1,796 research outputs found
Empirical essays on corporate finance and government bond markets
No full textDo financing obstacles hamper firm growth? Evidence on euro area non financial corporations: Questo articolo verifica se fattori finanziari e caratteristiche delle imprese abbiano un impatto significativo sulla crescita delle imprese, basandosi su un panel non bilanciato di circa 1.000.000 osservazioni su circa 155.000 imprese non finanziarie in cinque Paesi dell’area dell’euro. La novità dell’articolo riguarda l’uso congiunto di informazioni di bilancio e di risultati di interviste dirette alle imprese. In questo modo è possibile derivare una misura diretta della probabilità che un’impresa soffra di ostacoli finanziari. Si contribuisce anche ai filoni di letteratura caratterizzati da un approccio stocastico o deterministico alla crescita delle imprese. Si trova che la crescita delle imprese non è casuale e che la posizione finanziaria ne è una determinate. Tuttavia, nonostante la chiara evidenza che il cash flow abbia un impatto positivo sulla crescita, I risultati riguardanti la leva finanziaria non sono conclusivi. Risultato importante, infine, è che la misura di ostacoli finanziari, seppure prevalentemente funzione di indicatori qualitativi, ha un impatto significativamente negativo sulla crescita delle imprese in quattro paesi. Parole chiave: Vincoli Finanziari, crescita dell’Impresa, Dati Panel.
The pricing of the option implicitly granted by the Italian Treasury to the Specialists in the reserved auction reopening: Il mercato primario dei titoli di Stato italiani è basato su un sistema di operatori principali. Questi, selezionati dal Tesoro, vengono detti Specialisti e sono sottoposti ad un insieme di obblighi e di privilegi. La letteratura ha mostrato scarso interesse verso uno dei maggiori privilegi a loro accordati, il diritto a partecipare a riaperture riservate di asta. Questo privilegio consiste nel diritto di acquistare titoli di Stato al prezzo stabilito nella precedente asta ordinaria. In questo articolo si prova a suggerire un metodo per la valutazione monetaria del privilegio di riapertura, assimilandolo ad una opzione di acquisto (call option) scritta sui titoli in asta, valutata nell’ambito del modello di Cox – Ingersoll – Ross. Nonostante l’opzione duri un solo giorno, questa ha un valore significativamente diverso da zero, che aumenta all’aumentare della maturità del titolo sottostante e che è superiore per i titoli che pagano una cedola. Infine, il valore dell’opzione spiega in parte il differenziale di prezzo che si registra nei giorni di asta sui mercati primario e secondario dei titoli di Stato. Parole chiave: Struttura a termine dei Tassi di Interesse, Option Pricing, Aste sui titoli di Stato.
Measuring and Analyzing the Liquidity of the Italian Treasury Security Wholesale Secondary Market (insieme a Sergio Ginebri e Manuel Turco): Solo di recente si registra maggiore attenzione per la liquidità dei mercati dei titoli di Stato. In questo articolo passiamo in rassegna argomenti quali la liquidità di questi mercati, le misure di liquidità e introduciamo nuove misure per descrivere in modo accurato il mercato secondario all’ingrosso dei titoli di Stato. Applicando un gran numero di misure ad una fonte dati, unica per la capacità di rappresentazione del mercato, troviamo una scarsa qualità dell’ order book. Inoltre, nonostante il gran numero di operatori, la competizione è limitata. Troviamo altresì che la regolamentazione del mercato è importante nell’interpretazione del perché la liquidità di titoli off-the-run non differisca da quella degli on-the-run, nonostante le contrattazioni siano più vivaci per questi ultimi. Infine, suggeriamo un incremento della quantità emessa nel primo collocamento di un nuovo titolo al fine di renderlo prima il benchmark per il proprio segmento di mercato. Parole chiave: Titoli di Stato, Liquidità, Microstruttura del Mercato.Do financing obstacles hamper firm growth? Evidence on euro area non financial corporations: This paper investigates whether financial factors, along with firms’ characteristics, significantly affect firm growth using an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro zone countries. The novelty of the paper is the combination of balance sheet information with survey data. In this way it is possible to work out a direct measure of the firms’ probability of facing financing obstacles. Furthermore, I contribute to both the stochastic and the deterministic approaches to firm growth. I find that firm growth is not due to chance and that financial position matter. Although the evidence that firm cash flow and growth opportunities positively affect growth is unambiguous, I obtain less clear-cut results for leverage and debt burden ratios. More importantly, even if the direct measure of financing obstacles is a function of qualitative indicators, it is able to capture the negative impact of financing obstacles on firms growth in four countries. Keywords: Financing Constraints, Firm Growth, Panel Data.
