Essays in Empirical Finance

Raffaele Giuliana´s doctoral dissertation is composed of three essays and it is submitted to the Department of Finance at the Norwegian School of Economics. Photo:
PhD Defense

18 September 2017 13:00

Essays in Empirical Finance

On Monday 25 September 2017 Raffaele Giuliana will hold a trial lecture on a prescribed topic and defend his thesis for the PhD degree at NHH.

Prescribed topic for the trial lecture:

«Financial econometrics»

Raffaele Giuliana
Raffaele Giuliana is a PhD Candidate at the Department of Finance, NHH.

Trial lecture:

10:15 in Jebsen Centre, NHH

Title of the thesis:

«Three Essays in Empirical Finance»


This doctoral dissertation is composed of three essays. Raffaele Giuliana empirically investigates the following issues:

First, he introduces in the literature the first investigation of bond markets' reaction to the introduction of the bail-in scheme in the European banking system. Evidence suggests that authorities' efforts to introduce the bail-in were considered credible by markets and that bail-in increased investors’ incentives to incorporate a bank’s risk while pricing its securities.

The second essay investigates the impact of the product market competition on profitability and on leverage. The first stage predicts the exogenous competition from China where the instrument is the Chinese exports towards rich countries. The second stage predicts the decrease of Norwegian firms’ profitability that is explained by the increases of exogenous competition from China. The third stage investigates how leverage reacts to the predicted profitability.

In his third and final essay Giuliana studies the effect of the U.S. Capital Purchase Program (CPP) on banks’ capital, lending and payout ratios. This paper illustrates, with an instrumental variable approach, that the CPP succeeded in increasing the capitalization by stimulating the preferred and common equity issuances of the banks that had access to the CPP.


12:15 in Jebsen Centre, NHH

Members of the evaluation committee:

Associate Professor Francisco Santos (leader of the committee), Department of Finance, NHH

Professor Thorsten Beck, Cass Business School

Professor Barbara Casu Lukac, Cass Business School


Associate Professor Michael Kisser (principal supervisor), Department of Finance, NHH

Professor Marco Pagano at University of Naples Federico II

Professor Karin S. Thorburn, Department of Finance, NHH

The trial lecture and thesis defence will be open to the public. Copies of the thesis will be available from

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