MANUELA GERANIO

Born in Milan, Italian citizen.

Current position Associate Professor of Financial Markets and Institutions at Management Department, University, (since Oct 2020) Adjunct Professor at Finance Department, , Milan, Italy. Member of the Committee of and Markets’ Analysis at ESMA (2018-2)

Previous position Tenured researcher at Finance Department, Bocconi University, Milan, Italy (2001- 2020)

Degrees PhD in Business Administration, Bocconi University, Milan (Italy) (2001) Master in International Management CEMS MIM (1996) Degree in Business Administration (focus: Management of International Companies), Bocconi University (1995; 110L/110) High school Accounting Degree, ITC Mattioli, Milan (1989; 60/60)

Research areas Fintech impact on banks and capital markets’ infrastructures. Evolution of stock exchanges’ strategies. Growth markets for SMEs and their impact on the real economy. IPO’s and ADRs markets. The collection of non performing loans. Public-to-private deals. Corporate financial risk management. Asset management and portfolio allocation. Venture capital and private equity deals.

Teaching experience Teaching activity at University of Bergamo: Graduate programme: FX Module in the Risk Managements and Derivatives course (in Italian); Undergraduate programme: professor in charge of the “Financial and Insurance products” course (in Italian).

Teaching activity at Bocconi University since 1998. Actual courses taught: “International Financial Markets“ (in English – professor in charge; Graduate Programme in Finance); “Financial markets and institutions” (in Italian, Undergraduate Programme). Courses taught in the past include “Corporate Banking”, “Corporate Financial Risk Management”, “Global banking” and “Investments”.

Teaching activity at the Master in International Business, Catholic University Milan, course “International Finance” (From January 2018 ongoing)

Teaching at executive level for SDA Bocconi School of Management on financial markets and bank management topics (2007 – ongoing)

Teaching at executive level for the Academy of Borsa Italiana on asset management topics (2015 – 2020)

CV Manuela Geranio

Teaching activity for the financial literacy initiative “Unicredit Save for You” (Milan, October and December 2018)

Published Books “Evolution of the Exchange Industry: From Dealers’ Clubs to Multinational Companies”, Springer (2016)

Book chapters “Cross Listing and the evolution of Global Stock Market Liquidity”, in Handbook of Research on Global Stock Markets, edited by Geoffrey Poitras, Edward Elgar Publishing (2012)

“International Corporate Debt market”, with I. Hallak, in Survey of International Finance, edited by H. Kent Baker and Leigh A. Riddick, Oxford University Press (2011)

“Funding processes”, in Venture capital: a Euro-System approach, edited by S. Caselli and S. Gatti, Springer (2004)

Main published articles “IPO Pricing and Dealers’ Interaction: A Stochastic Frontier Approach“ with S. Severini, C. Mazzoli and Cucculelli M. (2021), International Business Research, Vol. 14, No. 1. "Stress testing the equity home bias: A turnover analysis of Eurozone markets", with V. Lazzari (2019), Journal of International Money and Finance, 97, pp70-85 “Fintech in the exchange industry: potential for disruption?” (2017) Masaryk University Journal of and Technology, vol. 11, p. 245-266, ISSN: 1802-5943, doi: 10.5817/MUJLT2017-2-3 “The effects of affiliations on the initial public offering pricing”, with C. Mazzoli and F. Palmucci (2017), International Review of Economics & Finance, vol. 51, p. 295-313, ISSN: 1059-0560, doi:10.1016/j.iref.2017.06.002 “Trading of shares in the Societates Publicanorum?”, with G.Poitras (2016), Explorations in Economic History, vol. 61, p. 95-118, ISSN: 0014-4983, doi: 10.1016/j.eeh.2016.01.00 “Exchange competition in listing services: evidence for Italian companies”, with V. Lazzari, Economic Notes, vol. 43, n.3-2014: pp. 283–307. “The exchange industry evolution and the impact of MIFID II”, Working Paper Carefin Università Bocconi, n. 4/2014, (June 2014). “Come sarebbe l’Italia con 1.000 società quotate?” (How will Italy be with 1.000 listed companies?), with E. Garcia Appendini, in Economia&Management n.3, (June 2013). Best Article Prize “Economia & Management” for 2013. “Equity markets do not fit all: an analysis of public to private deals in Continental Europe” with G. Zanotti, European Financial Management (2012)

2 CV Manuela Geranio

“Hedging with futures: Efficacy of GARCH correlation models to European electricity markets” with G. Zanotti and G. Gabbi, Journal of International Financial Markets, Institutions and Money, Volume 20, Issue 2, April 2010, Pages 135-148 "Gli investimenti azionari internazionali di portafoglio: quale ruolo per l'Italia?" (International portfolio equity investments: what about Italy?), with A. Franzosi, BitNotes Borsa Italiana n°18, (Nov. 2007)

“Can mutual funds characteristics explain fees?”, with G. Zanotti, in Journal of Multinational Financial Management n. 15 (2005).

