Archivio della ricerca- LUISS Libera Università Internazionale degli Studi Sociali Guido Carli di Roma
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The Information Content of Operational Effectiveness
Full text linkWe address whether and why a firm’s operational effectiveness, OpEff, has information content for investors and what role that information plays in the price discovery process at quarterly earnings announcements. We measure OpEff using the cash conversion cycle (CCC) multiplied by –1, such that higher OpEff reflects better operational effectiveness. Higher OpEff is associated with higher abnormal stock returns and trading volume at earnings announcements and with higher future earnings and cash flows, which helps explain the positive return and volume relations. Higher OpEff also is associated with larger post-earnings-announcement drift and less timely incorporation of information in earnings announcements into stock prices. However, this relation largely is attributable to firms that announce bad earnings news. Together, we infer that operational effectiveness is informative to investors because it comprises forward-looking information about earnings and cash flows and that announcements of improvements in OpEff along with bad earnings news impede the price discovery process
Smart cities as mortal engines: Competing for generations Y and Z through livability and digital technologies
No full textIn recent years, the rise of smart cities has marked a transformative era in urban development, redefining the way cities interact and compete for residents, businesses, and innovation, and contributing to reshaping migratory dynamics. This study explores the intricate dynamics of urban attractiveness and competition in the context of cities' smart initiatives, where advancements in digital technologies and urban livability converge to influence contemporary migratory patterns. However, despite the rhetoric of smartness and the celebratory images and outcomes of smart cities on a global scale, there is still a significant gap in understanding the effects and interactions with different individuals and behaviors. Drawing upon the push and pull theory, we empirically analyze a panel dataset of 30 Italian cities over a 13-year period (2009–2021) using a dynamic Generalized Method of Moments (GMM) approach. Our findings reveal that while both smart living and digital advancement positively influence urban attractiveness, Generation Y is more responsive to digital implementation and urban livability than Generation Z. Moreover, we identify a complementary effect, where cities combining high levels of smart living with strong digital infrastructures exhibit higher attractiveness for both generations. These insights contribute to the literature on smart cities and generational migration, providing practical implications for policymakers on how to strategically enhance urban attractiveness
Resilience through a power lens
No full textAlthough not usually considered to be so, resilience is closely related to power relations. These relations can be codified not only as three-dimensions, after Lukes (1974, 2005), but also as three types (power over, power to, power with). There are both positive and negative power implications of resilience in organizational terms, which we explore systematically, while pointing to some of the paradoxical implications of some organizational ways of striving to be resilient. Further, we explore four distinct cases of problematic (or, at least, problematic uses of) resilience, relating to its potential ‘dark side’. First, we underline how resilience can be presented as a ‘service’ offered by organizations to employees. Second, resilience can be a (delusional) product of even well-intentioned managerial agency that drifts towards narcissism. Third, resilience can be instrumentally proposed – and used – as a façade to artificially protect an organization or cover its dysfunctions. Fourth, resilience can morph into sheer rhetoric where words and deeds are not aligned. Finally, we consider follower resilience as an antidote to bad leadership.
Resilience as a process: Long term effects of COVID-19 interventions
No full textWhile resilience is often framed as a positive capacity, this study highlights its potential controversial aspects when it is taken to the extreme. Building on the article published in International Journal of Hospitality Management by Lombardi et al. (2021) and framing resilience as a dynamic process, we investigate how hospitality leaders have crafted novel practices in the post-pandemic era. Drawing on qualitative data collected in Italy, our findings highlight some unexpected and controversial aspects of resilience and, in a novel way, reveal the hidden downsides of resilience, challenging its status as an unquestioned virtue. This study therefore contributes to organizational research on the unwanted outcomes of resilience, offering critical insights into the long-term implications of adaptive leadership in high-stress environments
Entrepreneurship Education and Student Empowerment: Innovation in the EU
No full textA scholarly work that explores the intersection of entrepreneurship education, innovation, and student empowerment within the European Union, this book investigates the transition from student to entrepreneur. It provides an in-depth analysis of the theoretical and empirical aspects of entrepreneurship education. With a field approach, including case studies and a quantitative review of university-level entrepreneurship courses across Europe, it offers a robust framework for fostering entrepreneurial skills and understanding how entrepreneurship education fosters innovation within the EU. It explores key factors driving student entrepreneurship, offering insights into the development of essential competencies such as soft skills, technical knowledge, and interpersonal abilities. Through practical applications, the book bridges the gap between education, research, and practice, providing practical recommendations for enhancing entrepreneurship education across Europe. Targeted towards academics, postgraduate students, and practitioners interested in entrepreneurship, edutech, and educational dynamics, it is particularly relevant to scholars in entrepreneurship education and innovation, offering valuable insights into how to empower students and foster entrepreneurial ecosystems in the EU
Stochastic carbon regulation in continuous time
No full textHandbook of Quantitative Sustainable Finance is an edited collection concerning the integration of sustainability and climate risk considerations into mathematical and quantitative finance. This comprehensive handbook provides a valuable resource for researchers, practitioners, policymakers, and students who are interested in understanding the practical role of quantitative techniques in delivering sustainable finance and investment.
The book is divided into four main parts: Risks and Regulation; Asset Pricing and Portfolio Management; Data, Measurement, and AI; and Product Design and Specific Markets. Although this structure offers a coherent, unifying structure to the book, each chapter has been written so as to be self-contained and useful to readers interested in any specific aspect of quantitative sustainable finance. Every chapter has been written by leading experts in their field, and offers a useful, authoritative window into the state of research and practice
The impact of digital technologies and social media on the urban attractiveness of smart cities
No full textSmart city initiatives use digital technologies to enhance user experiences and improve the attractiveness of urban environments. However, little is known about how these technologies influence a city's ability to attract different types of newcomers, and even less about the role of social media in this process. This work examines how a city's use of social media influences the relationship between the effect of digital technology implementation and the urban attractiveness for national and international newcomers. Focusing on three types of national and international newcomers (i.e., citizens, students, and tourists) to a city, we present and test a model of how social media curates, broadcasts, and accelerates information flows about the availability and value of smart city technology to newcomers. Using novel data from 30 Italian cities (2010−2021), we find support for this model, with digital technologies having a curvilinear impact on urban attractiveness, and that social media extends the threshold of this impact. Moreover, we find that these effects differ for national and international newcomers. These findings challenge smart city scholars and practitioners to reconsider the ‘more is better’ narrative that assumes increasing technology implementation is always beneficial, highlighting instead the value of contingency-based approaches over one-size-fits-all technological determinism
Emigration as an Electoral Issue: Public Concern and Political Choice in Eastern and Southern Europe
No full textt is well established that attitudes towards immigration are linked to policy preferences
and voting behaviour. However, we lack insights on the relevance of the other side of the
migration coin: emigration. This is especially pertinent in the European Union (EU), which
guarantees free movement of persons and where large-scale mobility gained momentum
following the Eastern enlargement (East to West) and the euro crisis (South to North).
Drawing on a 2021 survey conducted in nine peripheral EU countries, this study inves-
tigates whether concerns about emigration shape electoral behaviour. Findings indicate
that such concerns reduce support for governing parties, but only among individuals with
high levels of political trust, highlighting trust as a key moderating factor. At the country
level, concerns about emigration favour radical-right parties, though not exclusively. In fact,
the politicization of emigration can potentially benefit (or disadvantage) a range of parties
depending on national political conditions