Alessandro Giannozzi

• Associate Professor of Finance
• Professor at University of Florence

18th Edition of the Annual Meeting of The Risk, Banking and Finance Society Bari (Italy) - June 23-24, 2025 www.therisksociety.com KEY DATES Paper Submission Deadline: March 31, 2025 (Full papers – Final Draft) SUBMIT here: www.therisksociety.com/callforpapers Paper Acceptance: April 14, 2025 In light of the successful event held in Milan, which...

Why do entrepreneurs leave their current entrepreneurial ecosystems to relocate elsewhere? While entrepreneurial ecosystem (EE) theory tends to assume that entrepreneurs remain embedded within their ecosystems, this study challenges that notion by examining ecosystem “leakage” and highlighting the permeability of EE boundaries. Drawing from an embe...

Recent studies suggest that people when making investment decisions, evaluate risk according to their perception of eco-friendly commitment. These studies claim that preference to green investment influences prices and trading behaviour in market settings. Assets perceived greener on average trade at significantly higher prices with different perfo...

International Risk Management Conference 2024 17th Edition of the Annual Meeting of The Risk, Banking and Finance Society Milan (Italy) – SDA Bocconi June 24-25, 2024 www.therisksociety.com CALL FOR PAPERS “Risk Management Models, Policies, and Practices in Times of High Interest Rates and Uncertainty" KEY DATES: Call for Papers Deadline: April...

There's only 1 day left to submit your papers for the 17th International Risk Management Conference (IRMC 2024)! Don't miss this exciting opportunity to share your expertise with a global audience. This year's IRMC will be held in Milan, Italy, hosted by the prestigious SDA Bocconi. The conference theme is "Risk Management Models, Policies, and P...

IRMC 2024 - Bocconi, Milan - Italy - June, 24-25th

International Risk Management Conference 2024 17th Edition of the Annual Meeting of The Risk, Banking and Finance Society Milan (Italy) – SDA Bocconi June 24-25, 2024 www.therisksociety.com CALL FOR PAPERS “Risk management models, policies, and practices in times of high interest rates and uncertainty" KEY DATES: SUBMIT HERE Call for Papers Dead...

Sustainability aspects are assuming a key role both in investment decisions and in credit assessment processes. The aim of this research is to investigate the relationship between environmental, social and governance (ESG) variables and credit rating. We conduct an analysis on a sample of 1191 US-listed companies in 2021. We collect S&P credit rati...

The Omega Score, a novel small and medium-sized enterprise (SME) default predictor developed by Altman et al. in 2022, combines indicators related to financial ratios, payment behavior, and management and employees variables that play an important role in predicting SME defaults. Built with machine-learning techniques and rich dataset information,...

SME default prediction is a long-standing issue in the finance and management literature. Proper estimates of the SME risk of failure can support policymakers in implementing restructuring policies, rating agencies and credit analytics firms in assessing creditworthiness, public and private investors in allocating funds, entrepreneurs in accessing...

This paper explores the relationship between market liquidity and market return around scheduled Federal Open Market Committee (FOMC) meetings. We document that ex-ante market liquidity contains useful information to predict the post-FOMC announcement return, which has been found very hard to predict by the previous literature. The post-announcemen...

This study falls within the literature on connections between market microstructure of firm’s securities and corporate finance. We conduct an analysis on a sample of firms added to the FTSE 100, over the time-period 2005-2017, following the evidence, widely documented in literature, that additions to major indexes are exogenous liquidity-enhancing...

The ability to contain adverse effects of major risks under turbulent conditions and exploit the opportunities they present are fundamental concerns in strategic management and various institutions promote enterprise risk management (ERM) to deal with these challenges. Yet, our knowledge about how ERM affects performance and interacts with corporat...

The aim of this paper is to investigate the investors’ reaction to environmental actions taken by companies such as the issues of “green bond”. We conduct an event study around the announcement of green bond issuances for all publicly traded companies in the World in the period 2013-2019 (the largest period in literature on this field). Using CARs,...

