Dr Daniela Fabbri

About

Overview

Daniela Fabbri is a Reader in Finance. Daniela obtained a PhD in Economics from Pompeu Fabra University (Barcelona) and has previously held research and teaching positions in various institutions, including the University of Salerno (Italy), the University of Bologna (Italy), the University of Lausanne (Switzerland) and the University of Amsterdam (Netherlands). Her research interests are in the areas of Corporate Finance and Banking, both theoretical and applied. In her research, Daniela has investigated the role of financial intermediaries and suppliers in the financing activity and growth opportunities of small-medium sized firms. She has also contributed to the literature in Law and Finance, investigating how differences in the degree of creditor protection affect the ability of firms and households to get bank financing. In addition, she has studied the effect personal characteristics of managers have on the operations of non-financial companies. Daniela has had her research published in the Journal of Financial Economics, the Journal of the European Economic Association, the Journal of Corporate Finance, and the Journal of Banking and Finance.

Qualifications

• BA in Economics, Bocconi University, Italy
• MA in Economics, Bocconi University, Italy
• PhD in Economics, Pompeu Fabra University, Barcelona, Spain

Visiting appointments

• Visiting Scholar, New York University, Department of Economics, NY, U.S., January - July 2006

Fellowships

• TMR Research Fellow, Institute for Economic Analysis, Barcelona, Spain, July 2001 - July 2002

Award

• Academic Prizes Committee, Cass Business School (2014). Academic Prize
  I received a commendation and a monetary prize in grateful recognition of my outstanding contribution to Research and Enterprise at Cass Business School through research funding.

Languages

French, Italian and Spanish; Castilian

Expertise

Primary topics

• Banking
• Corporate Finance
• Finance
• Financial Economics
• Financial Regulation

Research

During the past three years my research has focused on three main areas: Institutions and Banks, SMEs' Financing and Behavioral Corporate Finance.

In the first research area I have produced a new paper entitled "Short-Selling Bans and Bank Stability”, joint with Marco Pagano (University of Naples) and Alessandro Beber (Cass Business School). This paper received a Revise and Resubmit at the Review of Financial Studies. In this paper, we investigate whether the short-selling bans imposed during the subprime crisis and the Eurozone debt crisis, helped stabilizing vulnerable banks and bolstering their solvency.

In the research area about SMEs' financing, I have investigated the choice between alternative sources of external financing like bank debt, relationship lending and trade credit. This is a crucial topic especially for small-medium sized firms (SMEs), as bank and trade credit are the two main sources of external financing for SMEs (70% of commercial industrial loans in the U.S., the U.K. and Germany are secured, while 48% of input purchases are financed by trade credit in the U.S). I have produced four papers in this research area. The first one is entitled "The commitment problem of secured lending", joint work with Annamaria Menichini (University of Salerno). This paper now forthcoming on the Journal of Financial Economics. The second one, "Bargaining Power and Trade Credit", joint with Leora Klapper (World Bank) is an empirical work investigating the determinants of the use of trade credit in emerging markets. This paper is forthcoming on the Journal of Corporate Finance. The third project is entitled "Contract Incompleteness and Relationship Lending", joint work with Annamaria Menichini. Using a repeated game setting with input investment unobservability and lender’s signal collection, we show that relationship lending is preferred to arm-length debt when projects have longer duration and when the quality of the signal collected by the relationship lender and the collateral value of the inputs are higher. Finally in the last project entitled "“Strategic collateral and Efficiency in Production”, co-authored with Robert Marquez (University of California at Davis) and Annamaria Menichini (University of Salerno), we investigate the role of collateral in a novel theoretical setting where both investment and financing are endogenous and contracts are renegotiated.

In the research area of behavioural corporate finance, I have worked on a new project entitled "Gender Diversity on the Board and Capital Structure”, in collaboration with Giacinta Cestone (Cass Business School) and Min Park (London School of Economics). In this project, we investigate the effect of board gender composition on changes in loan contracts characteristics, like number and strictness of covenants and credit availability after lenders are hit by a shock.

Research topics

Research students

Publications

Education

2011 - 2012 Master in Business Economics, Finance

Since I joint CASS in 2011, I have contributed in several ways to the Administration, Management, Educational and Research Development and Academic Leadership in the University and at Cass.

1) I have been a very active participant at our seminar and conferences, engaging regularly with speakers during and after the seminar. Furthermore, I helped the head of faculty Lucio Sarno in recruitment, by signalling and intermediating with a senior candidate who ended up joining us as Professor at Cass in September 2013 (Thorsten Beck).

2)I also worked for the development of banking research at Cass on different fronts. First, I helped the finance group and Cass to negotiate a new contract with the SNL data provider that has given access to bank level data for faculty and students (Spring 2013). Second, I helped the director of the Banking Centre at Cass, Barbara Casu, in promoting the Centre profile in the industry and among the faculty at Cass, by participating to several meetings with faculty, administrative staff, and the Centre's board of directors (2012-2013).

Professional activities