(Insert Table 6 about here)
According to Table 6 reconciliation adjustments of book value and net income from consolidated to
separate financial statements are negative, consistent with consolidation surplus and consolidated
financial statements including minority interests.
Table 7 reports Pearson’s correlation coefficients between share price, book value and net income
in consolidated financial statements, book value and net income in separate financial statements,
reconciliation items of book value and net income from Italian GAAP to IFRS in separate financial
statements, reconciliation adjustments of the book value and net income from consolidated to separate
financial statements, and the product terms included in the regressions performed as a robustness
check.