1,720,985 research outputs found
Beyond CAPM: estimating the cost of equity considering idiosyncratic risks
No full textThe present study proposes a new evaluation approach aimed at estimating the cost of equity through standardized models which consider an innovative set of firm-specific information on the main unsystematic risks which are typical of any business. Our objective is extending the Capital Asset Pricing Model (CAPM) by defining a standard formula for quantifying the premium for certain idiosyncratic risks as a function of a new set of firm-specific quantitative information. We define two econometric models, for listed and non-listed firms respectively, which consider five idiosyncratic risk factors: firm size, value factor, operating risks, financial structure and stock market price volatility. The models were tested on a sample of European non-financial companies. The empirical results show that while the CAPM systematically underestimates the cost of equity, the proposed models correctly estimate its expected value; furthermore, they show a slight improvement also in terms of estimates’ volatility. Due to their efficacy and ease of use, the proposed models represent a valid practical tool for investors, analysts and professional evaluators. This work contributes to the existing literature by proposing a typologically innovative extension of the CAPM set of explanatory variables, defining and testing new models for the estimation of the unsystematic risks’ spread of the cost of equity based on an original set of firm-specific accounting and market information
Fair Value Hierarchy in Financial Instruments Disclosure. Is There Transparency For Investors? Evidence from the Banking Industry
No full text"\"Fair value measurement debate is still open although last 20 years have been spent in searching for solution by academician, practitioners and institution. After a long and continuous review of basic concepts for fair value measurements and different solutions adopted in mark to market measurement, in particular for financial instruments in annual reported of banks, this paper tries to investigate on level of transparency of newly introduced “hierarchy” in fair value measurement. . The paper presents results of an empirical investigation on a large sample of domestic and foreign listed banks who adopted fair value hierarchy in line with US GAAP 157 and IFRS 13 recommendations. Research questions can be summarized as follows: (i) does fair value hierarchy improve transparency in financial instruments evaluation in banks annual report? (ii) can fair value measurement be used as a tool for earnings management? Results are shown.\"
Economic crime: the Madoff case
No full textThe aim of our work is to contribute, within the broad and articulated field of criminological sciences, with particular ref- erence to economic crimes, to the knowledge of a specific financial fraud defined by specialists as the “Ponzi scheme”, and to the mechanisms underlying this type of crime.We first examine the economic and financial characteristics of the Ponzi scheme, through a thorough review of the international literature. Afterwards, we define a potential criminological profile of the fraudster based on a transversal analysis of three cases of implementation of a Ponzi scheme, with particular reference to the Madoff case. Furthermore, we develop a victimological study on the objectives and the victims’ most common re- curring features of the “Ponzi scheme” crime. Finally, some proposals of preventative and antagonistic tools to counteract this type of crime are introduced
First year of life: the Golden Age of gut microbiota
No full textDuring the first year of life, development and balance of newborn gut microbiota
are strongly influenced by external factors such as delivery mode, breastfeeding,
duration of pregnancy, mother diet and lifestyle, siblings and pets, environment, and
antibiotics administration. Gut microbiota colonization starts with facultative anaerobes
and continues with the establishment of anaerobic genera of which Bifidobacteria
are the gold standard of a healthy gut neonatal microbiota. Scientific literature
traditionally describes the fetus as sterile in the womb and identifies the membranes
rupture as the beginning of microbial colonization. Vaginal delivery is an important
source for the onset of infant colonization which will then continue with the transfer
of a new selection of intestinal bacteria with breastfeeding. During cesarean delivery
a direct contact of the mouth of newborn with the vaginal and intestinal microbiota is
absent, and environmental bacteria play an important role for infants intestinal colonization. Nature has ensured that newborns receive other specific maternal bacteria,
through a subsequent method of transfer: breastfeeding. We present a brief and comprehensive state-of-the-art in order to encourage natural childbirth and breastfeeding whenever possible and discuss innovative directions for develop new ad hoc personalized treatments in order to restore physiological microbiota
The relational side of intellectual capital. An empirical study on brand value evaluation and financial performance
