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Does the logistics sector gain from manufacturing internationalisation? An empirical investigation on the Italian case
Get PDFThe present paper deals with the impact of manufacturing internationalisation,
in the forms of international trade, cooperation agreement and FDI, on the logistics
sector. Some descriptive statistics are provided for the Italian macro-areas and the
logistics employment and an econometric analysis is carried out at the "regional-industry"
level (20 NUTS2 regions and 11 logistics sub-sectors) with reference to the Italian case in
the period 1996-2001. Results show that export and FDIs positively affect the logistics
employment variation in 1996-2001, while import and cooperation agreements display a
negative or not significant [email protected]@[email protected]
Investment decisions, price-earnings ratios and finance. Evidence from firm-level data
No full textEconomic theory suggests that firm s investment depend on future growth opportunities,
measured for example by price-earnings ratios, but might be dampened by inefficient
financial markets. This paper tests these hypotheses using an unbalanced panel of 9,000
listed firms from 41 developed and developing markets, from 1990 to 2006. The empirical
results confirm that managers use the information contained in the price-earnings ratios to
make investment decisions. Moreover, stock market development and the specialization of
the financial system towards arm s length instead of bank financing has a positive effect on
firms investment decisions. Taken together, these results suggest that firms with higher
growth opportunities accumulate more capital and that the stock market has a key role in
channelling funds toward investment [email protected]
Separate and destined assets: legal, business and accounting aspects
No full textIl presente lavoro ha per scopo l’indagine di un istituto di recente introduzione nel panorama del diritto delle società, e delle più apparenti che concrete distonie con il “sistema” nel quale è venuto ad inserirsi: i patrimoni separati e destinati.
Nonostante la sua giovane età, l’istituto in esame è stato analizzato sotto più punti di vista. I primi ad occuparsene sono stati i giuristi che, naturaliter, hanno avvertito la necessità di storicizzare e problematizzare, invadendo, spesse volte, campi e terreni a loro stessi sconosciuti. La cultura aziendalistica, d’altro canto, ha dovuto ripensare e mettere in discussione alcuni dogmi, ritenuti ormai acquisiti, e formalizzare nuovi modi di intendere ed impiegare il patrimonio, ipotizzando nuove regole di coordinamento.
Come sovente accade la legge è laconica, lascia troppe volte all’interprete il compito di riempire di significato il nudo testo, scoprendone limiti e capacità.
L’analisi, che non ha pretesa alcuna di esaustività, sarà condotta su più campi e su più livelli differenti, mostrando, come a volte, i fraintendimenti e gli apparenti problemi nascano da una mera sovrapposizione dei piani stessi.
Si prenderanno le mosse dalla separazione patrimoniale inquadrandola da un punto di vista giuseconomico, si farà notare come non sia affatto una novità l’effetto della separazione di “una parte dal tutto” nel nostro ordinamento e di come istituti nostrani, che saranno brevemente analizzati, abbiano come effetto proprio la separazione patrimoniale, il più delle volte accompagnata da un vincolo di destinazione; in più si cercherà di sgomberare il campo da incomprensioni lessicali, tentando di meglio chiarire il significato di termini come: affare.
Di seguito il focus verrà spostato sulla rendicontazione della specifica intrapresa. Di quest’argomento si evidenzieranno i risvolti pubblicitari di tale rappresentazione e di come vengano utilizzati per poter rendere opponibile ai terzi la separazione dei patrimoni avvenuta.
Al tempo stesso, i patrimoni separati e destinati danno prova dell’inadeguatezza della nostra legislazione, troppe volte infatti abbiamo assistito alla proposizione di leggi nate già vecchie che faticano a star dietro ad una realtà economica così incalzate con il suo incedere da non poter rendere possibile una concreta, più che millantata, armonizzazione con il sistema.
Tratteggiando appena quelli che possono essere i profili più importanti dal punto di vista giuridico, possiamo dire che: il vincolo di destinazione impresso dalla costituzione dei patrimoni separati, l’autonomia giuridica e la gestione contabile a questo vincolo riconosciuta non implicano la fuoriuscita dal patrimonio della società dei beni destinati ad uno specifico affare, terminato il quale, ed esaurita la sua funzione di garanzia, le attività e le passività tornano ad essere voci della società gemmante.
Tale rilievo merita di essere considerato soprattutto in sede di esame del trattamento del dato contabile dei patrimoni de quo. Sarà analizzata, inoltre, la separata contabilizzazione della costituzione del patrimonio separato e delle operazioni compiute per lo svolgimento dello specifico affare cui quel patrimonio è completamente destinato, nonché la corretta esposizione delle operazioni e delle valutazioni concernenti lo specifico affare nel conto economico della società.
