Michele Meoli

Michele Meoli
University of Bergamo | UNIBG · Department of Management, Information and Production Engineering

PhD

About

125
Publications
26,506
Reads
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2,535
Citations
Additional affiliations
October 2004 - June 2006
City, University of London
Position
  • PhD Student

Publications

Publications (125)
Article
Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and...
Article
Full-text available
This article explores how organizational mobility and foreign nationality affect a researcher’s chances of an internal career promotion in university systems that do not have rules preventing inbreeding and where teaching occurs mostly not in English but a local language. As a case study, we have examined the Flemish university system, the Dutch sp...
Article
The identification of ventures that are more likely to be successful is a complex task for equity investors, such that a mix of assessment criteria is typically employed. Machine learning (ML) techniques may provide valid support to investors in processing the set of available information. This paper applies ML to initial coin offerings (ICOs), whi...
Article
Building on agency and resource dependence theories, we study the relationship between the value of initial public offerings and the extent of board independence, which we find to be an inverted U‐shape: beyond a certain threshold, board independence becomes excessive. Consistent with agency theory, the inverted U‐shaped relationship is more pronou...
Article
We empirically evaluate how accounting and financial variables affect the level of systemic risk in traditional and shadow banks, and in real estate finance services in China over the period 2006-2019. We also conduct some stability analysis by evaluating the impact of crisis sub-periods. We find that systemic risk increases in the Size of large fi...
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Full-text available
Purpose: the objective is to measure the financial and social performance of 127 microfinance institutions (MFIs) and observe the effects with explanatory factors such as “type”, “geography region”, and “secular and faith” variables. Design/methodology/approach: The time-series performance analysis of microfinance institutions is determined in two...
Article
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In contemporary higher education systems, funding is increasingly associated with performativity, assessment, and competition, and universities are seeking different forms of financing their activities. One of these new forms is crowdfunding, a tool enabled by the digitalization of finance. Based on data from the UK higher education system and two...
Article
We study how the characteristics of different financial institutions relate to systemic risk using the ΔCoVaR measure of Adrian and Brunnermeier (2016). We contrast traditional banks with shadow entities, such as Money Market Funds and Finance Services, using a sample of 476 European financial institutions between 2006 and 2015. We find that system...
Article
International student mobility (ISM) has emerged as an important field of study that various nations and organizations have been attaching great importance to. This paper studies the drivers of international student mobility, using a competing destinations model for the international student flows among 35 OECD countries in the period 2004–2018, by...
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Modern societies regularly face crises that have major disruptive effects. Learning from past crises can inform better choices and policies when facing a new one. Following the 2008 global financial crisis, higher education scholars explored its effects on students’ tuition fees through cuts in public funding. This article instead investigates how...
Article
This special issue aims to contribute to the understanding and evaluation of the processes through which innovative knowledge is created and translated to entrepreneurial technological advantage in higher education institutions. The papers presented here discuss new trends related to the impact of policies on innovation and entrepreneurial activity...
Article
en Academic inbreeding is a phenomenon that has been studied mostly from the standpoint of its association with research productivity. The focus has been on knowledge creation outputs and outcomes, while little to no attention has been given to the association of academic inbreeding with knowledge creation strategies and processes in academia. This...
Article
The Gelmini reform implemented in Italy in 2010 was designed to ensure greater efficiency and effectiveness within the higher education (HE) sector. The reform was implemented in a climate of general austerity, which caused severe cuts in public funds for the university system. This paper documents the unintended consequences of the reform in terms...
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This paper investigates whether gender, age, ethnicity, and geography affect the choice of equity crowdfunding offerings vs initial public offerings (IPO) on traditional stock markets and whether these characteristics increase the likelihood of a successful offering. Using 167 equity offerings in Crowdcube and 99 equity offerings on London’s Altern...
Article
Manuscript Type Empirical Research Question/Issue This study investigates the relationship between financial literacy and the survival profile of the security‐based crowdfunding platforms. Security‐based crowdfunding has recently emerged as a novel market that allows small investors to engage directly in financing entrepreneurial ventures. However...
