About me

Who I am

A brief description of who I am

I am completing my Ph.D. at Cass Business School in London, and I am currently working on a research project at the Collegio Carlo Alberto in Torino. I have obtained my BA degree in 2008, and my first M.Sc. degree in Economics in 2011, at the University of Tor Vergata in Roma. I have also obtained a second M.Sc. degree in Finance at the Collegio Carlo Alberto in Torino in 2012.

After that, I moved to London where I have started a Ph.D. in Finance, with the aim of pursuing an academic career in a prestigious institution. Dealing with new problems and issues in the financial world, answering relevant and fascinating questions about the current state of the economy, solving intrigued puzzles lying behind economic phenomena, and then teaching old and new knowledge to my students: this is the target of my current and future working life.

During these years I have enjoyed the dynamism and the cultural richness of London, but I have also travelled a lot. I have presented my works in several conferences and seminars around the world: New York, San Antonio, Oslo, Venice, Lubjiana, Roma, Torino, Pavia, Bruxelles. For three years, since 2014, I have taught Asset Pricing and Portfolio Theory at the Master in Finance of the Collegio Carlo Alberto in Torino. Moreover, twice a year, since 2014, I travel to Kortrijk (Flandres, Belgium), to teach Statistics&Business to Erasmus students. In 2016, I have spent six months in Singapore to work in the Risk Management Institute of the National University of Singapore.

Back to Europe, I have spent a year in Torino, where I have worked at the department of Economics of the University of Torino for a research project awarded with a European grant. Finally, I have returned to London to complete my Ph.D. at Cass. Here, I have also been lecturer for an undergraduate course of Asset Pricing and Investments Valuation, and teaching assistant for several different courses.

My main research interest is the intersection between corporate finance and asset pricing, that is the topic of my job market paper. Moreover, my academic works explore different fields of research in finance and financial economics, such as credit risk and asset pricing at the corporate and sovereign levels, portfolio choices, and household finance, with a focus on structural and filtering techniques of estimation. Moreover, my philosophy of teaching is to combine always theoretical notions and practical applications, highlighting to students the relevance and the applied implications of what they are learning. I would be keen to explore in the future new teaching subjects, in line with my main interests of research, such as Corporate Finance, Credit Risk, and Econometrics.

Curriculum Vitae

RAFFAELE CORVINO, 25/12/1987, Italian
University Profile: www.cass.city.ac.uk/faculties-and-research/students/raffaele-corvino
Personal Website: www.raffaelecorvino.com
Phone Number:  +39 3465316931

106, Bunhill Road, EC1Y 8TZ, London (UK)

Current Position:

Cass Business School, 2012 to present
Ph.D Candidate in Finance
Expected Completion Date: December 2018

     Professor Enrique Schroth                                        Professor Lucio Sarno
     Cass Business School                                                  Cass Business School
     Enrique.schroth.1@city.ac.uk                                    Lucio.sarno.1@city.ac.uk

     Professor Giovanna Nicodano                                  Dr. Berardino Palazzo
     University of Torino                                                      Federal Reserve Board, Senior Economist
     Giovanna.nicodano@unito.it                                    Berardino.palazzo@gmail.com

     Professor Stefano Sacchetto                                     Professor Gianluca Fusai
     IESE Business School                                                  Università del Piemonte Orientale
     Ssacchetto@iese.edu                                                  Gianluca.fusai@uniupo.it


Undergraduate Studies:
      B.A. in Economics, University of Tor Vergata (Roma), 2008

Graduate Studies:
     M.Sc. in Economics, University of Tor Vergata (Roma), Summa Cum Laude, 2011
     M.Sc. in Finance, Collegio Carlo Alberto – University of Torino, 2012
     Visiting Ph.D Scholar, National University of Singapore, 2016
     Post-Doc Researcher, Collegio Carlo Alberto – University of Torino, 2017

Teaching and Research Fields:
     Asset Pricing, Corporate Finance, Credit Risk, Financial Econometrics

Teaching Experience:
     Spring 2018, Portfolio Theory and Investment Valuation (undergraduate),
Cass Business School, Visiting Lecturer
     Fall 2017, Financial Econometrics (undergraduate), Mathematical Finance (undergraduate)
Cass Business School, Teaching Assistant
     2014-2017, Asset Pricing and Portfolio Theory (MSc), Collegio Carlo Alberto, Visiting Lecturer
     2014-present, Statistics and Application to Business (undergraduate), Vives University, Visiting Lecturer
     Fall 2014, Statistics and Business (undergraduate), Investment Markets (undergraduate),
Cass Business School, Teaching Assistant

Research Experience:
     2012, Research Assistant for Professors Fabio Bagliano and Giovanna Nicodano (University of Torino)
     2017, Research Assistant for Professor Stefano Sacchetto (IESE Business School)


Awards and Grants:
     2017, AXA Foundation, Research Grant (M&A, Capital Structure and Credit Risk)
     2016, University of Torino, Research Grant (Labor Income Risk and Portfolio Choices)
     2014, Cass Business School, Best PhD Paper
     2013, Cass Business School, MRes Distinction

Conference Presentations:
     2018, Midwest Finance Association, San Antonio (Texas, USA)
     2016, European Finance Association, Oslo (Norway)
     2016, GRETA Credit Risk, Venice (Italy)
     2016, World Finance Conference, New York (USA)
     2013 to present, Seminar Presentations at Cass Business School, City University London, National University of Singapore, LUISS University, London School of  Mathematical Finance

Working Papers:

“Dynamic ownership, private benefits, and stock prices” (Job Market Paper)

I quantify largest shareholders’ private benefits of control, and their impact on stock prices, by estimating a structural model of optimal shareholding using data on the ownership dynamics of Italian public companies. The results show that controlling shareholders (i) extract private benefits on average around 2% of equity value, and (ii) generally have positive and persistent impact on stock prices. The results imply that large shareholders extract private benefits without cost for the rest of the company shareholders. I also provide evidence of a synergistic effect when the large shareholder is a corporation.

“Default risk premium in credit and equity markets”

The default risk premium expresses the difference between the actual default risk of a company and the default risk implied by the securities issued by the company. In this paper, we study the simultaneous relationship between the dynamics of the default risk premium and both the dynamics of the stock price and the CDS (Credit Default Swap) spreads of a company. We estimate a credit risk model on a sample of worldwide non-financial firms, with a non-linear Kalman filter in conjunction with quasi-maximum likelihood. We show that an increase of the default risk premium is associated, at the same time, to either an increase of the stock price and a decrease of the CDS spreads, or to a decrease of the stock price and an increase of the CDS spreads.

“The Relative Pricing of Sovereign Credit Risk After the Eurozone Crisis”

The paper analyses the relative pricing between sovereign CDS spreads and sovereign bond yields, for European countries, during and after the sovereign debt crisis of 2010-2012. In particular, we focus on the cross-sectional relationship between CDS spreads and bond yields across the European countries, and we investigate whether the differences across countries in terms of default risk, priced in the CDS spreads, are consistently priced in the cross-section of the bond yields. We show that an inconsistent cross-sectional relationship between CDS spreads and bond yields emerges during the crisis period for all the European countries. However, after the announcement of the Outright Monetary Transaction (OMT) Programme by the European Central Bank, the consistent cross-sectional relationship between default risk and bond yields is restored for the Eurozone countries only.

Work in Progress:
“On the correlation between labor income risk and stock returns” (with C.Fugazza, G.Nicodano, G.Bagliano)
“Corporate Acquisitions and Default Risk: A Structural Approach” (with S.Sacchetto)