Il fenomeno è così marcato che oltre a generare le conseguenze brevemente accennate produce un’ulteriore conseguenza: l’autonomia contabile (art. 2447-sexies), in quanto gli atti di gestione, compiuti dalla società con riferimento allo specifico affare, devono avere una rendicontazione in separate scritture contabili ex art. 2214 c.c. (il libro giornale, il libro degli inventari, nonché - se richieste dalla natura e dalle dimensioni dello specifico affare - altre scritture, quali, principalmente, le schede di mastro e le scritture ausiliarie di magazzino).
Per concludere, ad un inquadramento che potremmo definire giuridico ed economico, latu sensu, seguirà un’analisi che rivolgerà lo sguardo ad altri istituti presenti nel nostro ordinamento, sia di matrice domestica che internazionale; seguiranno poi gli aspetti di contabilità, per poi degradare con quelli che, per comodità, chiameremo aspetti aziendalistici: organizzativi, gestionali e strategici.The object of this work is the analysis of a new complex of legal norms in the panorama of company law, and the more illusory than real dysfunction with the "system" in which he came to enter: the separate and intended assets. Despite his young age, the new norms in question have been analyzed in several ways. The lawyers have felt the need to examine all the problems of these assets, invading, often times, fields and land which are unknown to themselves. On the other hand, business economists have had to review some absolute certainties, by now deemed earned, and formalize new ways of understanding and use of property, assuming the new rules of coordination.
As it often happens, the law is laconic and it too often gives the interpreter the task of completing the bare meaning of the text, discovering its limits and capabilities. The analysis, which has no pretension of completeness, will be conducted on several fields and on several different levels, showing as the misunderstandings and the apparent problems arise from a mere duplication of the same plans. Examining the separation of assets, this work underlines that the effect of the separation of "a part from the whole" in our system is not a novelty and it shows how the bond of destination is already contained in other rules of our legal order. Here the focus moves on reporting of the specific business. By that argument, it highlights the implications of advertising and how that representation is used to make enforceable against third parties for the occurred separation of assets.
At the same time, separate and intended assets stress the inadequacy of our laws; too many times we have seen the proposition of laws which were born already “old” and are not kept up with economic reality. Just sketching what may be the most important profiles from a legal standpoint, we can say that: the bond of destination resulting from the formation of separate assets, the legal autonomy and the accounting management do not imply the outflow by the global asset of goods to a specific deal, after which, and fulfilled its function of security, assets and liabilities to proprietary company. Moreover, the work analyzes separate accounting of the constitution of separate assets and operations over the course of the specific business, as well as the proper exposure of operations and evaluations concerning the specific business in the income statement of the company. The phenomenon is so marked that, in addition to generating the briefly referred consequences, produces a further consequence: the autonomy of accounts (art. 2447-c.c.), since the acts of management, made by the company with reference to the specific business, must have a reporting in separate accounts under Art. 2214 c.c. (the journal, the book inventory, and - if required by the nature and size of the specific business - other records, which mainly card ledgers and the auxiliary storage scriptures ).
Finally, in order to present schematically this work, we can say that in the first part we analyze both the economic and legal aspects of the new rules introducing separate and intended assets whit a deepening on other cases of separation of "a part from the whole" already contemplated by our legal order. Subsequently, we concentrate on accounting aspects and on business aspects: organizational, managerial and strategic ones.Dottorato di ricerca in Evoluzione storica degli studi di Ragioneria e di Economia Aziendale (XXI ciclo
Informed Trading in Parallel Bond Markets
No full textIn this paper we investigate the presence of asymmetric information
in the parallel trading of ten-year government fixed rate bonds (BTP)
on two secondary electronic platforms: the business-to-business (B2B)
MTS platform and the business-to-customer (B2C) BondVision one.
The two platforms are typified by a different degree of transparency.
We investigate whether the probability to encounter an informed trader
on the less transparent market is higher than the corresponding probability
on the more transparent one. Our results show that on BondVision,
that is the less transparent platform, the probability of encountering
an informed trader is higher. Finally we perform a series of tests to
check the robustness of our estimates. Two tests do not meet the
hypothesis of independence. Nevertheless, these findings do not
controvert the hypothesis of our model, but call for further [email protected]
Does Spatial Proximity Matter? Micro-evidence from Italy.
No full textThe effect of spatial agglomeration (localisation and urbanisation economies)
on employment growth is explored over a balanced panel of 23,374 Italian firms,
using a flexible Bayesian model. Contrary to previous research, the agglomeration
economies measures are calculated using direct measures of physical distances between
pairs of firms, rather than with respect to pre-specified geographical units.
