Born in Bologna (Italy) on July 16, 1967.
Italian citizen, married, 2 children.
EDUCATION
Université Catholique de Louvain, Belgium
PhD in Economics, 2001
Università degli Studi di Siena, Italy
Doctorate in Economics, 1996
Università degli Studi di Bologna, Italy
Laurea cum laude in Economics, 1992
PRESENT POSITIONS
Università degli Studi di Torino, Department of Economics and Finance
Associate professor in Economics, 2006 – Present
Università Bocconi, Paolo Baffi Centre on Central Banking and Financial Regulation
Director, Sovereign Investment Lab, 2011-Present
PREVIOUS POSITIONS
Fondazione Eni Enrico Mattei, Milan
Executive Director, 2007-2010
Hitotsubashi University, Center for Economic Institutions, Tokyo
Visiting professor, 2006
Columbia University, Initiative for Policy Dialogue, New York
Task force member, 2003-2004
Fondazione Eni Enrico Mattei
Programme Co-ordinator, 1999-2007
Università degli Studi di Torino, Deparment of Economics and Finance, Turin
Assistant professor in Economics, 1997-2006
The Hebrew University, The Institute for Advanced Studies, Jerusalem
Visiting scholar, 1996
POLICY ADVICE
Cassa Depositi e Prestiti
Member of the Scientific Advisory Board, 2010
Corte dei Conti, Italy
Consultant on state assets’ management, 2008
Ministero dell’Economia e delle Finanze, Rome
Secretary of the Global Advisory Committee on Privatization, 2002-2004
The World Bank, Washington D.C.
Consultant on Financial Development in China, 2004
MAIN SCIENTIFIC PRESENTATIONS
New York, October 2009, World Pension Forum; Barcelona, August 2009, European Economic Association Meeting; December 2008, London, Chatham House Workshop on Sovereign Wealth Funds; Istanbul, October 2007, IFC International Conference on Corporate Governance in Emerging Markets, Madrid, April 2007, Fundacion Rafael del Pino; London, February 2007, European Bank for Reconstruction and Development; Paris, November 2006, Euromoney Forum; Tokyo, September 2006, Development Bank of Japan; Tokyo, September 2006, Hitotsubashi – Nomura JAE Conference of Financial System Reform in Asia; Boston, January 2006, American Finance Association Meeting; Moscow, August 2005, European Finance Association; Portland – USA, June 2005, Western Finance Association Meeting; Shanghai, March 2005, International Conference on Corporate Governance in China; Washington, D.C., June 2004, The World Bank; Paris, December 2003, Association Francaise de Finance; Berlin, May 2003, Wissenschaftszentrum Berlin fuer Sozialforschung (WZB); Washington, D.C., January 2003, American Economic Association Meeting; Cambridge, November 2002, Department of Applied Economics; Venice, August 2002, Econometric Association Meeting; Santander, July 2002, SEPI Seminar on Privatization Policy in Europe; Lausanne, August 2001, European Economic Association Meeting; Lausanne, August 2001, Econometric Association Meeting; Hawaii, February 2001, NYSE Global Equity Market Conference; London, August 2000, European Finance Association Meeting; Capri, June 2000, CEPR/CSEF/NYSE Conference on the Design of Primary Equity Markets; Turin, September 1999, EARIE Meeting; Santiago de Compostela, August 1999, European Economic Association Meeting; Santiago de Compostela, August 1999, Econometric Association Meeting; Gerzensee, July 1999, CEPR European Summer School on Financial Markets; Alghero, June 1999, Society of Economic Dynamics Meeting; Utrecht, September 1998, European Law and Economics Association Meeting; Berkeley, May 1998, American Law and Economics Association Meeting
REFEREEING AND EDITORIAL ACTIVITIES
Quarterly Journal of Economics, Economic Letters, Journal of Public Economics,Journal of the European Economic Association, Journal of Banking and Finance,Journal of Comparative Economics, Journal of Institutional and Theoretical Economics, Oxford Economic Papers, Récherches Economiques de Louvain,Economic Notes, Emerging Markets Review, Contemporary Economic Policy,Economics and Politics
