Silvia Rossetto

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Equity carve-outs, the listing of a stake in a subsidiary on the stock market, are empirically transitory arrangements. This paper studies decisions aimed to gaining access to the choice over a ”second stage” event, namely either a sell-off or a buy-back decision. Hence, an equity carve out can be seen as a compound option. The decision is driven by(More)
This paper proposes an explanation for two empirical puzzles surrounding initial public offerings (IPOs). Firstly, it is well documented that IPO underpricing increases during “hot issue” periods. Secondly, venture capital (VC) backed IPOs are less underpriced than non venture capital backed IPOs during normal periods of activity, but the reverse is true(More)
Recent evidence on financial structures within firms suggests that concentrated ownership in the form of several large shareholders, rather than dispersed ownership, is the norm. This is puzzling given that often the stakes are too big for optimal diversification and too small to guarantee control. This paper attempts to provide an explanation. We consider(More)
We consider a cheap talk game with a sender who has a reputational concern for an ability to predict a state of the world correctly, and where receivers may misunderstand the message sent. When communication between the sender and each receiver is private, we identify an equilibrium in which the sender only discloses the least noisy information. Hence, what(More)
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