The pricing of the option implicitly granted by the Italian Treasury to the Specialists in the reserved auction reopening: The Italian Government Security primary market relies on a primary dealer system, i.e. the Treasury selects a group of intermediaries called Specialists, who benefit from a set of obligations and privileges attached to their status. Academic literature paid scant attention to one of the main privileges, namely the right to participate in reserved auction reopenings. This consists in the right to buy predetermined additional quantities of Government securities at the price settled at the auction. This paper attempts to price this privilege as a call option written on the auctioned bonds in the framework of the Cox – Ingersoll – Ross model. No matter the one-day life, the option has a value significantly different from zero, this values is increasing in the maturity of the underlying bond and it is higher for coupon bonds. Moreover, the option value helps explaining part of the mispricing occurring on auction days between the primary and secondary market prices. Keywords: Term Structure of Interest Rates, Option Pricing, Treasury Auctions.
Measuring and Analyzing the Liquidity of the Italian Treasury Security Wholesale Secondary Market (joint with Sergio Ginebri and Manuel Turco): Although its importance, only recently the issue of liquidity in Treasury markets has received greater attention. We survey the literature about market liquidity and liquidity measures, and we put forward new measures. The aim is to describe thoroughly the liquidity of the Italian wholesale secondary market. We apply a large set of measures on a unique dataset, which gives a complete view of the market. We find that the quality of the order book seems to be low, and despite the presence of a large number of market makers, the degree of competition among them is not very high. Moreover, even though trading activity is higher for on-the-run with respect to the off-the-run securities, there is not a sharp difference in terms of liquidity of the order book. In this case market regulation plays an important role. Finally, our evidence shows that some modifications of the issuance policy in order to have a larger outstanding since the first auction could help securities in gaining earlier their benchmark status. Keywords: Government Securities, Liquidity, Market Microstructure
An analysis of the Italian Government debt liquidity: an estimation of the liquidity premium
No full textpresented at the conference “La liquidità del mercato secondario all’ingrosso dei titoli di Stato Italiani: recenti tendenze prima e dopo la crisi dei sub-prime”, Dipartimento del Tesoro - Ministero dell’Economia e delle Finanze,Direzione del Debito Pubblico, Roma, 25 settembre 2008
Chiara Lubich, Meditazioni: letteratura come relazione
No full textChiara Lubich (1920–2008), although the author of 32 books published in 26 countries (178 editions, 3.2 million copies), is better known for her social engagement, as reflected in numerous awards. She began to be regarded as a literary author only in the early 2000s, and primarily from a linguistic rather than literary perspective. This article focuses on her book Meditazioni (Meditations), reconstructs its genesis by tracing the writing process from the late 1950s to her death and the 2021 critical edition, and offers a literary analysis. This reveals Lubich as a forerunner of a new conception of literature: literature as relationship – not only between author and reader, but also among subject, inspiration, and the editorial process
Measuring and Analyzing the Liquidity of the Italian Treasury Security Wholesale Secondary Market
No full textMinistero dell’Economia e delle Finanze, Dipartimento del Tesoro
Chiara Lubich: A Saint for a New Global Unity
No full textIn this article the author offers an introduction to the life, thought, and impact of Chiara Lubich. He begins with a brief biographical overview and draws attention to some important features of her spiritual teaching: Jesus in the midst, Jesus Forsaken, Mary Desolate, the four nights. He draws attention to the Economy of Communion and as an expression of this spirituality in the world of business and economics, and to the figure of Chiara Luce Badano, a young adherent to the Spirituality of Unity who has been recognized as an example of how this spirituality can lead to holiness of life. The author’s judgment is that Chiara Lubich is “a saint of dialogue.