Monitor-FEEM Sovereing Wealth Funds quarterly and annual reports, editor;Privatization Barometer Reports, editor; Mercato Concorrenza Regole, member of the editorial board; Equilibri, editor
SELECTED PUBLICATIONS
Books
Comuni SpA: il capitalismo municipale in Italia (con C. Scarpa, P. Bianchi, L. Pellizzola), il Mulino, 2009. (Reviewed by il Corriere della Sera, March 8, 2010)
The challenges of privatization: an international analysis (with D. Siniscalco), Oxford University Press, 2004. (Reviewed by Foreign Affairs, Vol. 83, Number 6, 2004)
Organized interests and self-regulation: an economic approach (co-edited with G. Fiorentini), Oxford University Press, 1999. (Reviewed by the Journal of Economic Literature, Vol. 39, 2001)
Privatizzazioni difficili (with D. Siniscalco, M. Fantini, S. Vitalini), il Mulino, 1999. (Reviewed by Rivista di Politica Economica). Was a feature story in il Sole 24 ore (May 6 and June 27, 1999), La Repubblica (May, 5, 1999)
Chapters in Books
Privatization in Western Europe: Stylized Facts, Outcomes and Open Issues (with V. Milella), FEEM Note di Lavoro 124.2006 and in Privatization Successes and Failures, Roland G. (ed.), Columbia University Press, 2, 32-75, 2008
Regulation and privatization: the case of electricity (with D. Siniscalco and M. Fantini), FEEM Note di Lavoro 70.1998 and in Amato G., Laudati L.L. (eds) The anti-competitive impact of regulation, Edward Elgar Publishing, 11, 220-244, 2001
Importare la corporate governance? (with Domenico Siniscalco), in Le nuove funzioni degli organi societari: verso la corporate governance?, Convegni di studio ”Problemi attuali di diritto e procedura civile”, Milano, Giuffrè, 2002
Forme private di regolazione, (con Domenico Siniscalco) in de Caprariis, G. Vesperini, G. L’Italia da semplificare II, Le regole e le procedure, Bologna, il Mulino, 1998
Articles
Capital structure and regulation: does ownership matter? (con C. Cambini, L. Rondi, Yossi Spiegel), FEEM Note di Lavoro 94.2007 and forthcoming in Journal of Economics and Management Strategy (2010)
The rise of accelerated seasoned equity underwritings (with W. Megginson and S. Smart), FEEM Note di Lavoro 5.2007 and Journal of Applied Corporate Finance, 3, 35-57, 2008
Government control of privatized firms (with M. Faccio), Review of Financial Studies, 1, 1-33, 2008. Was a feature story in Financial Times (May 21, 2004), Il Sole 24 Ore (May 19, 2004; July 17, 2004), Milano Finanza (September 11, 2004), Italia Oggi (September 15, 2004), and Business Line (The Hindu) (October 10, 2006)
Delayed privatization (with P. Pinotti), Public Choice, 3, 331-351, 2008. Was a feature story in Il Sole 24 Ore (July 12, 2003)
Privatization and stock market liquidity (with F. De Jong, G. Nicodano, I. Schindele),FEEM Note di Lavoro 105.2002 and Journal of Banking and Finance, 31, 297–316, 2007
From government to regulatory governance: privatization and the residual role of the State (with E. Perotti), FEEM Note di Lavoro 151.2005 and World Bank Research Observer, 22, 1, 53-66, 2007
Privatization around the world: evidence from panel data (with D. Siniscalco and M. Fantini), FEEM Note di Lavoro 77.2001 and Journal of Public Economics, 88, 305-332, 2003
Sources of performance improvement in privatized firms: a clinical study of the global telecommunication industry (with W. Megginson, J. D’Souza, M. Fantini),FEEM Note di Lavoro 26.2001 and Telecommunication Policy, 26, 243-268, 2002
Why do governments privatize abroad? (with M. Fantini, C. Scarpa), FEEM Note di Lavoro 23.2000 and International Review of Finance, 3, 131-163, 2002
Privatisation: politics, institutions, and financial markets (with D. Siniscalco and M. Fantini), Emerging Markets Review, 2, 2, 109-137, 2001
