1,720,958 research outputs found
«High-frequency trading»: note per una discussione
No full textIl lavoro prende in esame l’High-Frequency Trading (HFT), fornendo innanzitutto una descrizione del fenomeno e dei fattori giuridici e di organizzazione dei mercati che ne hanno favorito la crescita (paragrafo 2), per poi illustrare le principali strategie di negoziazione adottate dagli operatori che impiegano l’HFT (paragrafo 3) e discutere alcuni casi concreti che hanno destato attenzione (paragrafo 4). Fatta maggiore chiarezza sui confini della fattispecie, vengono sintetizzati i principali risultati degli ormai numerosi studi economici ed empirici sull’HFT per provare a capire se e quali rischi esso ponga alle esigenze di integrità, efficienza ed equità dei mercati (paragrafo 5). Infine, si passa in rassegna alcune iniziative regolamentari, assunte a livello internazionale, negli Stati Uniti e in Europa, a fronte del dilagare del fenomeno (paragrafo 6), per concludere con osservazioni – o, meglio, domande – di policy (paragrafo 7)
Le partecipazioni dei fondi alternativi riservati in società quotate e in altri fondi
Get PDFIl Quaderno analizza il ruolo degli OICR nel mercato dei capitali, a seguito delle più recenti modifiche normative
I poteri di vigilanza e di intervento della Consob
No full textIl lavoro offre una disamina dei poteri della Consob, concentrandosi su specifiche questioni, dapprima volgendo lo sguardo ai poteri considerati a prescindere dalle specifiche materie sostanziali (come ad esempio per gli emittenti, voto di lista, abusi di mercato, informazione societaria, prospetti, ecc.), per poi dedicare alcune riflessioni all’attività della Consob in talune specifiche aree affidate alla sua competenza
Nuovi strumenti di politica industriale per lo sviluppo e la quotazione delle PMI
Get PDFLe piccole e medie imprese costituiscono l’ossatura del sistema economico e produttivo italiano rappresentando il 99,9% del numero totale delle imprese del territorio nazionale. La dimensione ridotta delle imprese e la natura familiare della proprietà hanno spesso reso gli imprenditori restii ad aprire il capitale all’ingresso di nuovi soci finanziatori o a reperire fondi sul mercato di borsa o presso investitori istituzionali tanto che oggi l’Italia risulta essere uno dei paesi avanzati in cui la borsa è meno rappresentativa del tessuto produttivo e industriale. Un dato che consente di cogliere chiaramente il differenziale di sviluppo del mercato dei capitali è dato dal rapporto tra capitalizzazione di borsa e PIL. Con riferimento al 2017, questo rapporto ha assunto un valore pari al 128% nel Regno Unito, al 100% in Francia, al 58% in Germania e al 37% in Italia. La crisi finanziaria degli ultimi anni dal canto suo ha condotto l’Unione Europea nella fase di recessione più lunga di tutta la sua storia ed ha conseguentemente riportato all’attenzione dei politici e degli economisti europei il ruolo strategico delle piccole e medie imprese (soprattutto quelle manifatturiere) come propulsore della crescita e della capacità di innovazione tecnologica e sociale. Tant’è che per agevolare lo sviluppo delle piccole e medie imprese si è giunti a mettere in discussione la tradizionale diffidenza verso ogni forma di intervento pubblico nelle traiettorie di sviluppo industriale poiché si è capito che tra dirigismo e liberismo vi sono molte strategie di politica industriale intermedie perseguibili. Lo stimolo alla crescita e alla competitività per sostenere e rafforzare la ripresa è diventata la priorità essenziale per la Commissione Europea nella consapevolezza che la mera integrazione attraverso l’eliminazione delle barriere (ossia tramite il completamento del Mercato Unico) è condizione certamente opportuna e necessaria ma non sufficiente
Institutional investors, corporate governance and stewardship codes: problems and perspectives
No full textThis paper analyses the role that the Stewardship Codes can play in regulating the voting decisions of institutional investors in the shareholders’ meetings of the companies in which they have invested. The issue is particularly relevant if we consider that the European directive on the rights of the shareholders, starting from the assumption that the lack of interest of shareholders in listed companies has been one of the factors behind the financial crisis of 2007/2008, insofar as it encouraged speculative behavior by managers, assigns to institutional investors the task of monitoring the conduct of directors and exercising their voting rights (‘engagement’) in order to ensure the balanced growth of the value of the shares that is sustainable in the long term. However, this approach of the European legislator comes up against a series of uncertainties. Firstly, the technical meaning of terms such as ‘engagement’, ‘stewardship’ or ‘activism’ of institutional investors is unclear. Secondly, there is doubt as to whether institutional investors have adequate incentives to exercise careful and continuous monitoring of investee companies. At least in the case of traditional investors, in fact, the diversification of investment portfolios and the consequent reduced size of the shareholdings held in each individual company could render the option of disinvestment (exit) more efficient than the option of voting in the shareholders’ meeting (voice), which requires the costly acquisition and processing of information on subjects on the agenda of the various shareholders’ meetings, with the further disadvantage that other investors could take advantage of the increase in value resulting from such activities without incurring any economic burden (so-called ‘free riding’). Finally, one can raise legal doubts about the possibility for multiple ‘activist’ investors to adopt forms of functional coordination to counteract directors’ decisions considered inefficient or to activate insider information channels with the board of directors of the issuer in order to start a dialogue on the strategies that the issuer intends to pursue in the management of the company. Therefore, against the framework described above, this study is aimed at understanding how stewardship codes can stimulate institutional investors’ ‘engagement’ activities. After a brief historical reconstruction of the origins of shareholder activism and clarification of the meaning to be attributed to the definitions of ‘engagement’ (understood as a technique of dialogue with the issuer management) and ‘stewardship’ (understood as a set of initiatives with which asset managers protect the value of their beneficial owners’ investment), this paper tackles both the problem of the lack of engagement incentives, emphasizing the role that the so-called. ‘passive’ funds (i.e. those that pursue investment policies intended to reproduce faithfully the composition of the market indexes) can play in guiding the management of the issuer in a long-term perspective and the problem of the legislative and regulatory rules applicable to institutional investor engagement. In addition, the paper emphasizes the ‘signposting’ function that adherence to a stewardship code is able to develop with regard both to the market and the issuer itself, in terms of the seriousness of the commitment with which the investor intends to foster the prospect of sustainable creation of value in the long term. Finally, certain solutions are analyzed that could help to enhance the role of the stewardship codes: i) the assignment of a rating to the methods with which the code has been implemented by the individual institutional investor; ii) the anticipation of regulatory obligations of transparency concerning these method; iii) the formulation of a rule, based on the law or case law, which promotes the timely and continuous application of the corporate governance provisions as a relevant index of adequacy of the investment processes and organizational structures of the intermediary
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe 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
Get PDF“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
Get PDFWe 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
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
