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In response to the global financial turmoil and sovereign debt crisis, the European Union has introduced a new bail-in resolution mechanism based on the shared burden of losses between shareholders, debt-holders, and depositors. By focusing on the abnormal stock price reactions to bail-in policy announcements, this paper shows that investors perceive the new bail-in regime as a credible tool to decrease government interventions, reduce the too-big-to-fail problem, and increase market discipline in the European banking industry.

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In serving as editor of this special issue of PIJ on crowdfunding, I want to pursue two main goals. Obviously, on the one hand, it is necessary to underline the relevance of each of the accepted papers hereafter published, thus presenting -from my point of view -the most fascinating contributes to the academic debate about this kind of financing channel. On the other, I think that it is even more useful for future research development to try to depict a possibly more open research agenda on this very wide phenomenon -crowdfunding -in light of the very uncertain future of our society and economy after the COVID-19 global pandemic.Let me start from this second goal which is linked to a kind of personal reflection about the social usefulness of our agenda in banking and finance research, learning and teaching interests or, more broadly, in all the social sciences and management fields. When the call for papers of this issue was issued, the research intention was to point out research trends and policy suggestions about crowdfunding developments in Europe. Due to the new socioeconomic situation Europe and the whole world must cope with after the emergence of the COVID-19 pandemic, the aim and the general research question have become wider in scope: what really is the contribution of crowdfunding to the recovery of the socio-economic environment in the near future? This question is, in my research experience, new with regard to urgence but not in terms of emergence. Since 2015, it was clear to me that (Previati, Galloppo and Salustri, 2015: 22):[…] crowdfunding is a very recent financial (and social) phenomenon all over the world. When we met at the beginning of our research effort, analysing the different topics and issues arising with reference to crowdfunding, we decided that an interdisciplinary and pluralistic approach was the best path to this phenomenon's understanding, from a theoretical and methodological point of view.