1,720,965 research outputs found
Stay close to me: What do ESG scores tell about the deal timing in M&A transactions?
Full text linkWe examine how sustainability divergences between acquirer and target firms affect the deal timing in M&A transactions. Using a unique sample of 415 M&A deals from 2002 to 2020, we show that higher discrepancies between acquirers and targets in their pre-deal sustainability performance lead to an increase in the deal timing. Then, we explore which constituent pillar of the ESG ratings drives our main findings, and we find that differences in how both firms deal with governance and social issues increase the deal timing. Our results are robust to alternative specifications and the inclusion of country macro and socioeconomic features
The Relevance of Environmental, Social, and Governance Issues in Corporate Valuation: Concepts and Reflections
No full textIn this chapter, we present the theoretical value relevance of sustainability and ESG performance from a finance and investment point of view. The central concept is to figure out how ESG performance could be value-relevant information to financial markets and through what channels ESG could create value for companies and financial market investors. We also show the interaction between the real economy and financial markets through preferences shift. We discuss the idiosyncratic and systematic channels through which the ESG effect could be transmitted to value. Furthermore, we show the ESG cash flow drivers that potentially impact the value. And the systematic risk drivers through financial markets that affect the cost of capital and value. Finally, we establish a framework of Discounted Cash Flow (DCF), incorporating the real and financial sides of the economy in influencing the potential value effects from ESG
Rischio sistemico e assetti proprietari delle banche europee
No full textLa recente pandemia, la crisi finanziaria e del debito sovrano hanno dimostrato quanto
sia importante monitorare il rischio sistemico. Infatti, banche efficienti favoriscono la
crescita e l’economia reale. In questo contesto, la minimizzazione dei costi di agenzia
è una condizione necessaria per lo sviluppo e la stabilità del sistema bancario, in modo
da garantire una più corretta allocazione delle risorse finanziarie. Utilizzando un campione
europeo sulla struttura proprietaria delle banche, il seguente articolo si pone un
duplice obiettivo: studiare la relazione tra il rischio sistemico e l’assetto azionario della
banca e identificare il canale attraverso cui tale relazione si manifesta. Coerentemente
con la teoria dei costi di agenzia, i risultati ottenuti suggeriscono che una struttura azionaria
più concentrata si associa a un minor livello di rischio sistemico, mentre il rischio
di credito rappresenta il principale canale attraverso cui la struttura proprietaria influenza
il rischio sistemico delle banche europee
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
Le informazioni contabili a supporto del processo decisorio d'impresa
No full textDottorato di ricerca in economia aziendale. 9. ciclo. Tutore Giovanni Cardillo. Coordinatore Carmelo Butta'Consiglio Nazionale delle Ricerche - Biblioteca Centrale - P.le Aldo Moro, 7, Rome; Biblioteca Nazionale Centrale - Piazza Cavalleggeri, 1, Florence / CNR - Consiglio Nazionale delle RichercheSIGLEITItal
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
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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