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Research

My research focuses on corporate policies. I study how frictions affect investment, capital structure dynamics, payout policy and liquidity management in corporations. I then investigate the implications of these policies for the returns to investors.

Selected Published Work

Corporate Hedging and the Variance of Stock Returns

  • with Kizkitza Biguri (Universitat Autonoma de Barcelona) and Christian Brownlees (Universitat Pompeu Fabra).

  • Forthcoming in the Journal of Corporate Finance

Debt structure

  • with Paolo Colla (Bocconi) and Kai Li (Sauder Business School)

  • Annual Review of Financial Economics, Vol. 12:193-215, November 2020

Bank Lines of Credit as Contingent Liquidity: Covenant Violations and Their Implications

  • with Viral Acharya (Stern School of Business, NYU and NBER), Heitor Almeida (University of Urbana Champaign and NBER) and Ander Perez (FED Board).

  • European Central Bank Working Paper n. 1702

  • Set of Slides

  • Journal of Financial Intermediation, Volume 44, October 2020

  • Best Paper Award for the Journal of Financial Intermediation/FIRS 2020

A New Perspective on Bank Dependence: the Liquidity Insurance Channel

Bank Loans and the Transmission of Monetary Policy: the Floating Rate Channel

  • with Ander Perez (FED Board) and Ali Ozdagli (Boston Federal Rerserve).

  • Journal of Monetary Economics, Volume 95, May 2018.

  • CEPR Working Paper No. 9696

  • FEDS Working Paper No. 2017-026

  • Power point presentation

Double Bank Runs and Liquidity Risk Management

  • with Jose Luis Peydro (Universitat Pompeu Fabra), Andrea Polo (Universitat Pompeu Fabra) and Enrico Sette (Bank of Italy)

  • Awarded by SANFi (Santander Financial Institute), 2014

  • CEPR Discussion paper n 10948

  • Journal of Financial Economics, Volume 122, Issue 1, October 2016, Pages 135-154

Lines of Credit as Monitored Liquidity Insurance

Debt Specialization

  • with Kai Li (Sauder Business School Univ. of Vancouver) and Paolo Colla (Universita' Commercial L. Bocconi)

  • Journal of Finance, October 2013, (68:5)

  • Internet appendix

  • Data on specialization indeces (dta, csv), Readme for data labels

Contractual Characteristics and the Returns of Private Equity Investments

  • with Stefano Caselli (Universita Commerciale L. Bocconi) and Emilia Garcia Appendini (University of St. Gallen)

  • Journal of Financial Intermediation, 22 (2013) 201–217

Leverage and the Pricing of Debt in LBOs

  • with Paolo Colla (Universita' Commercial L. Bocconi) and Hannes Wagner (Universita' Commerciale L. Bocconi)

  • Journal of Corporate Finance, 18, 124–137, 2012

Working Papers

The Tortoise and the Snail: Reconciling the Evidence on Capital Structure Stability

  • with Stefano Sacchetto (IESE) and Roberto Steri (Université de Luxembourg)

  • SFS Cavalcade 2019 Pittsburgh, Pennsylvania

Levered Returns and Capital Structure Imbalances

Work in Progress

Macroeconomic Implications of Interest Rate Parity Deviations

  • with Ragnar Juelsrud (Norges Bank), Artashes Karapetyan (ESSEC) , Jose Luis Peydro (UPF), Olav Syrstad (Norges Bank)

Joint Liquidity Management at Banks and Firms: A Structural Approach

  • with Juan Imbet (Universitat Pompeu Fabra), Stefano Sacchetto (IESE) and Roberto Steri (Université de Luxembourg)

Old Working Papers

Leverage Dynamics and Investment

  • With Mattia Bongini and Roberto Steri (Université de Luxembourg)

Default Penalties in Private Equity Partnerships

  • with Albert Banal-Estanol (Universitat Pompeu Fabra) and Sergio Vicente (Universitad Carlos III, Madrid)

Other Published Work

Institutional Protection Schemes in the Banking Union

  • Filippo Ippolito, Peter Hope, Reinder Van Dijk

  • European Parliament, April 2022

A Method to Assess the Impact of the Universal Postal Service Obligation

  • Filippo Ippolito, Roberto Alimonti, Luigi Stammati

  • In: Parcu, P.L., Brennan, T.J., Glass, V. (eds) The Economics of the Postal and Delivery Sector. Topics in Regulatory Economics and Policy. Springer, Cham

