G
Giovanni Cespa
Researcher at City University London
Publications - 48
Citations - 1490
Giovanni Cespa is an academic researcher from City University London. The author has contributed to research in topics: Market liquidity & Liquidity risk. The author has an hindex of 16, co-authored 47 publications receiving 1321 citations. Previous affiliations of Giovanni Cespa include Economic Policy Institute & Pompeu Fabra University.
Papers
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Corporate Social Responsibility and Managerial Entrenchment
Giovanni Cespa,Giacinta Cestone +1 more
TL;DR: In this paper, the authors argue that managerial turnover and firm value are increased when explicit stakeholder protection is introduced so as to deprive incumbent CEOs of activists' support, and provide a rationale for the emergence of specialized institutions (social auditors and ethic indexes) that help firms commit to stakeholder preservation even in case of managerial replacement.
Journal ArticleDOI
Corporate Social Responsibility and Managerial Entrenchment.
Giovanni Cespa,Giacinta Cestone +1 more
TL;DR: In this article, the authors argue that managerial turnover and firm value are increased by the institutionalization of stakeholder protection depriving incumbent CEOs of activists' support, and provide a rationale for the emergence of specialized institutions (social auditors and ethic indexes) that help firms commit to stakeholder preservation even in case of managerial replacement.
Posted Content
Illiquidity Contagion and Liquidity Crashes
Giovanni Cespa,Thierry Foucault +1 more
TL;DR: In this article, a self-reinforcing positive relationship between price informativeness and liquidity is shown to be a source of fragility, and a small drop in the liquidity of one asset can, through a feedback loop, result in a very large drop in market liquidity and prices of other assets.
Journal ArticleDOI
Illiquidity Contagion and Liquidity Crashes
Giovanni Cespa,Thierry Foucault +1 more
TL;DR: In this paper, a self-reinforcing positive relationship between price informativeness and liquidity is shown to be a source of fragility, and a small drop in the liquidity of one asset can, through a feedback loop, result in a very large drop in market liquidity and prices of other assets.
Journal ArticleDOI
The Beauty Contest and Short-Term Trading
Giovanni Cespa,Xavier Vives +1 more
TL;DR: In this article, the authors demonstrate that short-termism need not breed informational price ineciency even when generating Beauty Contests and demonstrate that prices reect average expectations about fundamentals and liquidity trading.