Comuni al bivio: assetti proprietari, performance e riforme nei servizi pubblici locali (con Laura Pellizzola e Carlo Scarpa), l’Industria, forthcoming
Due volti della crisi e il futuro della CSR (with Fausto Panunzi), Equilibri, 2, 2010, il Mulino (in press)
Cambia il paradigma, cambia la misura? (with Carlo Carraro), Equilibri 1, 9-21, 2010, il Mulino
Ripensare le regole della finanza (with Fausto Panunzi), Equilibri, 1, 5-11, 2009, il Mulino
Da Mary Poppins a Northern Rock: spunti sulle corse agli sportelli moderne (with Hyun Song Shin), Mercato Concorrenza Regole, 1, 79-94, 2009, il Mulino
Sull’economia grigia. Dalle privatizzazioni al nuovo capitalismo di Stato (with Alessandro Carpinella, Gian Maria Gros-Pietro, Rony Hamaui, Franco Locatelli and Edoardo Reviglio), Equilibri, 3, 309-334, 2008, il Mulino
Il Comune Azionista: un’analisi empirica del capitalismo municipale in Italia (with L. Pellizzola and C. Scarpa), Mercato Concorrenza Regole, 3, 535-568, 2007, il Mulino
Democrazia e privatizzazioni (with Luca Farinola e Paolo Pinotti), Equilibri, 2, 165-173, 2003, il Mulino
Guerra per bande: l’asta UMTS inglese, (with Gian Luigi Albano) Mercato, Concorrenza, Regole, 3, 523-538, 2000, il Mulino
Quale regolazione per le libere professioni?, Mercato, Concorrenza, Regole 2, 223-248, 2000
Corporate governance: una rivoluzione nel capitalismo, (with Domenico Siniscalco), 0, 2, 261-270, 1998, il Mulino
Giochi e giustizia: l’approccio strategico alle procedure extra-giudiziali, Politica Economica, 2, 283-344, 1997
Working Papers
Fiat Privatization: The Non-Tradable Share Reform and Stock Market Fundamentals in China (with A. Beltratti and M. Caccavaio), October 2010 (under revision, Review of Financial Studies)
Quiet Leviathans: Sovereign Wealth Fund Investment, Passivity and the Value of the Firm (with V. Fotak, W. Megginson and W. Miracky), FEEM Note di Lavoro 22.2009 (under revision, second round, Review of Financial Studies). Was a feature story in Financial Times (April 10, 2010)
Stock Prices in a Speculative Market: The Chinese Split-Share Reform (with A. Beltratti e M. Caccavaio), FEEM Note di Lavoro, 15.2009, submitted as The Impact of Liquidity and Corporate Governance on Stock Prices: Evidence from China
State ownership, political risk, and asset prices (with A. Beltratti and V. Milella), submitted. Was a feature story in Il Sole 24 Ore (February 14, 2007)
The non-tradable share reform in the Chinese stock market (with A. Beltratti), FEEM Note di Lavoro, 131.2006. Was a feature story in Il Sole 24 Ore (March 28, 2006)
Italy’s Privatization Process and its Implications for China, FEEM Note di Lavoro 118.2005
Reluctant Privatization (with M. Faccio), FEEM Note di Lavoro 130.2004 and CEI Working Paper Series, 2006-5, 1-50, 2006
The political economy of privatization: evidence from OECD Countries (with Paolo Pinotti), FEEM Note di Lavoro, 45.2003
Privatization, large shareholders and sequential auctions of shares, FEEM Note di Lavoro, 37.2001
Privatisations and Institutions: A Cross-country Analysis (with Marcella Fantini, Domenico Siniscalco and Serena Vitalini), FEEM Note di Lavoro 67.1997
Barriers to entry and the self-regulating profession: evidence from the market for Italian accountants (with G. Fiorentini), FEEM Note di Lavoro 30.1997
Trials and errors: plea bargaining as a learning device, C.O.R.E. Discussion Paper 6949, Université Catholique de Louvain, 1996
Reports
Political institutions and privatization policy, CESifo DICE Report, 1, 12-18, 2005
Privatization Barometer Reports, 2004-2010 (see: www.privatizationbarometer.net)
FEEM-Monitor SWF Reports (see: www.monitor.com)
IMPACT
Total n. of downloads from Social Science Research Network : 11,436 for 22 posted papers
Author rank: 668 out of over 139,019 authors with papers on SSRN (top 0.86 percent)
Total number of citations on Google Scholar: 693 (for 60 items total)
Last updated in February 2011