Maria Lucia Passador

Bocconi University - Department of Law

Assistant Professor of Corporate Law and Financial Markets Regulation - Research Fellow, Baffi Carefin Research Centre on Economics, Finance and Regulation

Via Roentgen, 1

Milan, Milan 20136

Italy

Harvard University - Harvard Law School

Fellow of the Program in Corporate Governance | John M. Olin Fellow in Empirical Law and Finance

1563 Massachusetts Avenue

Cambridge, MA 02138

United States

European Banking Institute

Frankfurt

Germany

  • Bocconi University - Department of Law

  • Harvard University - Harvard Law School

  • European Banking Institute

SCHOLARLY PAPERS

34

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6

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Scholarly Papers (34)

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1.

What About the Future of European Banks? Board Characteristics and ESG Impact

Securities Regulation Law Journal, vol. 47, n. 4, Winter 2019, 319-364
Number of pages: 37 Posted: 20 Dec 2019 Last Revised: 28 Dec 2019
Brando Maria Cremona and Maria Lucia Passador
Bocconi University, Angelo Sraffa Department of Legal Studies and Bocconi University - Department of Law
Downloads 1,156 (36,237)

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corporate governance, boards of directors, ESG, ESG reporting, firm value, financial performance, M&A transactions, sustainable investment, institutional investors, engagement, corporate social responsibility, corporate sustainability, long-term investing, risk management

2.

In Vogue Again: The Re-Rise of SPACs in the IPO market

Brooklyn Journal of Corporate, Financial & Commercial Law, 2022, vol. 16, 105-162., Bocconi Legal Studies Research Paper No. 3820957; University of Luxembourg Law Working Paper No. 2021-005
Number of pages: 58 Posted: 14 Apr 2021 Last Revised: 18 May 2022
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 1,057 (41,202)
Citation 4

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SPACs, blank check companies, IPO market, private equity, business combination

3.

Corporate Sustainability Due Diligence: Supernatural Superserious

Number of pages: 26 Posted: 19 Dec 2022 Last Revised: 21 Jul 2024
Mario Stella Richter and Maria Lucia Passador
University of Rome Tor Vergata and Bocconi University - Department of Law
Downloads 697 (72,633)
Citation 1

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Corporate Sustainability Due Diligence, EU law, company law, corporate governance, corporate boards, due diligence, global value chains, shareholder primacy, SDGs, climate change

4.

The Case for a Best Execution Principle in Cross-border Payments

University of Luxembourg Law Research Paper No. 2021-002, UNSW Law Research Paper No. 21-45, Bocconi Legal Studies Research Paper No. 3834335, Forthcoming Journal of Business Law
Number of pages: 38 Posted: 04 May 2021 Last Revised: 17 May 2022
Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner and Maria Lucia Passador
Universite du Luxembourg - Faculty of Law, Economics and Finance, University of New South Wales (UNSW) - UNSW Law & Justice, The University of Hong Kong and Bocconi University - Department of Law
Downloads 619 (84,268)

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Cross-border payments, best execution, payments, correspondent bank, closed-loop systems, competition, multilateral systems, artificial intelligence, distributed ledger, blockchain.

5.

Toward an Enhanced Level of Corporate Governance: Tech Committees as a Game Changer for the Board of Directors

15 Journal of Business, Entrepreneurship & Law 1 (2022); Bocconi Legal Studies Research Paper No. 3728946
Number of pages: 81 Posted: 13 Nov 2020 Last Revised: 01 Jun 2023
Maria Lillà Montagnani and Maria Lucia Passador
Bocconi University - Department of Law and Bocconi University - Department of Law
Downloads 492 (112,215)
Citation 1

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Tech committees, Artificial intelligence, AI, board of directors, board committees, corporate governance, AI governance, corporate law, diversity, transparency, accountability, trustworthy AI, tech governance, ethical AI

6.

Finding an Alternative to IPOs: SPACs and Direct Listing

in Research Handbook on Global Capital Markets Law, Iain MacNeil and Iris H-Y Chiu (eds.), Edward Elgar Publishing Ltd, 2023, 94-106
Number of pages: 11 Posted: 28 Mar 2022 Last Revised: 20 Jul 2023
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 458 (122,198)

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Direct Listing, IPO, underwriter, securities regulation, capital markets

7.