Article
In digital finance markets, investors can withdraw their non-binding bids within a cooling-off period. As the bids are visible online, we argue that this option can be used to manipulate the information available to investors. Previous research indeed shows that early bids attract later investors and trigger information cascades, thereby enhancing...
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Full-text available
Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to...
Article
Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to...
Article
Purpose This paper analyses whether the entrepreneurship education centres introduced by the Italian Ministry of Higher Education and Research in 2012 (the Italian Contamination Labs – CLabs) are effectively adopting the emergent digital technologies for nurturing their entrepreneurship education activities and dissemination of knowledge contaminat...
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The impact of the academic leaders on the university’s entrepreneurial orientation has received only anecdotal attention, though they are recognized to be important for the flow and transfer of knowledge as they have a pivotal role in setting the strategic goals of their institutions. Our study addresses this gap by investigating the role of univer...
Article
Full-text available
Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. Although they have recently sprouted up all over the world, raising millions of dollars for early-stage firms, few empirical studies are available to help understand the emergence of ICOs ac...
Article
Academic spinoffs are growingly considered a successful channel in transferring knowledge generated by the university and in fostering economic growth. Coherently, a wide range of policies has been implemented to encourage their formation in hopes of spurring innova- tion and local economic development. To be effective, however, policies need to co...
Article
Although broadening equal access to higher education has been an objective public policy for decades, little is known about the effectiveness of alternative means for achieving this goal. Moreover, it has raised a need of explaining the heterogeneity in Higher Education attainment across European countries, where high level of graduate population c...
Article
This paper studies the impact of increased securities regulation on the IPOs of small and high‐tech, knowledge‐intensive firms. We take advantage of the adoption of European SOX‐like provisions, staggered at different dates across European countries, to test its influence on the going public decision. Starting from the population of European privat...
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Universities are key actors within the entrepreneurial ecosystems. A positive spillover of their knowledge creation and dissemination activity is the establishment of academic spinoffs. This study is one of the first to investigate the post-entry internationalization of academic spinoffs in terms of international sales. Adopting a conditional diffe...
Article
The time for completing a Ph.D. continues to be longer than desirable in most higher education systems worldwide. This is a concern for research funding agencies, universities, academics, and doctoral students facing increasingly constrained labour markets, particularly in academia. This study assesses the role of Ph.D. funding on the time to Ph.D....
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This paper examines for the first time dual-class equity crowdfunding as a digital ownership model. Unique to this context, companies can set an investment threshold under which no voting rights are granted, making the issuance of Class A vs. Class B shares, depending on individual investors. Using a sample of 491 offerings on the UK platform Crowd...
Article
The time for completing a Ph.D. continues to be longer than desirable in most higher education systems worldwide. This is a concern for research funding agencies, universities, academics, and doctoral students facing increasingly constrained labour markets, particularly in academia. This study assesses the role of Ph.D. funding on the time to Ph.D....
Article
Full-text available
While the metaphor of entrepreneurial ecosystem has become popular in academia, industry and government, one aspect is almost neglected, the role of universities. In particular, there is a paucity of studies that examine the governance of universities in relation to their engagement within the ecosystem. This paper relates for the first time the go...
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This is one of the first studies to investigate corporate governance in investment-based crowdfunding. Our cross-platform analysis reveals a large variety in corporate governance mechanisms, in particular with regard to voting rights delivery. Some platforms assign voting rights to individual investors, some work under a nominee structure, and some...
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This article explores how higher education institutions (HEIs) internationalize, employing information on the internationalization activities (IA), context and organizational characteristics of 431 HEIs from 33 European countries. A latent cluster analysis identifies three distinct clusters of HEIs with distinct portfolios of IA: basic, academic an...
Article
Due to significant government cuts to Higher Education funding in Southern European systems, their already underfunded universities were forced to increasingly compete for students as sources of additional revenue. Concurrently, families and students that continued to afford participation in Higher Education became more selective when choosing a un...
Article
Next to value creation, the value protection function of the Board of Directors is a widely accepted fact. Nevertheless, the current literature struggles to show a positive impact of the Board Value Protection (BVP) on firm performance. We use the decision rights model of board functions and argue the difference between board member roles (insider...
