1,720,973 research outputs found
How does the cyber crime affect firms? The effect of information security breaches on stock returns
No full textRobust portfolio optimization for banking foundations: a CVaR approach for asset allocation with mandatory constraints
No full textDoes fake news impact stock returns? Evidence from US and EU stock markets
No full textThis study investigates the effects of fake news on stock returns of targeted firms. Fake news is information which is presented as true but which is in fact fabricated and meant to mislead readers. On the basis of disagreement models, we argue that the fact that some investors might not be able to discern whether a piece of news is true or fabricated can cause disagreement among investors on the true value of the firm. This will cause the stock prices of targeted firms to respond to the fake news, even if its informational content is non-existent. Using event study methodology and OLS regressions, we analyse a sample of fake news initiated by outsiders and announced in the US and Europe during the period 2007–2019. We find that negative false news items have negative and significant short-term effects on returns, while positive and neutral news items do not have a clear impact on stock returns. Moreover, we find no significant difference between traditional media outlets and social media. Our results thus provide new evidence on the information-based manipulations of financial markets
La governance delle SGR e l'offerta dei fondi comuni: alcune considerazioni
No full textQuesto articolo esamina la corporate governance delle società di gestione del risparmio, analizzando un campione delle medesime nel periodo 2006-2010
The governance of Italian asset management companies: some considerations
No full textAsset management is a key sector of the Italian financial system, and its corporate governance (CG) is a key issue. This article investigates CG of Italian asset management companies (AMCs) by observing a sample of banking and independent AMCs from 2006 to 2010. The purpose of our research is to establish whether the governance structure of Italian AMCs influences products and profitability. We use the seemingly unrelated regression methodology. We find that the CG system may affect mutual fund categories offered by Italian AMCs. Moreover, the mutual funds category may contribute to AMC profitability. Our results have interesting operating implications concerning the Italian asset management market, characterised by a potential conflict of interest. A better CG structure of asset managers could contribute to improving their performances and reducing commissions charged to client
The ownership of italian asset management companies: consequences on the commissions structure
No full textRecent actions by market operators and numerous contributions existing in literature have pointed out
and stressed the importance of investigating the consequences of the ownership structures of the Asset
Management Companies (AMCs).
The objective of the paper is to delve into such field, trying to define the presence of a significant
influence between ownership of the AMCs and the commissions system. The analysis has been
conducted on a sample of AMCs, distinguished between independent and not-independent (in this
context meaning ownerships of banks and insurances). We have analysed the receivable and payable
commissions of the independent and not independent AMCs, for the four-year period: 2005-2008.
The results achieved allow us to submit useful considerations about the importance of the governance
characteristics of the asset managers and their choices in order to recover margins of profitability
Crisi e proprietà delle SGR: quali implicazioni sulla struttura delle commissioni?
No full textRecenti interventi di operatori del mercato hanno sottolineato l’importanza di indagare le conseguenze degli assetti proprietari dei soggetti gestori del risparmio, evidenziando un possibile legame tra crisi finanziaria e sistemi di corporate governance. Il presente lavoro intende approfondire tale ambito, cercando di definire i seguenti punti: la proprietà della Sgr è in grado di influenzare la struttura delle commissioni attive? La proprietà della Sgr è in grado di influenzare la struttura delle commissioni passive? Si evidenziano modifiche significative tra le commissioni del periodo precedente la crisi e successivo al manifestarsi della stessa? L’analisi è svolta su un campione di Sgr, distinte tra indipendenti e non indipendenti (ossia, in questo contesto, di proprietà di banche e assicurazioni). Di queste si analizzano commissioni attive e passive nel quadriennio 2005-2008. I risultati raggiunti consentono di formulare utili riflessioni sull’importanza delle caratteristiche di governance dei gestori del risparmio e sulle scelte dagli stessi operate al fine di superare la crisi finanziaria e recuperare margini di redditivita
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