1,721,189 research outputs found
Il posizionamento strategico dei fondi infrastrutturali mediante la costruzione di frontiere rischio-rendimento: un’analisi empirica
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I fondi infrastrutturali quali intermediari emergenti nella finanza di progetto: funzionamento e mercati di riferimento
No full textNegli ultimi dieci anni si è registrata una significativa crescita dell’offerta di fondi rivolti ad investire in asset infrastrutturali con strategie finanziarie di equity e/o di debito. Il presente articolo ne descrive il funzionamento e le tendenze distintive dell’industria internazionale di riferimento, con specifico riguardo alle capacità finora dimostrate nella raccolta dei capitali d’impiego (fundraising), nell’individuazione dei target di investimento e nell’ottenimento di adeguati tassi di rendimento, anche rispetto alle performance conseguite da fondi chiusi aventi altre strategie di investimento. Il lavoro propone altresì una metodologia, basata sulla costruzione di frontiere rischio-rendimento
ispirate alla moderna teoria di portafoglio (Markowitz, 1952), utile al posizionamento strategico di un fondo infrastrutturale mediante (a) la definizione delle strategie di investimento, tenuto conto delle policy interne di rischio e dei vincoli settoriali (trasporto, energia, telecomunicazioni) e di specializzazione (greenfield, brownfield, misti) declinati nei regolamenti approvati dagli organi di governance; (b) il successivo monitoraggio delle performance (anche a fronte di benchmark predefiniti); (c) l’eventuale analisi competitiva tra fondi. Infine, sono evidenziate le principali criticità che ancora rallentano il pieno sviluppo di detto segmento dell’industria finanziaria italiana, individuando due tipologie di gap – equity gap ed industry gap – che richiedono di essere colmate con azioni rapide ed efficaci del policy-maker al fine di consentire l’ammodernamento della dotazione infrastrutturale del nostro Paese
Multi-Unit Franchising Strategies: A Real Options Logic
No full textTheories of the firm so far applied to explain franchising struggle to enlighten its operational extensions, such as multi-unit franchise strategies. The corporate decision to grow via multiple franchising has not been yet analyzed with a view to accounting for how the flexibility to franchise or not (vis-a`-vis the rigidity of investing into new own outlets), as uncertain market circumstances warrant, can drive performance. In this study, we seek to fill the gap by proposing a theoretical framework and empirically investigating about the real options that underlie multiunit franchise strategies. Three are the key contributions to the franchising literature. First, an options-based classification of multi-unit franchise strategies is advanced in an effort to better explicate franchising and its performance consequences. Second, evidence drawn from the U.S. franchising industry is provided so as to both support classical findings on franchising and highlight the key source of extra value brought in by optionality associated with multi-unit arrangements and their impact on network performance. Third, ‘‘theoretical diversity’’ on franchising (Combs et al. In: J Manage 30:907–931, 2004) is enlarged by responding to the recent call for researchers to deliver complementary insights into what makes franchising work applying for the first time the real options theory to franchising. Implications of our findings for researchers, managers and policy-makers are discussed
Applicability of the load separation criterion and the normalization method to high-rate J-testing of ductile polymers
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A tentative application of the energy separation principle to the determination of the fracture resistance (JIc) of rubbers
No full textIn this work an innovative fracture mechanics experimental methodology for J testing of rubbers was investigated and tentatively applied. This single-specimen approach, based on the energy separation principle, would allow to identify the point of fracture initiation without any visual observation of the test, and to evaluate the material resistance to crack initiation (JIc). For comparison, fracture initiation was detected also by a methodology based on the visual observation of the crack growth by a camera. Although both methodologies evidenced that fracture initiation in rubbers is a progressive process, the energy separation based approach results to be a promising methodology
Più Stato o più mercato? Un’analisi empirica della struttura finanziaria delle operazioni di project financing
