25 Jahre IWH

Juniorprofessor Stefano Colonnello, Ph.D.

Juniorprofessor Stefano Colonnello, Ph.D.
Aktuelle Position

seit 9/15

Leiter der Forschungsgruppe Recht und Finanzen

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/15

Juniorprofessor

Otto-von-Guericke-Universität, Magdeburg

Forschungsschwerpunkte

  • empirische Unternehmensfinanzierung
  • Relationship Banking
  • Unternehmensführung
  • Rechts- und Finanzwissenschaft

Stefano Colonnello ist seit September 2015 als wissenschaftlicher Mitarbeiter in der Abteilung Finanzmärkte und als Juniorprofessor an der Otto-von-Guericke-Universität Magdeburg tätig.

Sein Studium (Finance) absolvierte Stefano Colonnello an der Bocconi Universität in Mailand, seine Promotion erfolgte an der École Polytechnique Fédérale de Lausanne und am Swiss Finance Institute. Stefano Colonnello verfasste seine Dissertation zum Thema "Essays in Empirical Corporate Finance".

Ihr Kontakt

Juniorprofessor Stefano Colonnello, Ph.D.
Juniorprofessor Stefano Colonnello, Ph.D.
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-773 Persönliche Seite

Publikationen

Arbeitspapiere

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Direct and Indirect Risk-taking Incentives of Inside Debt

Stefano Colonnello G. Curatola Ngoc Giang Hoang

in: IWH-Diskussionspapiere , Nr. 20, 2016

Abstract

We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about the relation between credit spreads and different compensation components. First, we show that credit spreads are decreasing in inside debt only if it is unsecured. Second, the relation between credit spreads and equity incentives varies depending on the features of inside debt.

Publikation lesen

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Internal Governance and Creditor Governance: Evidence from Credit Default Swaps

Stefano Colonnello

in: IWH-Diskussionspapiere , Nr. 6, 2017

Abstract

I study the relation between internal governance and creditor governance. A deterioration in creditor governance may increase the agency costs of debt and managerial opportunism at the expense of shareholders. I exploit the introduction of credit default swaps (CDS) as a negative shock to creditor governance. I provide evidence consistent with shareholders pushing for a substitution effect between internal governance and creditor governance. Following CDS introduction, CDS firms reduce managerial risk-taking incentives relative to other firms. At the same time, after the start of CDS trading, CDS firms increase managerial wealth-performance sensitivity, board independence, and CEO turnover performance-sensitivity relative to other firms.

Publikation lesen

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Pricing Sin Stocks: Ethical Preference vs. Risk Aversion

Stefano Colonnello G. Curatola Alessandro Gioffré

in: IWH-Diskussionspapiere , Nr. 20, 2017

Abstract

We develop a model that reproduces the return and volatility spread between sin and non-sin stocks, where investors trade off dividends with the ethical assessment of companies. We relax the assumption of boycott behaviour and investigate the role played by the dividend share of sin stocks on their return and volatility spread relative to non-sin stocks. We empirically show that the dividend share predicts a positive return and volatility spread. This pattern is reproduced by our model when dividends and ethicalness are complementary goods and investors are sufficiently risk averse.

Publikation lesen
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