Marco Bigelli

• PhD
• Professor at University of Bologna

We study the introduction of a new control-enhancing mechanism in Italy, a country still characterized by family-controlled firms but with an increasing importance of institutional investors. Since 2014, Italian firms have been able to adopt loyalty shares, which allow a double voting right if shares are continuously held for at least two years. We...

This paper investigates the tone newspapers use in reporting information on a company that is linked with through an ownership tie. Our empirical setting is Italy, a country characterized by dominant national industrial groups’ high ownership of newspapers. Based on a sample of about 123,000 articles, we document that newspapers’ coverage of firms...

After reviewing the main valuation frameworks of asset management firms, we ran empirical research on 50 listed US and European asset management firms in the 2008-2017 period. Our results find that such firms are characterized by a high EBIT and earnings margin, respectively equal, on average, to 28% and 17% of revenues, represented by fees. The av...

We analyze all Kickstarter projects till December 2013. Their success is driven by the presence of a video, a higher number of rewards, a shorter campaign, and a lower goal. A more extensive description signals higher quality and helps the funding, unless it becomes too prolix. We study the distribution of non-US projects. Categories have different...

In this paper we investigate the tone used by newspapers in reporting information on a company, which is in a conflict of interest regarding ownership ties with the publishing firm. We investigate this issue using Italy as empirical setting, a country characterized by a newspaper industry highly owned by nationally-dominant industrial groups. Based...

We analyze all Kickstarter projects till December 2013, and we find that their success is driven by the presence of a video, a higher number of rewards, a shorter campaign, and a lower goal. Longer Description, About and FAQs sections increase the funding probability as long as they are not too prolix. We study the distribution of non-US projects,...

We analyze all Kickstarter projects till December 2013. Their success is driven by the presence of a video, a higher number of rewards, a shorter campaign, and a lower goal. A more extensive description signals higher quality and helps the funding, unless it becomes too prolix. We study the distribution of non-US projects. Categories have different...

The aim of this paper is to analyze the factors that motivate private firms to follow a conservative financial policy. Using a new definition of financial conservatism, we investigate a sample of 21,959 Italian private firms for the 1998–2006 period and look for the determinants of financial conservatism according to the main theories of capital st...

In Italy, as in many other European countries, listed firms have gone dark through controlling shareholder-initiated tender offers. We find that the presence of institutional investors, especially when foreign, helps minority shareholders receive a higher takeover premium and reduces the likelihood of a successful bid. We explore the effect of a nu...

The present paper proposes a new measure of the voting right, the Relative Vote Segment, which incorporates dividend privileges into the inferior class of shares. We test and compare it against the standard Relative Price Difference and the Nenova (2003) measure using 1998– 2008 data from Italy, a country where dividend privileges are relevant. Res...

In major depression, when a first antidepressant does not cause remission of symptoms (60%-75%), there are several options for continuing treatment in the next step. This study is a cost-utility analysis (CUA) of different second-line approaches. In a simulated trial outpatients with MDD were treated with citalopram for 13 weeks (level 1), then bas...

The present paper overcomes some possible measurement errors and proposes a new measure of the voting right, the Relative Vote Segment, which incorporates dividend privileges into the inferior class of shares. We test and compare it against the standard Relative Price Difference and the Nenova (2003) measure using 1998-2008 data from Italy, a count...

The serotonin transporter 5-HTTLPR polymorphism moderates response to SSRIs and side-effect burden. The aim of this study is to quantify the cost-utility of incorporating 5-HTTLPR genotyping in drug treatment of major depressive disorder (MDD). We previously reported a theoretical model to simulate antidepressant treatment with citalopram or buprop...

Called to vote for a reduction in their dividend privileges, Pirelli's nonvoting shareholders appeared to expropriate themselves and favor the voting class of shares. However, what initially seemed to be self-expropriation became self-interest when the media coverage, voting decisions, and dual-class ownership of 36,361 shareholders were investigat...

The value of a right should not be lower than zero. The present paper overcomes some possible measurement errors and proposes a new measure of the voting right, the Relative Vote Segment, which incorporates dividend privileges into the inferior class of shares, when granted. Results from Italian non-voting shares listed in the 1999-2008 period show...

Evidence from a wide sample of Italian private firms shows that cash holdings are significantly related with smaller size, higher risk and lower effective tax rates, therefore supporting predictions from the trade-off model. More cash is also held by firms with longer cash conversion cycles and lower financing deficits, as predicted by the financin...

To evaluate the benefit of pharmacogenetics in antidepressant treatment. In a simulated trial 100,000 subjects in a current episode of major depressive disorder (MDD) received citalopram or bupropion based on the clinician's decision (algorithm A) or following indications from 5-HTTLPR genetic testing (algorithm B), which effect size of was estimat...

Results from about 17,000 Italian private companies and 152,000 firm-year observations in the 1996-2005 period show that cash holdings in private firms support both the trade-off model and the financing hierarchy theory. In fact, more cash holdings are a feature of riskier companies and firms with higher growth opportunities. At the same time, more...

This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive–chairman duality and the proportion of non-executive directors, does not increase the pro...

Schizophrenia is associated with a high familiar, social and economic burden. During the recent years early and specific intervention for first psychotic episodes has been suggested to improve the long term outcome of the disease. Despite the promising results obtained so far, early intervention is still scarcely applied. One major problem arises f...

This paper investigates the determinants of regulatory compliance and its effect on informational efficiency. Exploiting a unique enforcement and reporting framework for corporate insider trading in Italy, we present three main findings. First, board governance, such as chief executive-chairman duality and the proportion of non-executive directors,...

Extant literature has usually argued that firms that unify dual class shares are likely to increase shareholder value. We examine the universe of Italian dual class unifications over the 1974-2005 period and show that the unification process is considerably more complex than it appears prima facie. Italian voting shareholders are typically not comp...

This paper tries to offer a review of the literature on the main privatisation methods adopted by the Central and East European Countries which have joined European Union in 2004. After having analysed the major advantages and shortcomes of each privatisation method the paper briefly describes the privatisation processes adopted by each single coun...

This paper tries to offer a review of the literature on the main privatisation methods adopted by the Central and East European Countries which have joined European Union in 2004. After having analysed the major advantages and shortcomes of each privatisation method the paper briefly describes the privatisation processes adopted by each single coun...

An increasing number of firms with dual class shares are deciding to unify their shares around the world. In the most common type of stock unification a non-voting share can be converted into a voting share. In most countries either the price differential between the two classes of shares is low or a form of compensation for voting shareholders is...

The high separation of ownership from control achieved through the concurrent use of non-voting shares and stock pyramiding could favor acquisitions made to increase private benefits of the controlling shareholders rather than all shareholders’ wealth. A standard event study methodology is carried out on three different samples of Italian acquisiti...

The high separation of ownership from control achieved in many Italian listed companies through the concurrent use of non-voting shares and stock pyramiding may favour acquisitions made to increase private benefits of the controlling shareholders rather than all the shareholders' wealth. A standard event study methodology is carried out on three di...

Seasoned equity issues trigger share price declines, and this is usually interpreted as evidence of signalling. We find that seasoned equity issues also typically result in much lower managerial ownership in U.S. firms. Jensen and Meckling (1976) predict a stock price decline when managerial ownership falls. We conduct several tests to distinguish...

The positive market reaction at the announcement of most European rights issues can be explained by two major factors which distinguish them from a US public offering: active insiders, and a quasi-split effect which signals a large increase in the dividend yield. An analysis of 428 Italian rights offerings and an event study involving 82 observatio...