From London to the Continent: Rethinking Governance Codes in Europe’s Corporate Landscape

Bocconi Legal Studies Research Paper No. 4269661, European Company and Financial Law Review, 2024, forthcoming
Number of pages: 32 Posted: 15 Nov 2022 Last Revised: 11 Apr 2024
Piergaetano Marchetti and Maria Lucia Passador
Bocconi University - Department of Law and Bocconi University - Department of Law
Downloads 453 (123,756)

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Corporate Governance Codes, Cadbury Code, ESG, Stakeholders, Soft law

8.

The Financial Regulation of Italian SPACs

in Alternative Acquisition Models and Financial Innovation: SPACs in Europe, and the Italian Legal Framework, Daniele D’Alvia, Ettore Maria Lombardi & Yochanan Shachmurove (eds.), 2023, 36-58., Bocconi Legal Studies Research Paper No. 3935927
Number of pages: 25 Posted: 05 Oct 2021 Last Revised: 25 Oct 2023
Filippo Annunziata, Filippo Annunziata, Maria Lucia Passador and Anna Chiara Chisari
Bocconi University - Department of Law, Bocconi University - Department of Law and Bocconi University
Downloads 369 (156,525)
Citation 1

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SPACs, blank check companies, IPO market, private equity, business combination

9.

Principi per il Governo delle Società Non Quotate a Controllo Familiare. Codice di Autodisciplina (Corporate Governance Principles for Unlisted Family-Controlled Companies. Code of Corporate Governance.)

Number of pages: 23 Posted: 09 Nov 2017
Piergaetano Marchetti, Guido Corbetta, Alessandro Minichilli and Maria Lucia Passador
Bocconi University - Department of Law, Bocconi University - Department of Management and Technology, Bocconi University - Department of Management and Technology and Bocconi University - Department of Law
Downloads 367 (157,495)

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corporate governance; family business; board of directors

10.

Shareholder Activism Today: Did Barbarians Storm the Gate?

UC Davis Business Law Journal, Vol. 20, Issue 2 (Spring 2020), 207-252
Number of pages: 44 Posted: 14 Jul 2020 Last Revised: 23 Nov 2020
Brando Maria Cremona and Maria Lucia Passador
Bocconi University, Angelo Sraffa Department of Legal Studies and Bocconi University - Department of Law
Downloads 320 (182,529)

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corporate governance, shareholder activism, institutional investors, index funds, poison pills, staggered board, dual-class shares, empirical studies

11.

DLT-Based Enhancement of Cross-Border Payment Efficiency – a Legal and Regulatory Perspective –

Number of pages: 56 Posted: 14 Jan 2022
Dirk A. Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador and Andreas Wehrli
Universite du Luxembourg - Faculty of Law, Economics and Finance, Ernst & Young Norway, Bocconi University - Department of Law and affiliation not provided to SSRN
Downloads 302 (194,116)
Citation 1

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Distributed Ledgers, Blockchain, Payments, Cross-border Payments, Law

12.

Shareholders' Rights in Agency's Conflicts: Selected Issues in the Transatlantic Debate

Delaware Journal of Corporate Law (DJCL), Vol. 42, No. 1, 2018
Number of pages: 50 Posted: 04 Jan 2018 Last Revised: 20 Feb 2019
Maria Lucia Passador and Federico Riganti
Bocconi University - Department of Law and University of Turin - Department of Law - Chiar of Business Law
Downloads 293 (200,327)

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Shareholders' rights directive, EU directives, agency conflicts, proxy advisors, institutional investors, say on pay, corporate governance

13.

Less is More in the Age of Information Overload: The Paradigm Shift from a Shareholder- To a Stakeholder-Oriented Market

New York University Journal of Law and Business, Vol. 15, No. 3, 2019, 567-651
Number of pages: 86 Posted: 10 Jun 2019 Last Revised: 16 Jan 2021
Maria Lucia Passador and Federico Riganti
Bocconi University - Department of Law and University of Turin - Department of Law - Chiar of Business Law
Downloads 258 (228,012)

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disclosure, nonfinancial, corporate governance, securities, comply or explain, metastudy, reporting, materiality, ESG, sustainability

14.

Corporate Governance Principles for Unlisted Family-Controlled Companies. Code of Corporate Governance.

Number of pages: 25 Posted: 09 Oct 2017 Last Revised: 07 Nov 2017
Piergaetano Marchetti, Guido Corbetta, Alessandro Minichilli and Maria Lucia Passador
Bocconi University - Department of Law, Bocconi University - Department of Management and Technology, Bocconi University - Department of Management and Technology and Bocconi University - Department of Law
Downloads 231 (253,959)
Citation 6

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corporate governance; family business; board of directors

15.