Double bank runs, liquidity risk management, and Basel III

  • Filippo Ippolito, José-Luis Peydró, Andrea Polo, Enrico Sette

  • Voxeu: 10 May 2016

How the use of floating-rate loans changes the impact of monetary policy

  • Filippo Ippolito, Ali Ozdagli, Ander Perez

  • Voxeu, 02 February 2016

Syndication and Second Loan Sales

  • with Paolo Colla (Universita' Commerciale L. Bocconi)

  • Theoretical Economics Letters, 1(3):81–87, 2011

The Banking Sector Rescue in Russia

  • Institute for Economies in Transition, BOFIT, Bank of Finland, No. 12, 2002

ITALY: Banking foundations adjust and thrive

  • Oxford Analytica, August 3, 2001

An Italian Bank Caught in the Vortex of Election Politics

  • My interview for the International Herald Tribune/NY Times about the downfall of Monte dei Paschi di Siena, By E.Povoledo and J. Ewing, International Herald Tribune, Global Business, January 28, 2013

Presentations of My Research Papers (* indicates presentation by co-author)

  • 2022 - 13th annual UBC Bureau of Asset Management Winter Finance Conference, Fairmont Chateau Whistler* (9 papers out of 400 submissions)

  • 2021 - IBEFA Session ASSA Meetings* (Chicago)

  • 2019 - AFA 2019 Annual Meeting* (Atlanta), SFS Cavalcade 2019 (Pittsburgh, Pennsylvania), Utilitalia (Rome), IVASS (Rome), 32nd Australasian Finance and Banking Conference

  • 2018 - CEPR Third Annual Spring Symposium in Financial Economics Imperial College Business School, “New Frontiers in Banking Research: from Corporate Governance to Risk Management” jointly organized by Università La Sapienza, Università Bocconi, Banca d'Italia and the Review of Financial Studies, Financial Intermediation Research Society (FIRS) Conference (Barcelona), Oxera (London)

  • 2017 - 1st Corporate Policies and Asset Prices conference(Cass Business School, London), Baffi Carefin International Banking Conference – Banking and Financial Regulation (Bocconi) - First Conference on Financial Stability (Keynote: Mario Draghi) Banco d'España-CEMFI (Madrid), Edinburgh Corporate Finance Conference, http://4nations.org/ (Nova Lisbon), Vienna Graduate School of Finance, Financial Intermediation Research Society (FIRS) Conference* (Hong Kong) , Canadian Economic Association (St Francis Xavier University in Antigonish, Nova Scotia), Foro de Finanzas Asociación Española de Finanzas (Barcelona) (two papers)

  • 2016 - American Finance Association Conference (AFA) (San Francisco)*, American Economic Association "Credit Frictions and the Macroeconomy" (San Francisco)*, Nova School of Business and Economics (Lisbon), BI Oslo, Central Bank of Norway

  • 2015 - Euro Financial Intermediation Theory Conference @ London Business School, Faculté des Hautes Etudes Commerciales (HEC) de l'Université de Lausanne (UNIL), FED Board Monetary Policy Conference (Washington)* (live-streamed at the board, welcoming remarks by Chair Yellen), HEC Paris Workshop on "Finance, Banking, Real Economy and Trade"*, Conference “Tomorrow's bank business model: How far are we from the new equilibrium?” Baffi Carefin Bocconi University*, 11th Csef-Igier Symposium on Economics and Institutions (Anacapri)*, Banco Comercial Portoguese*, Universidade Catolica Portuguesa*, European Financial Association* (Wien), Financial Intermediation and Risk @ Barcelona GSE Summer Forum, New York Federal Reserve*, Econometric Society World Congress* (Montreal) (Two papers), CISEI meetings in Finance* (Anacapri), NYU Stern School of Business*, 1th Federal Reserve Bank of New York/NYU Stern School of Business joint conference on financial intermediation at the New York Fed*, California Polytechnic State University*, Goethe University House of Finance, (Two papers) Adam Smith Workshop for Asset Pricing and Corporate Finance* (London School of Economics), Financial Intermediation Research Society (FIRS) Conference (Reykjavik) (Two Papers), University of Amsterdam*

