1,721,009 research outputs found
Glossario Internazionale di Valutazione Aziendale adottato nella realtà Nordamericana. Una traduzione ragionata
No full textLavoro teso ad avviare una serie di approfondimenti sulla necessità di un glossario italiano condiviso in tema di valutazione aziendal
European emission allowance and equity markets: evidence from further trading phases
No full textPurpose: This paper aims to investigate the value relevance of the European Emission Allowance (EUA) return and volatility on the equity value of the top listed European Power Generation Firms for the three trading phases of the European Emission Trading Scheme. Design/methodology/approach: The authors use the multifactor financial market model over the period 2005-2016 on daily basis for the return relevance relationship, whereas time series models such as autoregression moving average and generalized autoregressive conditional heteroskedasticity are applied on a weighted average portfolio of the sample firms to test serial correlation and volatility of returns. Findings: The findings are novel in which a positive and significant relevance of EUA return on equity return is shown; however, a vanishing effect is seen as one moves to further trading phases. Another remarkable finding is that the return relationship remains constant until a certain level in EUA price then inverts. Finally, the authors present that EUA is considered a systematic factor as firm and country-specific features are not statistically significant. Practical implications: At policy level, these findings signal policymakers for an appropriate design of the future trading phases in which they achieve the balance between public interests, as climate risk mitigation by reducing emissions, and the private interests of the market players to support innovative changes. Originality/value: To the authors’ knowledge, this study would be the first to offer recent and comprehensive findings on the economic and financial implications of the European Emission Trading Scheme for the three trading phases. Additionally, the research offers time series robustness check besides the standard regression analysis and shows that there is an optimal EUA price that triggers polluters’ decision on emission and generation
Comunicazione aziendale. Asimmetrie informative, earnings management: riflessioni introduttive
No full textPrincipi di valutazione aziendale. La rilevanza della definizione di principi di valutazione aziendale per la professione contabile
No full textBanking function and accounting practices from 1810 to 1897: the case of the Monte di Pietà in Milan
No full textConceiving of accounting as a social practice, this study examines the role of accounting practices in facilitating the development process. The period chosen was characterized by political, social, and economic events that would lead to Milan becoming the financial capital of Italy. These events similarly influenced the development of the Monte di Pietà, a type of charitable organization originating in Italy that ultimately, through a law passed in 1898, became the country’s first credit institution. The analysis carried out on accounting practices of the Monte di Pietà of Milan
shows, in particular, how the functioning of the institute completely changed after the Napoleonic isolation. Furthermore, the considerable attention paid to producing detailed reports induced virtuous behaviour among the members of the organization that was not required by national regulatory provisions. In this sense, accounting was not only an instrument shaped by the context in which it was inserted, but it was also an instrument that shaped company functioning. The Monte, a charitable institution at the time actually functioned as a credit institution, even before legislative intervention. The accounting practices used, well above the legislative obligations, induced virtuous behaviours
among the members of the organization. In other words, the Monte’s change into a credit institution was not the result of a path originated by legislative provision but rather from the social behaviour of its members, even by the means of accounting practices
Looking at words and points with attention: a benchmark for text-to-shape coherence
No full textWhile text-conditional 3D object generation and manipulation have seen rapid progress, the evaluation of coherence between generated 3D shapes and input textual descriptions lacks a clear benchmark. The reason is twofold: a) the low quality of the textual descriptions in the only publicly available dataset of text-shape pairs; b) the limited effectiveness of the metrics used to quantitatively assess such coherence. In this paper, we propose a comprehensive solution that addresses both weaknesses. Firstly, we employ large language models to automatically refine textual descriptions associated with shapes. Secondly, we propose a quantitative metric to assess text-to-shape coherence, through cross-attention mechanisms. To validate our approach, we conduct a user study and compare quantitatively our metric with existing ones. The refined dataset, the new metric and a set of text-shape pairs validated by the user study comprise a novel, fine-grained benchmark that we publicly release to foster research on text-to-shape coherence of text-conditioned 3D generative models. Benchmark available at https://cvlab-unibo.github.io/CrossCoherence-Web/
Is “overtourism” a new issue in tourism development or just a new term for an already known phenomenon?
No full textIs overtourism a new issue in tourism development, or just a new term for an existing phenomenon? The problems caused in some destinations by the increasing growth in tourism have resulted in the recent introduction of the term ‘overtourism’, recalling issues discussed in the literature since the early ‘70s. This paper aims to answer the question of whether overtourism is a novel issue through an initial exploratory study
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