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Free University of Bozen-Bolzano

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Financial Markets and Regulation



Massimiliano Bonacchi


Dmitri Boreiko, Silvia BressanPaolo Coletti, Claudia Curi, Nicola Dalla Via, Florian Kiesel, Stefano Lombardo, Sara Longo, Maurizio Murgia, Luca MenicacciPaolo Perego, Paul Pronobis, Sarah Russo, Alex Weissensteiner, Per Linus Siming, Olga Stanislavovna Bogachek


The research cluster in Financial Markets and Regulation merges researchers in finance, accounting and applied information systems. Its current research agenda encompasses projects in the fields of corporate finance, banking, financial markets and institutions, trading and market microstructure, and accounting and capital market information quality. In corporate finance, a research focus on nonfinancial enterprises decision of dividend policy and equity issues, in a dynamic setting of taxation and concentrated ownership structure. Another field of investigation in corporate finance is related to value consequences of large international bank restructuring and top management change decisions. In banking research, the group has intensely studied productivity aspects of international banks and the consequent issues of scale efficiency and performances. In trading and microstructure, research has investigated topics related to network effects in stock exchanges and the price impact of large orders in fragmented electronic trading and over-the-counter dark pool platforms. In the area of accounting and information quality, researchers analyse the quality of financial and non-financial information that firms report to external parties and on the quality of the decision-facilitating information and controlling activities for internal use. In this context, very little is known about information quality in European non-listed firms (small and private businesses) and financial institutions. The cluster research activity has a strong links on economic, financial and accounting theory and the empirical methodologies that characterize fields’ current research frontiers. For example, the cluster is currently engaged on adopting novel econometric techniques in their research to deal with dynamic economic and financial decisions.