  • 2014 - Euro Financial Intermediation Theory Conference @ London Business School on Loan Syndication, Einaudi Institute for Economics and Finance*, London Business School, Bank of Italy, Boston University*, European Finance Association (Lugano) (two papers), Cass Business School* (London), Bank of Spain*, 16th Annual DNB Research Conference*, Federal Reserve System Meeting on Financial Stability*, Conference on Financial Economics and Accounting* (University of North Carolina), Boston College Economics Department*, University of Nottingham Centre for Finance, Credit and Macroeconomics, Financial Stability and Regulation Conference Barcelona (IESE), Said Business School* (Oxford), Queen Mary University* (London), 50th Annual Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago)*

  • 2013 - University of Exeter ESRC Finance Workshops, European Summer Symposium in Financial Markets (Gerzensee, Switzerland), NBER Summer Meeting in Monetary Economics* (Cambridge, MA), Barcelona GSE Summer Forum in Asset Prices and the Business Cycle*, Barcelona GSE Summer Forum in Financial Intermediation, Risk, and Liquidity Management, NBER Summer Meetings in Corporate Finance (Cambridge, MA), 67th European Meeting of the Econometric Society* (Gothenburg), North American Meeting of the Econometric Society* (San Diego), Society for Economic Dynamics* (Seul), Boston Federal Reserve Bank*, Universitat Pompeu Fabra, Jackson Hole Finance Conference (WY), European Central Bank (Frankfurt), LaCaixa (Barcelona), 6th CEPR – EBC – University of St-Gallen – Winter Conference on Financial Intermediation, (Lenzerheide, Switzerland)*

  • 2012 – Carlos III (Madrid), IESE (Barcelona), Georgia Institute of Technology*, (two papers) European Finance Association, European Central Bank* (Frankfurt), University of New South Wales*, University of Technology Sydney*, Universidade Nova Lisboa* (Lisbon), Gerzensee*, (two papers) Eastern Finance Association (Boston), Boston Federal Reserve Bank, (two papers) Midwest Finance Association (New Orleans), Southwest Finance Association* (New Orleans), Duke-UNC asset pricing conference* (Fuqua School of Business), (two papers) AFA American Finance Association* (Chicago), ESADE Business School* (Barcelona)

  • 2011 – (Session Chair) European Finance Association (Stockholm), NFA Northern Finance Association (Vancouver), (two papers) French Finance Association AFFI (Montpellier), Financial and Real Effects of Alternative Investments (New York) (in association with a special issue of the Journal of Corporate Finance); Second Entrepreneurial Finance and Innovation Conference (Cambridge (MA)) (organized by the Review of Corporate Finance Studies), Federal Reserve Board of the Governors*, National University of Singapore*, National Technological University of Singapore*, New University of Lisbon* (Nova), the Office of the Comptroller of the Currency*, Princeton*, University of British Columbia*, Singapore Management University*, 18th Annual Conference of the Multinational Finance Society*, 7th CSEF-IGIER Symposium on Economics and Institutions*, EFMA Symposium on Private Equity* (Montreal), Bank of International Settlements* (Basel), La Caixa* (Barcelona)

  • 2010 – (two papers) EFA European Finance Association (Frankfurt), Univesitat Pompeu Fabra, Stockholm School of Economics and SIFR, Cass Business School*, MOVE workshop on venture capital* (Barcelona), University of Alberta*, University Carlos III de Madrid*, 6th Portuguese Finance Network Conference* (Azores), the China International Conference in Finance* (Beijing), the ESSFM Conference* (Gerzensee), Northern Finance Association Meetings* (Winnipeg)

  • 2002 – 2009 – European Financial Management Association (Milan), Multinational Finance Conference (Crete), Financial Management Association (Reno), Instituto de Empresa (Madrid), European Financial Management Association (Wien), Stockholm School of Economics, University of Washington (Seattle), Frei University (Amsterdam), Bocconi University, International Finance Conference, Copenhagen, Portuguese Finance Association, Annual Meeting, Lisbon, Said Business School, University of Oxford, Said Business School, University of Oxford, PhD International Seminar, Dauphine Univ. Paris

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