No full textPurpose: This study aims to validate a direct method to measure relational capital through the estimation of corporate brands. Considering the influence of relational capital management in leading performance and brand development, we consider brand value as a proxy for relational capital. The main research goal is to extend the previous literature on intellectual capital, financial performance and brand management by elaborating and testing an original approach for valuating corporate brands using regression analysis on multiples based on firm-specific accounting data and market information. Design/methodology/approach: The authors propose two econometric models, for both listed and non-listed companies, which consider brand valuations made by primary consulting entities (Interbrand, Brand Finance, BrandZ, European Brand Institute) and multiples derived from accounting and market data of firms. Models were tested on a sample of nonfinancial firms for the period from 2006 to 2019, distinguishing between IAS/IFRS-based and US GAAP-based reporting standards. Findings: The empirical results show that the identified set of market and accounting multiples proved to be significant information for estimating the value of brands within the IAS/IFRS framework, while a lower explanatory power was assessed for US GAAP firms. Furthermore, the empirical evidence confirm that the direct, relative approach based on multiples is more accurate for valuating listed firms than non-listed firms. Robustness analysis demonstrates that findings do not change significantly when the reference datasets and the main assumptions of the models are altered. Research limitations/implications: The statistical significance of the analysis is limited by the non-objective nature of brand value estimates. The use of additional sources for brand valuations might allow for the further assessment of the robustness of the relationships identified. Practical implications: Due to their efficacy and ease of use, the proposed models represent valid practical tools for managers, investors, analysts and professional evaluators. Originality/value: This work contributes to the existing literature through the identification of significant, stable relationships between brand values and the main economic, financial and asset characteristics of firms; the identification of those relationships would allow for the extension of the multiples approach also to the evaluation of brands
Eradication of Helicobacter pylori and Gastric Cancer: A Controversial Relationship
Full text linkWorldwide, gastric cancer (GC) represents the fifth cancer for incidence, and the third as cause of death in developed countries. Indeed, it resulted in more than 780,000 deaths in 2018. Helicobacter pylori appears to be responsible for the majority of these cancers. On the basis of recent studies, and either alone or combined with additional etiological factors, H. pylori is considered a “type I carcinogen.” Over recent decades, new insights have been obtained into the strategies that have been adopted by H. pylori to survive the acidic conditions of the gastric environment, and to result in persistent infection, and dysregulation of host functions. The multistep processes involved in the development of GC are initiated by transition of the mucosa into chronic non-atrophic gastritis, which is primarily triggered by infection with H. pylori. This gastritis then progresses into atrophic gastritis and intestinal metaplasia, and then to dysplasia, and following Correa’s cascade, to adenocarcinoma. The use of antibiotics for eradication of H. pylori can reduce the incidence of precancerous lesions only in the early stages of gastric carcinogenesis. Here, we first survey the etiology and risk factors of GC, and then we analyze the mechanisms underlying tumorigenesis induced by H. pylori, focusing attention on virulence factor CagA, inflammation, oxidative stress, and ErbB2 receptor tyrosine kinase. Moreover, we investigate the relationships between H. pylori eradication therapy and other diseases, considering not only cardia (upper stomach) cancers and Barrett’s esophagus, but also asthma and allergies, through discussion of the “hygiene hypothesis. ” This hypothesis suggests that improved hygiene and antibiotic use in early life reduces microbial exposure, such that the immune response does not become primed, and individuals are not protected against atopic disorders, asthma, and autoimmune diseases. Finally, we overview recent advances to uncover the complex interplay between H. pylori and the gut microbiota during gastric carcinogenesis, as characterized by reduced bacterial diversity and increased microbial dysbiosis. Indeed, it is of particular importance to identify the bacterial taxa of the stomach that might predict the outcome of gastric disease through the stages of Correa’s cascade, to improve prevention and therapy of gastric carcinoma. © Copyright © 2021 Piscione, Mazzone, Di Marcantonio, Muraro and Mincione
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
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