“Le operazioni sul mercato del debito: corporate bonds e prestiti sindacati” (“Debt market deals: corporate bonds and syndicated loans”) with G. Zanotti in Corporate & Investment Banking, edited by G. Forestieri, EGEA (2005)

"I prodotti derivati su commodities per le imprese" (“The use of commodity derivatives by non financial companies”), in Osservatorio sull’Innovazione Finanziaria 2003 Newfin, edited by Luisa Andreloni, Bancaria Editrice (2004);

“Il mercato delle Initial Public Offering nell’Europa continentale” (“IPO market in Continental Europe”) with V. Lazzari, Quaderni di Ricerche dell’Ente per gli studi monetari, bancari e finanziari Luigi Einaudi, n. 32, Roma (2002)

Case studies “Borsa Italiana Spa: Which Strategy to Compete?”, with A. Franzosi (2011) available in the ECCH Collection.

Working papers “Is Money Really Left on the Table? The Role of Regular Investors in Achieving Win- Win outcome with Issuers”, with C.Mazzoli and F. Palmucci.

Main participations to academic conferences as speaker 2019 SFA Conference, Orlando (US). Paper presented “Friends will be friends: IPO Pricing and the Network Game” 2019 EFMA Conference, Azores (Portugal). Paper presented “Friends will be friends: IPO Pricing and the Network Game” 2018 EFMA Conference, Milan. Paper presented: “Distraction, Local Bias and Cross- Country Effects: A Turnover Analysis of Equity Markets”. 2016 Seminar on “Fintech developments and possible impacts on the exchange industry”, organized by Exeter University and NTU Taipei 2016 Seminar “Interconnections between Exchanges”, organized by Exeter University and sponsored by The British Academy. 2016 International Finance and Banking Society, Barcelona. Paper “Main determinants in the Post-Crisis Share Repurchases Trend: The role of the cost of debt”

3 CV Manuela Geranio

2015 World Conference on Risk, Banking and Finance, Tokyo. Paper “The Exchange Industry Evolution: current strategies and the impact of new regulation” 2013 FMA European Conference, Luxembourg, Paper “Conflicts of Interest in Ipos” 2011 Multinational Financial Society, Rome. Paper “Listing and being listed costs”. 2008 FMA European Conference, Prague. Paper “Equity markets don’t feet all companies”

Scientific Committees Membership BAFFI CAREFIN Research Centre Fellow, Bocconi University ADEIMF (Associazione dei Docenti di Economia degli Intermediari Finanziari)

Other activities Ø Speaker at the invited seminar “The relevance of Data in Capital Markets: the case of LSEG-Refinitiv deal” organized by the Exeter-Leuven-Geneva project on AI and Data Governance (2020) Ø Author of the X UNIREC Report and speaker at the related presentation event organized by Class CNBC (2020) Ø Participation to ESMA meetings in Paris as member of the GEA-CEMA group (2018-ongoing) Ø Invited speaker to the seminar “The use of Artificial Intelligence in Market Infrastructures and Financial Markets”, IAA ESRC research grant, London (2018) Ø Invited speaker to the roundtable on “The Promise and Peril of Blockchain for Institutional Investors” organized by Milken Institute, London Summit, (2017) Ø Speaker at the invited seminar “Stock exchanges interconnections: how will the DLTs transform the industry?”, IAA ESRC research grant, London (2017) Ø Organization and main speaker at the workshop “Competition strategies of Stock Exchanges” Bocconi University (2017). Panel speakers: R. Jerusalmi (Borsa Italiana), C. Di Noia (Consob), J. De Chazournes (Celent) and B. Alemanni (). Ø Participation to Consob consultation on new rules for quarterly financial reports (2016) Ø Research and conference presentation “Recupero crediti, attività economica ed effetti occupazionali” (The economic and labour impact of credit collection activity) sponsored by Unirec (2016) Ø Research and conference presentation “La gestione dei crediti anomali in tempo di crisi” (Management of insolvent credits during crisis) sponsored by Assofin- Crif-Prometeia (2013) Ø Scientific member of the project “Più Borsa” promoted by Consob (2013 – ongoing) to facilitate the listing of Italian companies. Participation to preliminary works supporting regulatory innovations (PIR, multiple votes, simplification of procedures)

4 CV Manuela Geranio

Ø Research and conference presentation “Time to growth: la sfida del mercato mobiliare italiano” (Time to growth: the challenge of the Italian securities markets), sponsored by ResPublica and Astrid Foundations and patronized by Consob (2012). Ø Research and conference presentation “Come sarebbe l’Italia con 1.000 società quotate?” (How will Italy be with 1.000 listed companies?), sponsored by Borsa Italiana (2012).

Other experiences 2017 Campus Abroad at Fudan University, Shanghai (RC) 2015 and 2016 Campus Abroad at Northwestern University, Chicago (US) 2012 Visiting Professor at Beedie School of Business, Simon Fraser University, Vancouver (CA). 2010 Consultant for economic and financial impact of “Compendio Bosco”, Terni 2009 Consultant for the business plan of “Skycity” project, Milan 2008 Consultant for the “Closed funds” project, Bergamo Chamber of Commerce 2007 Campus Abroad at UNSW, Sydney (Australia) 2002 Teacher for the “Diplomado en supervision bancaria” sponsored by EU at Cuban Central Bank (La Havana, Cuba) 1994 CEMS Exchange student at ESADE, Barcelona (Spain)

Languages Italian English Spanish French Reading skills Mother Tongue Excellent Excellent Good Writing skills Mother Tongue Excellent Good Basic Verbal skills Mother Tongue Excellent Excellent Basic

Milan, 16th December 2020

5