Archivio istituzionale della Ricerca - Bocconi
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Omnia de EgoTempo: Benchmarking Temporal Understanding of Multi-Modal LLMs in Egocentric Videos
No full textThe Dubious Role of Institutional Investors in Driving the GreenTransition: Legal and Economic ConstraintsTransition: Legal and Economic Constraints
No full textThis Article critically examines the role attributed to institutional investors in promoting the transition toward a more sustainable economic model, highlighting its legal and economic constraints. Through a comparative analysis of the European Union and the United States, the study shows that, notwithstanding the growing regulatory emphasis on shareholder engagement and ESG-oriented stewardship, institutional investors face significant limitations stemming from fiduciary duties owed to end investors, structural incentive misalignments, and collective action problems inherent in highly diversified portfolios. The Article argues that many ESG engagement initiatives are driven less by their capacity to improve the environmental and social performance of portfolio companies than by reputational and marketing considerations, and therefore tend to be standardized, non-confrontational, and rarely targeted at the worst ESG performers. The analysis further explores the impact of sustainability disclosure regimes—most notably the EU Sustainable Finance Disclosure Regulation and the SEC’s proposed ESG disclosure rules—demonstrating how such frameworks may produce unintended and counterproductive effects by encouraging exclusionary investment strategies rather than effective engagement. The Article concludes that the contribution of institutional investors to the green transition remains intrinsically ambiguous and advocates for a reconfiguration of regulatory approaches, with greater emphasis on transition-oriented investment strategies capable of fostering more targeted and meaningful ESG engagement
Perdite su crediti, principi IAS/IFRS e determinazione del reddito d’impresa (Parte II)
No full textIl saggio analizza le problematiche teoriche e le questioni applicative della disciplina fiscale delle perdite su crediti relativamente ai soggetti che adottano gli IAS/IFRS in sede di predisposizione del bilancio di esercizio
Mafia ties and financial reporting quality spillovers: Evidence from private firms in Italy
No full textPurpose: This study examines how firms with no connections to Mafia organiza-tions respond to the tax avoidance and earnings management practices of mafia-con-nected peers, focusing on both industry and geographic spillovers. While prior re-search has documented the financial practices of mafia-connected firms, little is known about how their presence influences otherwise "clean" firms.
Design/methodology/approach: We leverage a proprietary dataset from the Italian Internal Intelligence and Security Agency (AISI), which records individuals under investigation for mafia-related crimes. Using a large sample of private firms in the Lombardy region from 2006 to 2013, we examine how exposure to mafia-connected peers - measured at the industry and geographic levels - affects firms' tax avoidance and financial reporting choices.
Findings: We find that greater mafia presence is associated with lower effective tax rates among unconnected peers. Geographic proximity to mafia-connected firms is associated with increased tax-related restatements and income-decreasing abnormal accruals. We also document that unconnected firms in high-crime provinces show stronger tax avoidance responses, suggesting that broader criminal exposure ampli-fies the influence of mafia-connected peers.
Originality/value: This study provides the first large-sample evidence of how orga-nized crime influences non-criminal firms' tax and reporting strategies. Our findings contribute to research on financial reporting and tax avoidance spillovers. Future studies could explore broader implications, including investment and employment decisions.
Practical implications: Regulators may benefit from enhanced anti-money launder-ing enforcement and transparency measures to curb organized crime's economic in-fluence. Firms in high-risk regions should strengthen governance and auditing prac-tices to mitigate exposure
Verbali societari e firma del presidente; nihil novum sub sole
No full textL'articolo si inserisce nel dibattito in merito alla rilevanza della firma del presidente dell'assemblea nei verbali societari, sostenendo con vigore la non necessità della firma quando il verbale riveste forma di atto pubblico. La questione, di grande importanza applicativa, per la validità di migliaia di verbali societari delle società italiane, era stata riaperta da un precedente intervento dottrinale, che viene ampiamente confutato da questo scritt
Gobierno corporativo
No full textEn este capítulo se abordan los conceptos de gobierno corporativo y gobernanza en
un sentido amplio. El gobierno corporativo se refiere a los mecanismos, relaciones y
procesos a través de los cuales se equilibran los intereses de las partes involucradas
en una organización. Un buen gobierno corporativo es esencial para asegurar la
sostenibilidad empresarial, promoviendo un entorno confiable y transparente. La
implementación de reglas claras, transparencia, monitoreo y rendición de cuentas
contribuye al fortalecimiento y crecimiento de los negocios, además de fomentar el
desarrollo de sociedades más inclusivas. Las empresas deben identificar a sus partes
interesadas, comprender sus expectativas e interactuar eficientemente con ellas para
mejorar su desempeño y garantizar su viabilidad a largo plazo
MilaNLP@Multilingual Counterspeech Generation: Evaluating Translation and Background Knowledge Filtering
No full textData Retention in a Cross-Border Perspective. Latest Insights from the European Union and the United States
No full textThis work analyses the different legal regimes in Europe and the United States and warns that a lowering of privacy standards might be dictated by sheer economic power. In particular, it emphasizes the possibilities of the US government to access the private data pools of US-based Big Tech companies, even when they store their data on European soil, and the lack of judicial control mechanisms to limit such data
When product markets become collective traps: the case of social media
No full textIndividuals might experience negative utility from not consuming a popular product. With such externalities to nonusers, standard consumer surplus measures, which take aggregate consumption as given, fail to appropriately capture consumer welfare. We propose an approach to account for these externalities and apply it to estimate consumer welfare from two social media platforms: TikTok and Instagram. Incentivized experiments with college students indicate positive welfare based on the standard measure but negative welfare when accounting for these nonuser externalities. Our findings highlight the existence of product market traps, where active users of a platform prefer it not to exist
Coordination and Incumbency Advantage in Multi-Party Systems - Evidence from French Elections
No full textFree and fair elections should incentivize elected officials to exert effort and enable citizens to select representative politicians and occasionally replace incumbents. However, incumbency advantage and coordination failures possible in multi-party systems may jeopardize this process. We ask whether these two forces compound each other. Using a regression discontinuity design (RDD) in French two-round local and parliamentary elections, we find that close winners are more likely to run again and to win the next election by 33 and 25 percentage points, respectively. Incumbents who run again personalize their campaign communication more and face fewer ideologically close competitors, revealing that parties from the incumbent's orientation coordinate more effectively than parties on the losing side. A complementary RDD shows that candidates who marginally qualify for the runoff also rally new voters. We conclude that party coordination on the incumbent and voter coordination on candidates who won or gained visibility in a previous election both contribute to incumbents' future success