a standard mean-variance portfolio model extended with portfolio frictions. The optimal portfolio depends on the previous month a ...
This thesis is composed of two essays that study the effectiveness of shareholder democracy.In the first essay, I analyze the firm value implications of shareholder-initiated proposals. I show that managerial resistance precludes half of shareholder-init ...
Crowdfunding has emerged as an important alternative financing tool for entrepreneurs. Extant research on the antecedents of crowdfunding success have produced divergent results. By applying the cross-disciplinary lens of strategic linguistic framing, that ...
“The important thing is not to win, it is to take part,” this famous saying by Pierre de Coubertin asserts that the value athletes draw from Olympic games lies in their participation in the event and not in the gold they collect during it. We find similar ...
The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...
Pension funds only quite recently have explored alternative assets, prodded by financial crises that devastated equity returns and led to low bond returns. We assess the addition of alternative assets to pension fund portfolios in terms of the total benefi ...
The architect Antonio Croci was born in Mendrisio on April 7th 1823. In 1837, he applies to the Brera Academy of Fine Arts in Milan where he studied ornament, architecture, aesthetics and perspective. Documents kept in the historical archive in Mendrisio w ...
Advisors often manage multiple versions of a fund. These "twins" have the same manager and similar performance but are sold to different investors with differing abilities to select and monitor managers. Comparing investor flows in retail and institutional ...
We analyze the implications of dynamic flows on a mutual fund's portfolio decisions. In our model, myopic investors dynamically allocate capital between a riskless asset and an actively managed fund which charges fraction-of-fund fees. The presence of dyna ...
Governments around the world have adopted ambitious targets to increase the share of renewable energy and reduce greenhouse gas emissions. They pursue a variety of policy approaches to achieve these targets. It has been a popular theme for contributions in ...
To improve peoples’ living conditions, Western African countries need to considerably reinforce their electricity supply infrastructures. Retrofitting the existing installations and constructing new generation and transmission facilities require significan ...