Gianpaolo's
Research
Published Papers
1) Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families, with A. Eisele, T. Nefedova, and K. Peijnenburg
Link to the paper
Journal of Financial Economics, forthcoming
Main Conferences: FIRS 2016, EFA 2015, AFA 2014
Media Coverage: Bloomberg, Reuters, ETF.com
In short: We document that off-market transactions among funds affiliated with the same group are priced differently than similar transactions in the open market. This difference in pricing opportunistically reallocates performance from low- to high-value funds, thereby explaining a broad set of previous results in the mutual fund literature.
2) Noncognitive Abilities and Financial Distress: Evidence from a Representative Household Panel, with K. Peijnenburg
Link to the paper
Review of Financial Studies, forthcoming
Main Conference: Miami Behavioral 2016
Media Coverage: VOX EU
In short: Individuals with low noncognitive abilities are five times more likely to experience financial distress than individuals with high noncognitive abilities. This relation arises largely from worse financial choices and lack of financial insight, and only to a lesser degree reflects differential exposure to income shocks.
3) Threat of Entry and Debt Maturity: Evidence from Airlines
Link to the paper
Journal of Financial Economics, 2018 Vol 127, Issue 2, Pages 226-247
WFA Cubist Systematic Strategies Award for Outstanding Research
Main Conferences: WFA 2015, EFA 2015, SFS Finance Cavalcade 2015
In short: Incumbent airlines respond to looming threats by low-cost competitors extending debt maturity before actual entry occurs.
This result provides empirical confirmation of theoretical models of optimal debt maturity structure in the presence of rollover risk.
Working Papers
4) Family First? Kinship Ties and Stock Returns, with F. Leone and C. Sommavilla
Link to the paper
Main Conferences: FIRS and EFA
Media Coverage: The Times, Columbia Law School blog, Bloomberg
In short: We use textual analysis to construct a measure of nepotism for U.S. public firms. We show that nepotism is widespread and misvalued by the market.
5) Do Underpriced Firms Innovate Less?
Link to the paper
In short: Underpriced firms cut R&D spending to buy back their own shares at a discount. This finding is consistent with a model in which managers overlook innovation to implement short-term policies, as the market is inefficiently slow in pricing R&D.
Work in Progress and Permanent Working Papers
Debt De-risking (2020), with J. Cutura and A. Schrimpf
Trading and the Information Environment in Mutual Fund Families (in progress) with R. Evans and T. Nefedova
Security Lending and Fund Fees (in progress) with M. Zoican and T. Nefedova
The Social Costs of Private Shocks (2019) with S. Andersen and K. Peijnenburg
The Real Effects of Debt Transfers (2019) with M. Bottero, S. Lenzu, and F. Mezzanotti
The Illiquidity Rat Race (2019) with S. Malamud and A. Schrimpf
Are Star Funds Really Shining? (2016) with T. Nefedova and A. Eisele
Predation vs Cooperation in Fund Families (2014) with T. Nefedova and A. Eisele
