Stefano Paleari

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The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets; recently this topic has been particularly popular in Europe due to the high-tech and Internet stock IPOs euphoria (partially flopped in 2000) and to the increasing number of firms(More)
The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets. This paper presents an empirical study conducted on a unique survey of 163 IPOs on the Milan Stock Exchange between 1985 and 1999. In particular we focus on the driving forces that(More)
In most industrialized countries IPOs underperform both the market and portfolios of comparable firms in the long-run, despite the initial underpricing. The reason of this phenomenon are not clearly known. Why investors should buy IPOs shares if probably they will obtain a loss in the long-run, compared to the market portfolio ? In this paper, we collect(More)
We analyse the pricing policy adopted by Ryanair, the main low-cost carrier in Europe. Based on a year's fare data for all of Ryanair's European flights, using a family of hyperbolic price functions, the optimal pricing curve for each route is estimated. The analysis shows a positive correlation between the average fare for each route and its length, the(More)
This paper analyzes the question of whether Ryanair's pricing strategies have changed over time. We create a panel dataset of fares for all of Ryanair's European flights over a two-year period, from 1 January 2006 to 31 December 2007. We calculate the average fare over a 90-day period prior to departure and the intensity of dynamic pricing for each flight(More)
This paper studies the valuation of companies going public in Europe. We find that most of the IPOs in the period 1995-2001 were valued by underwriters using the Discounted Cash Flows (DCF) model and/or the multiples approach. We propose a methodology to infer the growth rates implied in offer prices. Reverse-engineering DCF valuations, we back out implied(More)
Control of electron spin coherence via external fields is fundamental in spintronics. Its implementation demands a host material that accommodates the desirable but contrasting requirements of spin robustness against relaxation mechanisms and sizeable coupling between spin and orbital motion of the carriers. Here, we focus on Ge, which is a prominent(More)
  • Stefano Paleari, Andrea Signori, Silvio Vismara, Jay Ritter, Ajai Singh, Marti Subrahmanyam
  • 2012
Valuing IPOs using multiples leaves a high degree of responsibility to underwriters in the selection of comparable firms. This is the first paper that compares the peers selected by the underwriters with those selected by sell-side analysts or obtained from matching algorithms. Using a sample of 348 companies going public in France and Italy over the last(More)
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