Emanuel Bagna

Emanuel Bagna
University of Pavia | UNIPV · Department of Economics and Management

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8
Publications
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42
Citations

Publications

Publications (8)
Article
Full-text available
In March 2018, the ECB published “Addendum to the ECB Guidance to banks on non-performing loans: supervisory expectations for prudential provisioning of non-performing exposures” in which it required non-performing loans originated after 1 April 2018 to be fully written down after 7 years, with unsecured loans to be written offer after only 2 years...
Article
Full-text available
Traditionally the literature show that public brand value estimates (such as the ones published by Interbrand, Brand Finance or Brand Z), in the context of industrial quoted companies, are incorporated in stock prices, implying that brands significantly contributes to the value generation process in a company. No such study was carried out at the l...
Article
Full-text available
Market multiples are more often used than studied. Equity analysts, investment bankers and other practitioners widely use market multiples to estimate the value of companies. Nevertheless, literature about multiples is not as rich as the wide use of these valuation tools would suggest. This paper, focusing on European listed companies, investigates...
Article
The reports published by independent parties are often used to provide an estimation of brands due to the lack of literature and best practices regarding which brand valuation method is more value relevant and reliable than another. Over the last several years, brand valuation debate is growing in importance because of the need to provide a value o...
Article
Full-text available
The reports published by independent parties (i.e. brand agency) are often used to provide an estimation of brands due to the lack of literature and best practices regarding which brand valuation method is more value relevant and more reliable than the others. In the last years, brand valuation debate is growing in importance because of the need to...
Article
We use an integrated approach to analyse the reasons behind the discount on the balance-sheet fair value of illiquid financial instruments held by European banks and classified into the Level 3 Fair Value hierarchy under IFRS 7. We believe that the potential sources of misalignment are (1) the lack of disclosure, (2) earnings management, and (3) th...
Article
We use an integrated approach to analyze the reasons behind the discount on the balance-sheet fair value of illiquid financial instruments held by European banks and classified into the Level 3 Fair Value hierarchy under IFRS 7. We believe that the potential sources of misalignment are 1) the lack of disclosure, 2) earnings management, and 3) the l...
Article
The scope of this is paper is to provide new empirical evidence on the value relevance of employee stock options (ESOs) in Europe. We show, empirically, that the market participants when pricing a firm's equity place approximately the same valuation weights on the ESO-deferred compensation expense (the so called “ESO asset”) and the compensation op...

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