Papers by Duccio Martelli
Qualitative Research in Financial Markets
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Journal of Economics and Business
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Journal of Economics and Business, 2014
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Qualitative Research in Financial Markets, 2013
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... In particolare l'attribuzione delle singole parti è la seguente: sezioni 1 e 6 Aless... more ... In particolare l'attribuzione delle singole parti è la seguente: sezioni 1 e 6 Alessandro Carretta e Paola Schwizer; sezioni 2.1 e 2.2 Gaia Soana ... il valore di mercato (El Mir e Seboui 2008; Lehn, Patro e Zhao 2007; Tam e Tan 2007; Blach, Jang e Kim 2006; Colarossi e Giorgino ...
This paper analyzes the effect produced by large M&A deals in the European banking over the perio... more This paper analyzes the effect produced by large M&A deals in the European banking over the period 1998-2007 focusing on the impact of corporate culture on M&A results. By using a text analysis approach (recently used in finance studies to assess various corporate features, as in Tetlock 2007 and Tetlock et al., 2008), we obtained a set of objective estimates for different corporate culture-orientations. We ran an econometric model to estimate the probability of successful M&A deals from the shareholders standpoint (measured on the short-horizon cumulative abnormal returns). Overall, our results support the assumption that different corporate culture orientations have an important role in the M&A results. Inside the black box: what explains differences in the efficiency of financial institutions. Journal of Banking and Finance, 21, 895-947. Berger, A. N., Mester, L. J., 2003. Explaining the dramatic changes in the performance of US banks: Technological change, deregulation, and dynamic changes in competition. Journal of Financial Intermediation, 12, 57-95. Boehmer E, Musumeci J, Poulsen A (1991) Event-study methodology under conditions of eventinduced variance. J Financ Econ 30:253-272 Borgatti, S., Cross, R. 2003. A relational view of information seeking and learning in social networks. Management Science, 49, 432-445 Bos, J., Schmiedel, H., 2007. Is there a single frontier in a single European banking market?.
European Financial Management, 2011
Stock market prices reflect information regarding firms’ business environments, operations and, i... more Stock market prices reflect information regarding firms’ business environments, operations and, in general, their fundamentals. Recently, various studies have analysed the link between news coverage and stock prices but no evidence exists on how channels and ways of communication of information affect investors’ behaviour. We analyses these aspects focussing on a large sample of corporate governance news published between 2003 and 2007 in ‘Il Sole 24 Ore’, Italy's major financial newspaper. We show that before news is made public investors are only able to assess the type of corporate governance event underlying it. After publication, investors are influenced by the content (positive or negative) and the tone of communication (strong or weak) of the news.
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Papers by Duccio Martelli