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 ...
Biochemistry, ecology, and neuroscience are examples of prominent fields aiming at describing interacting systems that exhibit nontrivial couplings to complex, ever-changing environments. We have recently shown that linear interactions and a switching envi ...
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 ...
There are concerns that migrants may be embedded in far-flung networks with support being less collective. The spatial dispersion of their relatives and friends would result in fragmented networks with lower solidarity and lower mutual trust than densely c ...
This contribution puts the spotlight on participation of heterogeneous actors and diverse forms of expertise in knowledge production and its implications for governance of complex problems. With regard to tackling complex ‘global’ problems, multifaceted de ...
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 ...
This thesis proposes three studies that provide novel empirical evidence on how different types of VCs' characteristics signal the quality of an entrepreneurial venture and influence investment strategies of funds subject to self-regulation. In the first s ...
We develop a model of investment, financing, and cash management decisions in which investment is lumpy and firms face uncertainty regarding their ability to raise funds in the capital markets. We characterize optimal policies explicitly and show that the ...
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 ...
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 ...
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 ...
This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel (2010). We characterize the set of equilibria for this portfolio management game and show that there exists a unique Pareto optimal equili ...
This thesis discusses the difficulties of pricing real estate by using the existing financial economic theory and investigates an alternative approach in order to take into account the 'unique' nature of real estate risk. It consists of three essays placin ...
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 ...
We investigate the spreading of information in a one-dimensional Bose-Hubbard system after a sudden parameter change. In particular, we study the time evolution of correlations and entanglement following a quench. The investigated quantities show a light-c ...