Manifesto per il museo post-etnografico
No full textThe author signes a poetic manifesto for the future of ethnographic museums, beyond colonial representational stereotypes and methodologies
Adenocarcinoma of the ileal pouch mucosa. A new diagnostic challenge
No full text.Dear editor,
We read with interest the manuscript recently published by O’Mahoney et al. entitled “Adenocarcinoma of the ileal pouch mucosa: case report and literature review” [1]. The authors well presented a case of adenocarcinoma of ileal pouch mucosa diagnosed after 13 years of pouch creation. They reviewed literature for true pouch adenocarcinoma, and a total of 27 patients have been described around the world. Of these,
63 % (17/27) had neoplasia in their original proctocolectomy specimen. Mean time of adenocarcinoma development was 8.9 years. Five-year survival after excision of the pouch was 70 %. In our experience of 112 ileal pouch anastomosis, we had one case of true pouch adenocarcinoma. A 71-year-old man was diagnosed of ulcerative colitis for 30 years; he underwent a total colectomy 26 years ago (on 1985). Patient course was complicated by chronic pouchitis medically treated. After 11 years of follow-up, primary sclerosing cholangitis
diagnosis was done. During annual endoscopic control, a polypectomy was performed. At pathology, a wide area of high-grade dysplasia with a minute focus of adenocarcinoma polyp was observed. A magnetic resonance imaging was performed, and a mucosal thickening was observed. Considering oncological indication to remove the pouch, patient age, and technical difficulty to restore intestinal continuity, the patient underwent ileal pouch excision with end ileostomy. After 34 months of follow-up, the patient is alive with no local or systemic recurrence. In our experience, mean age at surgery was 37 years old with a mean follow-up of 123 months ..
Il museo come metodo. E tu, che cosa vedi?
No full textThe chapter reflects upon the current achievements, at international scale, in reference to the education of the adolescents in the museum context. Drawing upon the experience of the "Che cosa vedi?" project, developed by the author herself at the Museo del Novecento, Milan, the chapter explores the scientific horizons, the best practices and the educational methodologies more suit for working with teenagers, such as peer education and debating. "Che cosa vedi?" was focused of the work of 4 prominent Italian artists of the XX century (Lucio Fontana, Toti Scialoja, Luciano Fabro and Mario Merz)
From Canvas to Music: Mathematics as a Tool for the Composition of Jackson Time
No full textThe creation of ``Jackson time'' is a project which involves a composer, Davide Amodio, and
a mathematician, Chiara de Fabritiis.
Our common aim was to to ``translate'' a painting by Jackson Pollock, Summertime n. 9,
into a piece of music, making use of different mathematical tools to detect the quantities needed for the
composition. We were inspired by the idea that the painting itself contained some kind of inner--music,
due to the fact that Pollock's moves during the dripping on the canvas had a sort of rhythm, indeed they were often
described by witnesses as a dance.
This paper describes the mathematical background, in particular it illustrates both the analysis
of the painting which was carried out by the two of us and the choice of the mathematical techniques applied to
compute the parameters needed for the composition, which is due to the author. The reader will find a more detailed
report on the composition itself in Davide Amodio's contribution
L'edilizia popolare e ordinaria in Francia: un patrimonio da valorizzare. Il Progetto AMuLoP
No full textThe author describes the practices, methodologies and outcomes of a museum project located in the Northern area of Paris and aimed at representing the life of the working class in the aftermath of the Second World War up to the present, with a focus on immigration
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