1,720,980 research outputs found
The role of Venture Capital in the underpricing of European life science companies
No full textThis study evaluates the underpricing of the European companies operating in the life science industries at IPO. Results show a positive and high underpricing for the IPOs occurred between 2002 and 2007. Moreover, when differentiating between VC backed and non VC backed firms, we find that the first exhibit a lower underpricing both for the first day of trading and the first week after the IPO, and evidence support the idea of a positive contribution of venture capitalists to the performance of the listing firms. Moreover, VC backed firms appear less risky, registering a lower volatility of returns in the days following the IPO date
The Needs for Financial Literacy in the Fintech Era: Italian Experiences
Full text linkThe issue of financial literacy has been increasingly examined in Italy. It derived from the focus on overindebtedness and the threats posed by loan sharks. As paradoxical as it may seem, the overindebtedness risk is particularly high among the unbanked — households and micro/small businesses—because of their difficulties in having access to formal bank credit. Overindebtedness, usury, and the absence of connections with banks are all symptoms of a difficulty in relating appropriately to the banking system linked in part to inadequate levels of financial literacy. In the same way, the low propensity to insure has probably to do with a low understanding of the insurance process. This makes the unbanked/uninsured households and small enterprises, particularly vulnerable to risk. This paper aims to analyze the current situation of financial literacy in Italy, taking into account the vulnerability of some segments of the population and the inadequacies on the supply side. Surveys over time have shown a low level of financial literacy in Italy compared with advanced economies. A number of initiatives have been taken to attempt to improve financial literacy, especially among the young and more vulnerable. This chapter aims at presenting these initiatives and making a preliminary evaluation of them
The determinants of leverage : a comparative analysis
No full textThis paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature
Financial Literacy and Digital Literacy: Intertwined Issues of Increasing Importance
No full textThe chapter discusses the growing need of financial literacy associate to digital literacy, even in developed countries. The risks of financial exclusion and of being a victim of fraud and scan for less digital educated people (such as elderly and poor people with less frequency of use of digital devices and therefore with less experience and trust) have been increased in the fintech era. Therefore, financial literacy education programs must also emphasize digital knowledge, behavior, and attitude. The chapter analyses how the literature approaches the issues of financial literacy and digital literacy and resents the Italian model for coordinating initiatives in this field
Content analysis of the financial literature over time in the world
No full textThe paper offers a conceptualization of the phenomena of financial illiteracy and its relationships with digital skills in a rapidly changing landscape driven by technology. It proposes a bibliometric analysis of the issue from the perspectives of individuals and households, entrepreneurs and firms and financial intermediaries and authorities. The aim of this chapter is to analyse the stream of the worldwide FL literature in order to shed a light on the conceptual structure of the research field, with an emphasis on its evolution over time and its future developments. We are interested in FL themes and in analytical perspectives from different disciplines, and consequently, our focus is more on thematic evolution and approaches than on authors’ productivity, authors’ influence, networks, research centres and journals
The role of Venture Capital in the underpricing of European life science companies
No full textThis study evaluates the underpricing of the European companies operating in the life science industries at IPO. Results show a positive and high underpricing for the IPOs occurred between 2002 and 2007. Moreover, when differentiating between VC backed and non VC backed firms, we find that the first exhibit a lower underpricing both for the first day of trading and the first week after the IPO, and evidence support the idea of a positive contribution of venture capitalists to the performance of the listing firms. Moreover, VC backed firms appear less risky, registering a lower volatility of returns in the days following the IPO date
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