Article
The literature suggests that academic researchers with dual-appointment contracts, i.e. those employed concurrently by a university and an organization outside academia, have the potential to be more engaged in research collaborations with non-academic partners than colleagues contractually linked to a university only. Our results suggest that this...
Article
Several are the concomitant factors enabling the development of the knowledge transfer, first among all the awareness that university knowledge is at the basis of innovation and business productivity, generating relevant competitive advantages. Public policies have focused on fostering kind of mechanisms, both at national and European level. Howeve...
Article
This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO performance. We argue that affiliation to a prestigious university provides the affiliated firm with a quality signal in the scientific domain. The pure quality sig...
Article
The impact of the academic leaders on the university’s entrepreneurial orientation has received only anecdotal attention, though they are recognized to be important for the flow and transfer of knowledge as they have a pivotal role in setting the strategic goals of their institutions. Our study addresses this gap by investigating the role of univer...
Article
This article focuses on the effects of PhD funding on research performance both during the degree and throughout researchers’ careers as measured through publications and citations. This analysis draws from a representative sample of researchers holding a doctorate based in Portugal and finds that those funded by grants during the PhD perform bette...
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In this study, we analyse the relationship between competition and programmatic diversification in 75 Italian universities from the academic years of 2003/04 to 2011/12. Results show that local competition, rather than national competition, influences programmatic diversification. The relationship between local competition and programmatic diversif...
Article
The recent financial turmoil has stimulated a rich debate in banking and financial literature on the identification of systemic risk determinants and devices to forecast and prevent crises. This paper explores the contribution of corporate variables to systemic risk using the CoVaR approach (Adrian and Brunnermeier, 2016). Using balanced panel data...
Chapter
Establishing effective corporate governance is most important at the time of an initial public offering (IPO), because the IPO represents a significant step by a company toward moving to the public arena. This chapter focuses on three characteristics that help describe structure of the board of directors at the time of IPO: board size (i.e., the nu...
Article
This paper tests whether the junior public equity markets serve as an effective development market for early-stage firms compared to private venture capital (VC). Focusing on the Canadian market, we compare the long-run stock performance of firms that graduate from the Toronto Venture Stock Exchange (TSX-V) to the Toronto Stock Exchange (TSX) again...
Article
Full-text available
(Forthcoming) There is limited knowledge on the extent to which scientists may strategically respond to metrics by adopting questionable practices, namely practices that challenge the scientific ethos, and the individual and contextual factors that affect their likelihood. This article aims to fill these gaps by studying the opportunistic use o...
Article
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This study analyses the university choices of male and female students in Italy over the 2003-2012 period, and for two sub-periods before (2003-2008) and after (2009-2012) the 2008 financial crisis. The analysis is guided by human capital, signalling and preference theories, and implemented through a competing destinations model that controls for t...
Article
In this paper, we discuss the state of the art in research and policy making related to the dynamics of financing innovation, highlighting gaps in the literature and setting up the objectives of this Special Issue. We also provide a discussion of methodological issues and future directions for the stream of studies aiming at the evaluation of the e...
Article
Performance-based research funding systems in the European Union include a number of established spinoffs among the measures of universities’ third mission. Through a longitudinal study on the establishment of 1254 spinoffs during 1999–2015 from 85 Italian state universities, we find that the introduction of such a policy increased the number of ac...
Article
Full-text available
In this paper, we compare the efficiency of the Italian and German universities in the process of transforming public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies implemented following the financial crisis in 2008. Using a...
Article
Full-text available
Using a two-stage data envelopment analysis (DEA) bootstrapped metafrontier approach, we investigate the effects of age and size on financial and social efficiency estimates of microfinance institutions (MFIs). In the first stage, we use a metafrontier model, combined with a DEA bootstrapped procedure, to obtain statistically robust and comparable...
Article
This paper provides empirical evidence on the role of prestigious academic institutions in fostering spin-off companies with high-growth potential. We argue that, on the one hand, prestigious universities are likely to provide crucial information, resources and contacts to affiliated firms, enhancing the performances of academic spin-offs. On the o...
