Publications

Journal Articles

Accounting

1. Dao, Pugliese & Ronen (2023). Assessing banks’ resilience: A complementary approach to stress testing using fair values from banks’ financial statements. Journal of Business Finance and Accounting

Abstract: For more than a decade, supervisory banking authorities in Europe and the United States have sought to assess the resilience of banks to adverse economic episodes to safeguard the financial system's stability. They rely on regulatory capital measures like Common Equity Tier 1 (CET1) relative to risk-weighted assets in the aftermath of potential economic crises. We propose a new measure of banks' resilience based on financial statements. The fair value margin (FVM) is estimated as the difference between the fair value of assets and the book value of liabilities, scaled by the book value of equity. We find that FVM is positively associated with the surplus or shortfall of CET1 resulting from the stress testing results from 2014, 2016 and 2018. To corroborate the relevance of FVM for supervisory authorities, we compare the ability of the loan component of FVM to predict future credit losses with the capital surplus/shortfall metric derived from the stress test. The findings indicate that the fair value of loans predicts net charge-offs better than stress test outcomes. Therefore, we suggest that FVM could be used as a readily available and relatively low-cost tool to assess bank resilience, thus complementing the stress test exercises.

2. Buchetti, Parbonetti & Pugliese (2022). Covid-19, Corporate Survival and Public Policy: The Role of Accounting Information and Regulation in the Wake of a Systemic Crisis. Journal of Accounting and Public Policy

3. Longo, Parbonetti & Pugliese (2022). Investors’ Expectations around Quantitative Easing: does Liquidity Injection affect European Banks Equally? Journal of Management and Governance

4. Pugliese (2022). Corporate Sustainability the Fit between Demand and Measurement (2022). Revista de contabilidad y dirección

5. Cascino, Pugliese, Mussolino & Sansone (2010). The Influence of family ownership on the quality of accounting information. Family Business Review, Special Issue on ‘Accounting in Family Firms.

Corporate Governance

1. Bonacchi, Botosan, Nanda & Pugliese (2023). Governance Mechanisms, Accounting Regulation, and Corporate Disclosure in the Aftermath of Covid–19: Novel Research Questions and Methodological Opportunities. Corporate Governance: an International Review

2. Bezemer, Pugliese, Nicholson & Zattoni (2023). Toward a synthesis of the board-strategy relationship: A literature review and future research agenda. Corporate Governance: an International Review

3. Elms & Pugliese (2023). Director Tenure and Contribution to Board Task Performance: A Time and Contingency Perspective. Long Range Planning

4. Veltrop, Bezemer, Nicholson & Pugliese (2021). ‘Too Unsafe to Monitor? How Board–CEO Cognitive Conflict and Chair Leadership Shape Outside Director Monitoring’. Academy of Management Journal

5. Zattoni & Pugliese (2021). Corporate Governance Research in the Wake of a Systemic Crisis: Lessons and Opportunities from the COVID‐19 Pandemic. Journal of Management Studies

6. Bezemer, Nicholson & Pugliese (2018). The Influence of Board Chairs on Director Engagement: a Case based exploration of boardroom decision–making. Corporate Governance: an International Review (Best Article Award, 2018)

7. Nicholson, Pugliese & Bezemer (2017). Habitual Accountability Routines in the Boardroom: How Boards Balance Control and Collaboration. Accounting, Auditing and Accountability Journal

8. Pugliese, Nicholson & Bezemer (2015). ‘An Observational Analysis of the Impact of Board Dynamics and Directors’ Participation on Perceived Board Effectiveness’. British Journal of Management

9. Elms, Nicholson & Pugliese (2015). ‘The importance of group–fit in new director selection’. Management Decision

10. Pugliese, Minichilli & Zattoni (2014). ‘Integrating Agency and Resource Dependence Theory: Firm Profitability, Industry Regulation, and Board Tasks Performance’. Journal of Business Research

11. Bezemer, Nicholson & Pugliese (2014). ‘Inside the Boardroom: exploring Board Member Interactions’. Qualitative Research in Accounting and Management. Emerald Literati Award 2015.

12. Pugliese, Bezemer, Zattoni, Huse, Van Den Bosch & Volberda (2009). ‘Boards of Directors’ Contribution to Corporate Strategy: A Literature Review and Research Agenda’. Corporate Governance: an International Review.

13. Pugliese & Wenstop (2007). ‘Board Members’ Contribution to Strategic Decision Making in Small Firms’. Journal of Management and Governance