The Need for Suitability and Appropriateness in Crowdfunding Regulation

Revue internationale des services financiers/International Journal for Financial Services, 2016, n. 4, 37-52., Bocconi Legal Studies Research Paper No. 2997377
Number of pages: 19 Posted: 10 Jul 2017 Last Revised: 25 Oct 2023
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 212 (275,318)

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crowdfunding, financial regulation, investment services, suitability, appropriateness

16.

Reporting Obligations Regarding Gender Equality and Equal Pay

Bocconi Legal Studies Research Paper No. 3953710
Number of pages: 68 Posted: 18 Nov 2021
Paola Profeta, Maria Lucia Passador and Ximena Caló
Bocconi University, Bocconi University - Department of Law and Bocconi University
Downloads 211 (276,517)

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gender pay gap; equal pay; corporate sustainability: reporting directive; ESG; social; mandatory disclosure; discrimination; equal pay

17.

Benefit Corporations: Trends and Perspectives

in International Handbook of Social Enterprises Law. Benefit corporations and other purpose driven companies, Carlos Vargas Vasserot, Peter Henr, Jaime Alcalde Silva & William Clark Jr (eds.), 2023, 213-231.
Number of pages: 13 Posted: 10 Nov 2021 Last Revised: 23 Oct 2023
Mario Stella Richter, Maria Lucia Passador and Cecilia Sertoli
University of Rome Tor Vergata, Bocconi University - Department of Law and affiliation not provided to SSRN
Downloads 197 (294,433)

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Benefit Corporation, Public Benefit Corporation, corporate purpose, corporate governance, corporate social responsibility, shareholder primacy, shareholder value, stakeholder governance, sustainability

18.

From White Noise to Sound Decisions: Overcoming Noise in Corporate Law

American University Business Law Review, vol. 13, n. 2, 265-314
Number of pages: 50 Posted: 31 May 2023 Last Revised: 23 Jul 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 193 (300,118)

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Behavioral economics, Corporations, Noise, Biases, Corporate governance, M&A due diligence, Fiduciary duties, Superstar CEO, Shareholders' meetings, Precedents, Decision hygiene techniques, Mediating assessments protocols, Artificial intelligence,

19.

Rereading the 'One Share One Vote Principle': Is It Also a Matter of Competition?

University of Chicago Business Law Review, 2022, vol. 1, no. 1, 157-194, Bocconi Legal Studies Research Paper No. 4067796
Number of pages: 37 Posted: 28 Mar 2022 Last Revised: 20 Sep 2022
Federico Cesare Guido Ghezzi, Chiara Mosca and Maria Lucia Passador
Bocconi University - Department of Law, Bocconi University - Department of Law and Bocconi University - Department of Law
Downloads 187 (308,682)

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multiple voting, loyalty shares, control-enhancing mechanisms, Italian Competition Authority

20.

List Voting’s Travels: The Importance of Being Independent in the Boardroom

Fordham Journal of Corporate and Financial Law, Vol. 24, No. 1, 2018, 105-152, Bocconi Legal Studies Research Paper No. 3302496
Number of pages: 51 Posted: 16 Dec 2018 Last Revised: 11 Apr 2019
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 184 (313,127)

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corporate governance, board of directors, independent directors, minority-appointed directors, enhanced-independent directors, slate voting, list voting, dividend payouts, directors' elections, institutional investors, controlled companies

21.

The Woeful Inadequacy of Section 13(D): Time for a Paradigm Shift?

Virginia Law & Business Review, 2019, Volume 13, Issue 2, 279-302
Number of pages: 24 Posted: 12 Jul 2019 Last Revised: 24 Dec 2019
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 174 (329,268)

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Hedge Fund Activism, Corporate Law, Shareholder Activism, Shareholder Activist, Section 13(d), Schedule 13D, Beneficial Ownership

22.

Anti-Dilution Measures in Venture Capital

The Palgrave Encyclopedia of Private Equity, 2024, edited by Douglas Cumming and Benjamin Hammer, Forthcoming.
Number of pages: 20 Posted: 17 Nov 2023 Last Revised: 27 Nov 2023
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 144 (387,796)

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Venture Capital, Dilution, Economic Dilution, Equity Issuances, Ownership Stakes, Preemptive Rights, Anti-Dilution Provisions, Share Value

23.

Is the Harmonization of the Accounting Law in the EU Feasable?

Bocconi Legal Studies Research Paper No. 2718440
Number of pages: 15 Posted: 27 Dec 2016
Giovanni Strampelli and Maria Lucia Passador
Bocconi University - Department of Law and Bocconi University - Department of Law
Downloads 141 (392,252)
Citation 1

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IAS/IFRS, EU Accounting Directive, CCTB, Harmonization

24.

