1,720,981 research outputs found
Informazioni privilegiate e dinamica delle quotazioni in borsa
No full textL'esigenza di tutela della parità di condizioni di chi opera sui mercati finanziari ha determinato un notevole approfondimento del fenomeno connesso all'utilizzo di informazioni privilegiate a fini speculativi. In questo lavoro si verifica, mediante l'osservazione empirica dei corsi di alcuni titoli quotati alla Borsa Valori di Milano, il comportamento del mercato in occasione di transazioni basate su notizie riservate e la sua capacità di cogliere le implicazioni in termini di prezzo e di quantità scambiate. Dall'analisi emerge come l'insieme delle azioni del campione di eventi manifesti rendimenti anomali statisticamente significativi, confermando le ipotesi che le quotazioni dei titoli esaminati abbiano scontato, in larga misura, gli effetti dei rispettivi eventi quando ancora la conoscenza di essi era circoscritta ad alcuni insider
Redditività e ristrutturazione dei sistemi bancari. Un'analisi di lungo periodo
No full textIl contributo approfondisce il tema della ristrutturazione dei sistemi bancari europe
"The European Securities Industry. Further Evidence on the Roadmap to Integration"
No full textThe integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system, particularly since the achievement of the monetary union. The paper contributes to the debate on the integration and shows why the issue of costs and competition between different trading and post-trading systems is the key point of future integration. In particular, the analysis starts with the roadmap set by the European Commission and the evolution of the regulatory approach towards the integration of the trading and post-trading sectors. After the roadmap, in the paper we review the results of the research on the main issues related to the integration of securities markets and we comment on the present situation, with particular references to the alliances and mergers between the main actors of the trading and post-trading business. In addition, we present some original measures of the explicit costs of trading for all main European exchanges, adopting a bottom-up approach, which allows to compare the prices paid by different investors for different sizes of trades. This comparison shows that the ranking of exchanges by level of prices varies, according to the trade size taken into account. This on the one hands makes more difficult the emergence of the most efficient and on the other hand has anti-competitive effects, in particular for non domestic traders. Integration becomes therefore more difficult. To complement the analysis on trading costs, we also briefly review the debates on fragmentation of different European post-trading systems. The paper concludes with some policy implication
Dimensione, capitalizzazione e diversificazione: quale relazione per i gruppi bancari?
No full textIl lavoro tratta il tema della diversificazione nel settore bancario. Negli ultimi tre decenni, la
trasformazione del sistema bancario è stata intensa e strettamente correlata agli effetti della
deregolamentazione, dell’innovazione finanziaria e tecnologica e più in generale del mutato
contesto competitivo di riferimento. Il processo di deregolamentazione si è innanzitutto basato sul
principio che la diversificazione delle attività riduce la volatilità dei rendimenti e rende le banche
più resilienti ai fenomeni di crisi. Alla luce della recente e profonda crisi finanziaria, il tema appare
di grande attualità inserendosi nel dibattito sull’opportunità o meno di consentire l’ampliamento
della gamma produttiva dell’intermediario bancario verso attività non tradizional
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
"The European Securities Industry. Further Evidence on the Roadmap to Integration"
No full textThe integration of the European securities market is one of the most important and ambitious steps of the making of a unified financial system. This chapter shows why the issue of costs and competition between different trading and post-trading systems is the key point of future integration. In particular, the analysis starts with the roadmap set by the European Commission and the evolution of the regulatory approach towards the integration of the trading and post-trading sectors. It then reviews the results of the research on the main issues related to the integration of securities markets and comments on the present situation. In addition, some original measures of the explicit costs of trading for all main European exchanges are presented, adopting a bottom-up approach, which allows a comparison of the prices paid by different investors for different sizes of trades. The debate on fragmentation of different European post-trading systems is also briefly reviewed. The chapter concludes with some policy implications
Lo Stato della Finanza. Scritti in onore di Marco Onado
No full textIl volume raccoglie vari contributi che affrontano, con una prospettiva di lungo periodo e con differenti metodi di indagine, il tema della trasformazione del settore finanziario. Per gli autori, la grave crisi finanziaria, che a distanza di sei anni dal suo inizio ancora segna le principali economie mondiali, è assunta come punto di riferimento per la comprensione dei cambiamenti intervenuti nelle relazioni tra finanza ed economia reale. Attraverso l’esame dei principali aggregati finanziari e la lettura microeconomica dei comportamenti degli operatori (imprese, famiglie e intermediari finanziari), si individuano i fattori strutturali di instabilità che portano a valutare criticamente gli effetti di uno sviluppo non adeguatamente regolamentato e controllato delle variabili finanziarie
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