We find that localisation effects are positive but decreasing with distance, while
the variety effects are negative for distances within 10 kilometers and become positive
for distances in a range of 10 30 kilometers. Our results suggest that the use
of geographic units such as standard metropolitan units, LLS, administrative regions
or provinces can be [email protected]@unimol.i
Change in persistence tests for panels: An update and some new results
Get PDFIn this paper we propose a set of new panel tests to detect changes
in persistence. The test statistics are used to test the null hypothesis of
stationarity against the alternative of a change in persistence from I(0)
to I(1), from I(1) to I(0) and in an unknown direction. The limiting
distributions of the panel tests are derived, and small sample properties
are investigated by Monte Carlo experiments under the hypothesis that
the individual series are independently cross-section distributed. These
tests have a good size and power properties. Cross-sectional dependence
is also considered. A procedure of de-factorizing, proposed by Stock and
Watson (2002), is applied. The defactored panel tests have good size
and power. The empirical results obtained from applying these tests to
a panel covering 21 OECD countries observed between 1970 and 2007
suggest that inflation rate changes from I(1) to I(0) when cross-correlation
is [email protected]@[email protected]
Multi-level Governance: The General Model and the Italian Experience
Get PDFDuring the last twenty years, the introduction of the principle of subsidiarity and the identification
of regions as political entities for the coordination of structural expenditure at the local level have
led to the adoption of the principle of multi-level governance (MLG), on which principle EU
government action is still based. The principle is based on the notion that the spread of governing practices (governance) across
various institutions, and hence jurisdictions, results in a greater efficiency of allocation and an
improved regulatory capacity compared to what more centralized governmental models are capable
of yelding. According to this view, multi-level forms of government are better able to identify the effects of
external economies which arise from the supply of public goods at different territorial levels. In
other words, a multi-level governmental model enables, more so than other models, these external
economies to be internalized and, at the same time, complex and heterogeneous demand from the
local populations to be met through territorial intervention policies. Within this framework we will describe the multi level governance (MLG) model adopted from all
the Countries of the EU, which constitutes the basis for national and local Public Administrations
actions in the field of the social and economic development policy addressed to the disadvantaged
areas of the Communitarian territory. We will present: a theoretical description of the model MLG
in its different categories; the category adopted as a target by the EU with its specific
characteristics, and the way those characteristics determine, in terms of operating consequences, the
definition of objectives, responsibilities and roles. With reference to the Italian case, we will also
describe the practical effects of the MLG model both on the communitarian and national funds
[email protected]
Measuring and Analyzing the Liquidity of the Italian Treasury Security Wholesale Secondary Market
No full textAlthough its importance, only recently the issue of liquidity in Treasury markets has received greater
attention. We survey the literature about market liquidity and liquidity measures, and we put forward new
measures. The aim is to provide a description of the liquidity of the Italian wholesale secondary market,
which we describe thoroughly. We apply a large set of measures on a unique dataset, which gives us a
complete view of the market. Even though the market provides an amount of liquidity that fits the market
needs, the quality of the order book is low, and despite the presence of a large number of market makers, the
degree of competition among them is not very high. Moreover, no clear and general relationship emerges
between trading and order book measures. Indeed, even though trading activity is higher for on-the-run
securities with respect to the off-the-run securities, there is not a sharp difference in terms of liquidity of the
order book between them. In this case market regulation plays an important role. Finally, we investigate how
long it takes for a new issue to become the benchmark for its segment. Our evidence shows that some
modifications of the issuance policy in order to have a larger outstanding since the first auction could help
securities in gaining earlier their benchmark status, especially in case of 10-year [email protected]
Order Dynamics in the Italian Treasury Security Wholesale Secondary Market
Get PDFMTS markets are an example of quote driven electronic order book markets for Government
securities. Proposals are firm, immediately executable and aggregated in a limit order book. In this
paper we analyse the evolution of the interaction between the order book and order flow by
exploring the determinants of the flows of limit and market orders over three years. We are able to
test several hypotheses coming from theoretical models. This is, to our knowledge, one of the first
empirical test of these hypotheses based on Government bond data. We find that market and limit
orders show positive autocorrelation and clustering as in Biais et al. (1995). No activity is clustered
as well. This diagonal effect could also explain the positive impact of book depth near the quote on
the flows of new limit orders. On the contrary, depth beyond the second best price seems to play no
role in book dynamics. Furthermore, increasing competition, measured as an increase in the number
of operators, has a negative effect on orders. In addition, we find mild support to the theoretical
prediction of a positive effect of book depth on order aggressiveness. Best spread, instead, behaves
consistently with theoretical models: a larger best spread encourages new limit orders [email protected]