No full textLe modalità organizzative del project financing (definizione ex ante del progetto infrastrutturale da parte del promotore privato/equity sponsor e del soggetto pubblico; definizione ex ante della documentazione contrattuale, finalizzata al risk-sharing e al monitoraggio dei flussi di cassa, da parte dallo sponsor per negoziare il costo del debito bancario) riducono i rischi di distorsione delle stime statistiche risultanti dalla simultaneità che tipicamente sussiste tra la scelta di configurazione finanziaria di un progetto di investimento e le sue caratteristiche. Lo studio si prefigge, dunque, di investigare le determinanti delle scelte di struttura finanziaria (debito bancario, project bonds, capitale di rischio, contributi pubblici) effettuate dalle società di progetto nel mercato internazionale del project financing, riconducibili alle caratteristiche delle opere infrastrutturali, dei contratti «non finanziari» utilizzati per il project management e degli strumenti finanziari. L’analisi empirica è condotta su un campione di 707 operazioni di project financing (trasporto, energia, telecomunicazioni; Europa, Nord America, Medio Oriente; 2000-2016). Il lavoro si propone altresì di fornire evidenza empirica circa il ruolo proattivo che lo Stato può essere chiamato a svolgere nel co-finanziare gli investimenti infrastrutturali, pur in presenza di una crescente mobilitazione di capitali privati. Se ne traggono implicazioni per l’azione del policy-maker volta alla promozione dello sviluppo della dotazione infrastrutturale del proprio Paese
Effect of the testing geometry on the applicability of the load separation criterion in determining the fracture resistance (JIc) of ductile polymers.
No full textThe analysis of the specimen geometry effects on the evaluation of material fracture resistance plays a fundamental role in the development of fracture mechanics testing methods, typically aimed at determining intrinsic material properties. In this work, the applicability of a procedure based on the load separation criterion in determining the fracture resistance (JIc) of an acrylonitrile-butadiene-styrene (ABS) resin was analysed and discussed. In particular, the effects of the specimen dimensions were investigated. Several sets of single edge notched in bending [SE(B] specimens, that differed for specimen dimensions, were tested. Each set consisted in a series of specimens with different initial crack length to width ratio. The existence of a separable blunting region, necessary condition for the application of the load separation criterion, was ascertained for each specimen geometry considered. The data of J at fracture initiation, JIc, obtained by applying the methodology based on the load separation criterion, resulted remarkably dependent on a0/W for each set of specimens of given dimensions. At a fixed a0/W, also the specimen dimensions (thickness and width) were found to have an effect on the fracture resistance. These data of JIc were also compared with those resulting from the application of a multi-specimen methodology
Bank Crisis Management Practices in Italy (1978-2015) and Their Perspectives in the Italian Cooperative Credit Network
No full textBank recovery and resolution practices so far applied have shown strong limits in the aftermath of the 2007-2008 global financial crisis. The new EU legislation concerning bank-crisis management is intended to challenge such practices. The Italian Cooperative Credit (CC)’s pioneering experience of the Guarantee Central Fund (FCG) – established on a voluntary basis in 1978 in line with the spirit of mutuality shared by the credit cooperation movement across Europe since the late 1800s – contains important lessons on how to re-conceptualize and re-design the financial safety-net of a small banks’ network within the Banking Union. Past research has shown that a private-sector approach to deposit insurance can function better than a government-based one, preventing moral hazard behaviours of small member banks and the adverse effects of their failures on the economic output of associated communities. The ex-ante self-financing mechanism implemented by FCG to support Cooperative Credit Banks (CCBs) successfully avoided depositors pay-outs, further disbursements by member banks, and pro-cyclical effects on local economies. Overall, the Italian CC financial safety net enabled the market exit of 400 CCBs over the last 40 years without any failures, contagion spillovers to the country’s economic system or societal value destruction. Two key lessons that, among others, can be drawn are that (a) a sectoral DGS should better serve as a “risk-minimizer” so as to reduce the likelihood and amount of losses for member banks; (b) cohesiveness produces high economic and social returns at both micro and macro levels. Conclusively, the fruitful results of the above experience should be contrasted with the consequences of small-bank failures in the U.S. market and the huge amount of state aid granted worldwide during the recent global financial crisis
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