AI Act and the ECB: Steering Financial Supervision in the EU

Columbia Journal of European Law, Volume 30, No. 2, 2025, forthcoming
Number of pages: 48 Posted: 31 Jul 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 136 (405,762)

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Evolution, Applications, and Regulatory Considerations

25.

Why Legal Scholars Should Study Network Theory

Bocconi Legal Studies Research Paper No. 4044934
Number of pages: 25 Posted: 02 Mar 2022
Maria Lucia Passador and Alessandro Romano
Bocconi University - Department of Law and Bocconi University - Department of Law
Downloads 132 (413,039)

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Network theory, corporate law, common ownership, SIFIs

26.

Corporate Governance Models: The Japanese Experience in Context

DePaul Business and Commercial Law Journal, 2016, Vol. 15, 25-53, Bocconi Legal Studies Research Paper No. 2995635
Number of pages: 31 Posted: 04 Jul 2017
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 121 (441,423)

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Corporate governance, outside directors, comparative corporate law, Japanese law

27.

An Ounce of Prevention is Worth a Pound of Cure: US Cues for a Revision of the EU Market Abuse Regulation

University of Luxembourg Law Working Paper No. 2021-006
Number of pages: 28 Posted: 19 May 2021 Last Revised: 20 Sep 2021
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 117 (452,665)

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securities regulation, insider trading, congressional insider trading, Rule 10b-5, short-swing profits rule, Section 16, Regulation Fair Disclosure, STOCK Act, pandemic trade, COVID-19, coronavirus, congress

28.

Exploring Governance Gambits and Business Judgment in In/Out-Sourcing Tactics

Bocconi Legal Studies Research Paper No. 4771886
Number of pages: 34 Posted: 30 Apr 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 109 (480,264)

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proceduralization, theatre boards, board diversity, outsourcing, business judgment rule. shareholder interest, risk management, corporate accountability, consultancy firms, board service providers, fiduciary duties

29.

Outside Directors Liability: A Comparative Analysis between the US and Japan

33 Conn. J. Int'l L. 249 (2017-2018)
Number of pages: 30 Posted: 27 Jun 2017 Last Revised: 01 Nov 2018
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 106 (486,774)

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outside directors; fiduciary duties; outside directors liabiliy

30.

The State-of-the-Art of NPLs in the Post COVID World: An Ongoing Concern for the Future

Law and Economics Yearly Review, 2021, vol. 10, 108-141
Number of pages: 38 Posted: 28 Sep 2021 Last Revised: 03 Nov 2021
Mariateresa Maggiolino, Robin Morgan and Maria Lucia Passador
Bocconi University - Department of Legal Studies, Harvard Law School and Bocconi University - Department of Law
Downloads 95 (524,571)

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NPL, non-performing loans, capital adequacy, banking structure, regulation

31.

Stewardship Codes or Trusteeship Codes?

Number of pages: 16 Posted: 28 Mar 2022
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 92 (535,427)

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stewardship, institutional shareholders, trusteeship, ESG, engagement, reputational incentives, shareholder capacity

32.

Transcending Boundaries in the Age of International Corporate and Financial Law

Emory International Law Review, 2025, vol. 39, forthcoming
Number of pages: 57 Posted: 18 Feb 2024 Last Revised: 09 Sep 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 80 (582,890)

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EU corporate law; International corporate law (ICL); Regulatory competition; Ideologies (nationalism, AI Act

33.

Crowdfunding Regulation

The Palgrave Encyclopedia of Private Equity, 2024, edited by Douglas Cumming and Benjamin Hammer, 2024, forthcoming.
Number of pages: 10 Posted: 08 Jul 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 37 (835,826)

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Crowdfunding Regulation, Encyclopedia entry, Comprehensive exploration, Regulatory objectives, Essential components, Diverse approaches, Multiple jurisdictions, Emerging trends, Existing challenges, Future prospects, Present status, Private equity, Venture capital

34.

AI in the Vault: AI Act's Impact on Financial Regulation

Loyola University of Chicago Law Review, 2025, forthcoming.
Number of pages: 32 Posted: 22 Aug 2024
Maria Lucia Passador
Bocconi University - Department of Law
Downloads 35 (869,122)

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Artificial Intelligence Act, AI governance, banking supervision, financial regulation, prudential supervision, AI risk management, AI Office, European AI Board, GPAI models, ethical AI