Article
Shadow banking entities have been repeatedly charged with the breaking up of the recent financial crises. This paper examines the contribution of the money market funds, an important part of the shadow banking entities, to the systemic risk in United Kingdom by using the CoVaR methodology (Adrian and Brunnermeier, 2016). Using a sample of 143 money...
Article
Full-text available
The entrepreneurial university is emerging as a new archetype of higher education institution that fosters knowledge generation and transfer, contributes to local development and empowers individuals in fast-changing markets. Many institutional, strategic and organizational factors have been discussed as components or contingencies of the process t...
Article
We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leveraged Buyouts (LBOs) by US and European PE firms over th...
Article
Full-text available
The literature on academic entrepreneurship typically assumes that creating a supportive environment in a university can result in a higher rate of establishment of academic spin-offs in a relatively straightforward manner. In contrast, we argue that, at times, academics choose to launch an independent company vis-à-vis pursuing alternative busines...
Article
Using a sample of Sri Lankan microfinance institutions (MFIs), we investigate the impact of several governance mechanisms on MFI efficiency, expressed in terms of the latter’s dual objectives of financial sustainability and outreach. Results reveal that smaller and gender-diverse boards have a positive impact on financial efficiency. Results also s...
Article
The ability to attract students has become crucial for the sustainability of universities, especially in Southern Europe, where the decrease of governmental funding has been dramatic following the financial crisis. By using a competing destinations model on the student flows to 75 Italian universities in the period 2003–2012, and modelling universi...
Chapter
Full-text available
This article investigates the internationalization process in higher education at the institutional level. Drawing on an original perspective informed by organizational theory, we propose two theoretical dimensions of universities’ internationalization: international reputation and local legitimacy. Building upon the categorization proposed by Knig...
Article
In this paper, we compare the efficiency of the Italian and German university system in the process of translating public funding into the multiple outputs of a university, i.e. graduating students, publishing research, and patenting activity. We do this with a particular focus on the policies implemented following the financial crisis in 2007/08....
Article
This paper compares the performance of firms that first go public on the Toronto Venture Stock Exchange (TSX-V) and then graduate to the senior Toronto Stock Exchange (TSX), to the performance of VC-backed firms that directly have an IPO on the TSX. Controlling for potential selection biases stemming from the original selection of listing on the TS...
Article
This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO stock performance. We argue that affiliation with prestigious universities provides affiliated firms with a quality signal in the scientific and innovation domain,...
Article
This paper uses a DEA (Data Envelopment Analysis) based Malmquist approach to investigate the changes in productivity of 20 Kenyan microfinance institutions (MFIs) over the period 2009–2012. A bootstrap procedure is employed to determine whether the changes in Malmquist index and its components are statistically significant. Results show that MFIs...
Article
Full-text available
Push factors associated with necessity entrepreneurship are largely neglected in the academic entrepreneurship literature. We link research on technology transfer to the literature on opportunity and necessity entrepreneurship, showing that the rate of academic spin-off creation is positively associated with the skilled unemployment rate. This long...
Article
This study examines technical efficiency and its determinants of 36 microfinance institutions (MFIs) in Sri Lanka using a two-stage double bootstrap approach. In the first-stage, bias-corrected Data Envelopment Analysis (DEA) efficiency estimates for the individual MFI are obtained by means of the smoothed homogeneous bootstrapped procedure (Simar...
Article
In 2010, a comprehensive reform required Italian state universities to restructure their institutional governance by revising their statutes. This interpretative paper aims to evaluate whether the Italian reform is congruent with its declarations, examine the variations in the implementation within the same country of a unitary national regulation...
Article
This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through the present, we find that tightening regulatory chang...
Article
Academic spin-offs are typically considered a positive measure of technology transfer and university business engagement. This paper investigates ‘dark side’ motivations, where the establishment of academic spin-offs is responsive to organizational deficiencies within the parent university. With a longitudinal study of 559 spin-offs from 85 Italian...
Book
This book aims to bring together different contributions highlighting how the recent changes that modify universities' activities, such as the necessity to internationalize and crucially rely on third party funding, and the new entrepreneurial trajectories stemming from the recent economic-financial crisis, contribute to emphasize the existing diff...