1,720,963 research outputs found
Corporate Disclosure Policy, Corporate Governance Structures and Mechanisms and Analysts' Recommendation: is corporate reputation an intermediate variable?
No full textNo abstract availabl
The information content of strategic plan presentation of Italian listed companies
No full textIn this paper, using the event study methodology, we
investigate the effects on stock prices of strategic plan
presentations of Italian listed companies to securities analysts
and institutional investors. Although the role of strategic plans
as communication means and consensus catalysts has been
acknowledged theoretically and investigated empirically, the
information content of strategic plans presented to analysts and
investors has not yet been studied in depth. By considering an
event window of 21 days and an estimation window over the
240 days prior to the event, we use the market model to
calculate normal returns and measure company’s abnormal
returns. Research findings support the idea that strategic plan
presentations convey information useful for the valuation of
small and medium companies with low analyst following. This
sub-sample of companies shows, indeed, very positive and
statistically significant ASCAR (average standardized
cumulative abnormal returns) from day 0 to day +10. We
believe our findings have relevant implications both for theory
and practice. Theoretically, they contribute to the literature on
strategic plans and voluntary disclosure, providing evidence
that not only strategic plan presentations aggregate consensus
around company’s strategy, but they also convey valuable
information to assess company’s value. Practically, they
suggest companies should consider adopting strategic plan
presentations as integrated communication device
Stock market’s reaction to strategic plan presentations to securities analysts: evidence from Italy
No full textNo abstract availabl
Exploring the drivers of corporate reputation: A study of Italian securities analysts
No full textCorporate reputation can be broadly defined as a set of collectively held beliefs about a company’s ability to satisfy the interests of its various stakeholders. In this paper we report findings from an empirical study of drivers affecting the judgment of a specific group of stakeholders, i.e. securities analysts. Results from a survey of 75 analysts operating on the Milan Stock Exchange indicate that securities analysts tend to judge companies mainly on their financial performance, the configuration of their governance structures, the quality of their financial disclosure, and the quality of their leadership and of their prospects for the future
What do Client-firms Think of their Auditors? Evidence from the Italian Market
No full textIn the audit industry, the reputation of the different players is of paramount importance, as customers tend to rely on “social proof” of competence rather than attempting directly to assess the quality of audit work. The relevance of the topic is testified by the number of studies which have investigated the reputation audit firms enjoy among their clients, by analyzing features such as whether the Big audit firms are attributed audit fee premiums in comparison to non-big audit firms. This paper differs from these studies in that it investigates audit firms’ reputation by collecting the judgments and opinions of client-firms. Contrary to the widespread assumption that the Big audit firms as a group enjoy a better reputation than the non-Big audit firms among their clients, we discovered that the Big Four are not necessarily perceived as superior in comparison to their smaller counterparts. Moreover, we found evidence of reputational differences even within the Big Four grou
The role of strategic plan presentations of listed companies as a supplementary communication tool
No full textThe sudden collapse of well-regarded and much celebrated companies like Enron, Vivendi, or Parmalat has highlighted the inability of traditional financial statement to fully cope with the information needs of the financial markets. A possible solution is extending the scope of business reporting to incorporate greater discussion of the critical drivers of business success, more non-financial performance indicators, and more forward-looking information (FLI). A second approach suggests using press releases, company websites, meetings with the management, conference calls and presentations to the financial community as a means of integrating communication. In the paper, for the first time, presentations of strategic plans to analysts and investors are studied as integrative communication tool for voluntary disclosure of FLI. Findings show that strategic plan presentations contain a significant amount of FLI and that the variables related to the amount of FLI contained in strategic plan presentations are the same variables related to other communication tools for voluntary disclosure, thus providing evidence that companies may use strategic plan presentations as a supplementary communication tool
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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