1,720,975 research outputs found
The Role of ESG Scoring and Greenwashing Risk in Explaining the Yields of Green Bonds: A Conceptual Framework and an Econometric Analysis
Full text linkThis article aims to investigate the factors that most influence the yields of public sector and corporate green bonds besides those conveyed by the conventional finance theory (e.g., rating, volatility, maturity). To accomplish that, we first develop a theoretical framework that postulates the negative relationship between the size of the underlying project financed by a green bond issuance, the use of the ESG metrics to quantify such impact, as well as the positive relationship between the risk of greenwashing practices by the issuer, and the yield to maturity of the green bond. We then provide an empirical validation of our conceptual framework by estimating multiple regression models applied to two distinct samples of public and corporate green bonds issued globally in the 2012-2020 period. The reliability of our results is confirmed by further exploring the effects of some key determinants on the yield spread of green versus comparable ordinary bonds of corporate issuers. Our findings corroborate our theoretical predictions showing that investors are inclined to accept lower returns in exchange for contributing to the funding of infrastructure projects with greater impact on the sustainability of target communities or territories and require higher premia as a form of compensation when being exposed to higher risk of greenwashing by issuers. At corporate level, greenwashing risk is higher among manufacturing (rather than services) firms but more pronounced in the financial sector. At public level, greenwashing strategies may be more easily pursued by multinational or sovereign issuers rather than local governments as the former’s greater distance from communities enables them to elude investors’ controls. Important recommendations are drawn for investors, rating agencies, and policymakers
Il ruolo dei green bonds nel finanziamento delle infrastrutture sostenibili
No full textNegli ultimi decenni, i continui mutamenti climatici ed ambientali hanno evidenziato la necessità di attuare una trasformazione della rete infrastrutturale tradizionale orientandola verso una maggiore sostenibilità. Per infrastrutture sostenibili si intendono tutte quelle opere ideate, progettate, organizzate e realizzate al fine di assicurare il rispetto di cinque dimensioni quali: la sostenibilità ambientale; sociale; finanziaria; istituzionale e tecnologica.
Nel presente lavoro verrà posta l’attenzione sulla dimensione della sostenibilità finanziaria necessaria al finanziamento di dette infrastrutture. Nei prossimi anni, infatti, il settore finanziario dovrà affrontare nuove sfide per promuovere e garantire la c.d. finanza sostenibile che sia in grado di finanziare investimenti volti a contrastare gli effetti avversi del cambiamento climatico. La green transition, almeno per i prossimi trenta anni, richiederà, dunque, l’implementazione di significativi piani di investimento da parte delle istituzioni internazionali, dei singoli Governi e del settore privato, che dovranno essere supportati da un adeguato sostegno finanziario.
Attualmente, fra gli strumenti finanziari che più si prestano a soddisfare tale necessità si possono individuare i Green Bonds e i Green Loans, che generalmente vengono emessi o concessi da istituzioni pubbliche e private. In questo lavoro verrà posta l’attenzione esclusivamente sullo strumento dei Green Bonds evidenziandone il funzionamento, le dinamiche di mercato e i fattori che maggiormente impattano sui rendimenti di tali titoli. Inoltre, attraverso l’ausilio di un modello econometrico, sono state individuate le principali variabili che maggiormente hanno influenzato i rendimenti di questi titoli, emessi dal settore pubblico e dalle aziende private, fra il 2012 e il 2019
Problemi di economia e politica monetaria
No full textIl volume offre una vasta gamma di esercizi e di materiali di approfondimento utili ad un più efficace studio delle principali problematiche affrontate nella teoria e nella politica monetaria. Si analizzano domanda e offerta di moneta, obiettivi, strumenti e meccanismi di trasmissione della politica monetaria, modelli con aspettative razionali, modelli con intermediazione finanziaria, modelli di real business cycle e neokeynesiani dinamici. Pensato come strumento integrativo al manuale “Economia e Politica Monetaria” di Giorgio Di Giorgio, può essere utilizzato come supporto didattico anche per approfondimenti ed iniziative di tipo seminariale in corsi relativi a discipline affini quali la macroeconomia o la politica economica
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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