Over the last dozen years, the topic of small and medium enterprise (SME) default prediction has developed into a relevant research domain that has grown for important reasons exponentially across multiple disciplines, including finance, management, accounting, and statistics. Motivated by the enormous toll on SMEs caused by the 2007–2009 global fi...

To assess the empirical performance of systemic and systematic risk measures and to face some legitimate concerns in literature regarding the connections between those indicators, we investigate how the state (distressed or not) of a financial company at a given date is related to the corresponding risk indicators. Based on a combination of univari...

Achieving successful integration of mergers and acquisitions (M&A) continues to pose serious challenges for cross-border acquirers. The aim of this paper was to analyze the impact of cross border M&A on bidder and target companies’ post-M&A profitability, leverage and growth in sales/invested capital. We used a sample of 415 Italian bidder companie...

The paper investigates the relationship between fund performance and fund characteristics of North American private equity (PE) funds, by analyzing the interactions of fund size, fund sequence, and past fund performance on traditional fund return measures. The empirical evidence is based on both linear and polynomial regressions, on a sample of 345...

In July 2016, ESMA Guidelines that set out principles regarding the presentation of non-GAAP measures (ESMA Guidelines on Alternative Performance Measures – APMs) became effective. The guidelines should reduce the mispricing caused by pro forma earnings, and improve investor protection and the transparency of financial information. We provide a pre...

Following the 2007–2008 financial crisis, advanced risk measures were proposed with the specific aim of quantifying systemic risk, since the existing systematic (market) risk measures seemed inadequate to signal the collapse of an entire financial system. The paper aims at comparing the systemic risk measures and the earlier market risk measures re...

The aim of the paper is to propose new measures of the effective country risk exposure for companies operating in emerging markets. In particular, we propose seven new approaches and a revised CAPM for emerging markets. We classified the new approaches into “Forward-looking” and “Historical” measures, with the former measures based on growth estima...

The goal of this paper is to propose new methods to measure the effective exposure to country risk of emerging-market companies. Starting from Damodaran (2003), we propose three new approaches: the “Prospective Lambda”, the “Retrospective Lambda” and the “Company Effective Risk Premium”. We tested our new measures of a company’s exposure to country...

Scholars and practitioners have known for a long time that risk plays an important, indeed central, role in determining the appropriate discount rate to be used in a sophisticated valuation model. In today's world, however, the very risk of survival, especially for financial institutions, is essential to the health of the world's capital markets an...

This paper aims to investigate the impact of company liquidity risk on the stock prices of financial and non-financial companies by analyzing investors’ reactions to 106 crisis events over the period from 2008 to 2010. Companies’ liquidity risk shows up in the three levels of fair value information (level 1-mark to market, level 2-market observable...

The goal of this paper is to analyze the role that non-financial variables can play in assessing Smes creditworthiness and to compare their value in predicting business failure with the one of the most commonly used financial ratios. We investigate the importance for banks in modeling credit risk for Smes using non-financial variables able to descr...

The aim of this paper is to analyze risk shifting incentives for managers and shareholders of the financial institution issuing a CoCo bond. We assess the role of the conversion price settlement in enhancing both shareholders’ and management's discipline. Three recent contingent reverse convertible deals are analyzed, with the intention of showing...

The aim of this chapter is to investigate the superiority of local modeling in the SME default risk estimation. Both “Regional” and “national” models are developed on a dataset of 4,134 enterprises allocated into three samples: a regional “in-sample” (3,137 companies), a regional “out-of-sample” (515 companies), and a national “out-of-sample” (482...

This paper addresses the relationship between company survival and industry-specific discriminant variables in the fashion/textile industry. Our analysis is based on Italian SMEs. The data set is made up of 393 fashion companies and a control group consisting of 1268 companies. After running the discriminant model on the two datasets, we found in t...