Stefano Paleari

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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)
A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. Legal, regulatory, disclosure and underwriting pressures have moulded the IPO market since World War II. This paper presents new and comprehensive evidence covering British IPOs since World War I. We find that during the period from(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)
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)
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)
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)
More reputable underwriters are paid more for taking companies public, in that they are expected to be able to provide a better service. However, independently from their reputation, underwriters provide a list of different ancillary services to the firms they take public. We question whether such different levels in the services provided lead to different(More)
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