Equita and Bocconi University celebrate the eighth anniversary of their partnership with the traditional annual conference aimed at analysing and promoting capital markets. Over the years the partnership made a relevant number of policy recommendations that over time contributed to regulatory improvements and initiatives for the sake of capital markets.
Bocconi Equita 2021: “Shareholders’ ownership characteristics of Italian listed companies: do they really matter for firms’ performance”
This year the topic of the event will focus on the impact of shareholders’ base and shareholders’ characteristics on firms’ performance. This has been subject to intense debate in academic circles as well as in the professional world with still unresolved issues.
On the one side, the pioneering studies of dispersed ownership of public companies in the US have advocated the superiority of such model in maximizing shareholders’ returns. On the other side, the excessive short-termism implied by such ownership models – with negative effects on investments and growth in the long run – has generated a more recent field of research pointing on stable and long-term shareholders as key actors to grant the management the support necessary to implement sound investment policies and to pursue long term shareholders’ value creation.
The objective of the paper “Shareholders’ ownership characteristics of Italian listed companies: do they really matter for firms’ performance” is to study the impact of the features of the shareholders’ base on the market and growth performance of a large sample of Italian listed firms. In particular, among all the characteristics that arguably are important for shaping firms’ performance, the paper focuses on the degree of ownership concentration, the presence of a “key” fulcrum investor and most importantly its type (being it a family, the State, a Foundation like in some Italian banks, a private citizen, a mutual fund asset manager, etc.) and its nationality.
Monitor on Capital Markets in Italy and Equita award for the best strategies on capital markets
During the event Equita will present its fifth Monitor on Capital Markets in Italy – edited by the investment banking team – and will deliver the “Equita awards for the best strategies on capital markets” for the following categories: fundraising in Debt Capital Markets, fundraising in Equity Capital Markets – MTA, fundraising in Equity Capital Markets – SMEs / AIM Italia.
The prize, sponsored by Borsa Italiana and Bocconi University, awards the companies that distinguished in debt and equity fund raising activities and that exploited capital markets to implement their strategic plans and achieve business goals.