1,721,562 research outputs found
Il rispetto dell’Equal Opportunity Rule nelle Opa Successive
No full textIl presente lavoro è diretto ad investigare il perseguimento del principio di uguale trattamento delle minoranze azionarie in occasione di operazioni di trasferimento del controllo di emittenti quotati alla Borsa Valori Italiana (D.Lgs. 58/1998). L’intento è quello di verificare se, grazie alla discrezionalità di cui godono i potenziali raider in termini di tempi, modalità e prezzo di offerta, tale principio apparentemente valido venga in realtà una volta applicato disatteso.
In particolare, si vuole testare se la percentuale di adesioni in sede di offerta pubblica viene a dipendere dal prezzo pagato che, seppur apparentemente regolato dalla legge, diviene discrezionale in termini condizionati (ex-ante) per il potenziale raider. La possibilità di stabilire infatti il quando e la tipologia di OPA da realizzarsi consente a quest’ultimo di sfruttare in modo opportunistico la possibilità di transare toehold o meno precedentemente l’offerta al fine di non garantire uguale trattamento. I risultati confermano tale ipotesi
Home Sweet Home: Analisi del “Local” Home Bias nei Fondi Comuni Italiani
Full text linkIl lavoro è diretto a verificare l'esistenza di un fenomeno di local home bias consistente nella preferenza da parte dei gestori di fondi comuni di investimento italiani verso titoli di imprese a loro più vicine. Analizzando il peso dei titoli inseriti nei diversi portafogli di un campione di gestori di fondi comuni italiani rispetto ad un portafoglio che si potrebbe considerare "benchmark", il presente lavoro rileva la preferenza da parte di questi ad investire in titoli di società quotate a loro limitrofe. Attraverso un'analisi di simulazione si rileva altresì che tale comportamento apparirebbe "razionale" in quanto i gestori sembrano sfruttare in modo proficuo il vantaggio informativo relativo all'adiacenza geografica ai titoli a loro più vicini
Family firm local involvement and the Local Home Bias phenomenon
No full textResearch has documented that most of retail and institutional investors exhibit a strong preference for stocks issued by nearby listed firms (i.e. Local Home Bias). This phenomenon shapes corporate market value and the cost of funding. In this paper, we investigate whether the Local Home Bias is enhanced in family firms as a consequence of their symbiotic connection with the local community. Using a dataset of 2,951 Italian firm-year observations (1,481 are family firms) over the period 1999–2011, we find that Local Home Bias is not a widespread phenomenon and mainly occurs in founding family firms where the founder serves as CEO. The Local Home Bias is absent in non-family firms or in family firms where the owner has acquired control through a market transaction. Overall, results suggest that locally committed family firms trigger investor preference for local stocks and, in doing so, exploit the dedicated local clientele which shrinks the cost of funding. Ultimately, we argue the social contributions of family firms to the local community could even have opportunistic traits and a non-trivial economic effect
Effects of global climate change on on fisheries in trasimeno Lake (central Italy), with special reference to the Carassius spp. invasion. and possible management strategies
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The decision to go public and the IPO underpricing with locally biased investors
Full text linkWe provide new evidence that local investors are peculiarly biased towards local IPO stocks. Taking the well-known investor preference for local stocks a step further, we contribute by showing that local IPOs boost stock market participation far more intensely than local listed firms. Interestingly, the effect is driven by individuals born and raised in the region, having zero effect for those who have moved to the area. Consistent with underwriters significantly under-estimating the local investors’ demand in local IPOs, the probability of a private firm to go public, the IPO underpricing and the cross-sectional volatility of IPO initial returns, increase in remote firms where the local investors’ demand in local IPOs is particularly high. Overall, our results suggest that local investors are crucial for the IPO decision
Local IPO waves, local shocks, and the going public decision
Full text linkLocal IPO waves occur when firms from different industries, but located in the same area, go public in the same time period. We classify IPOs within industry IPO waves and within local IPO waves, and see that the sub-samples of IPOs on the wave by industry only slightly overlap IPOs on the wave by region; IPO waves by region are similar to IPO waves by industry: for example, early-in- the-wave IPOs are equally more underpriced than late-in-the-wave IPOs. We also find the listing decision is sensitive not only to high valuations of firms in the same industry but also to high valuations of firms in the same region but in different industries. Our results do not support information spillover as a driver of local IPO waves, as the post-IPO fall in profitability is more pro- nounced for on-the-wave than for off-the-wave IPO firms and the IPO price revision is not sensitive to the information revealed by concurrent IPOs. Using a difference-in-difference approach, we show that regions hosting IPO waves experience a parallel increase in several economic ratios post the wave. Over- all, our results provide support to local IPO waves originating in positive local shocks
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
Anelastic phenomena and Cr2N precipitation in a high nitrogen austenitic steel
No full textInternal friction (IF) and dynamic modulus measurements on a high nitrogen (0.8 wt%) austenitic
steel in the temperature range from room temperature to 800 °C have been carried out by using a
vibrating reed technique with electrostatic excitation and frequency modulation detection of flexural
vibrations in the frequency range of kHz.
The IF spectrum of the as-prepared material shows a broad peak superimposed to an exponentially
increasing background. The discontinuous precipitation of Cr2N phase changes the characteristics of
the peak. The results have been discussed by considering interstitial-substitutional (i-s) interactions
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