686 research outputs found
Proactive financial reporting enforcement: audit fees and financial reporting quality effects
No full textWe examine the costs and benefits of proactive financial reporting enforcement by the U.K. Financial Reporting Review Panel. Enforcement scrutiny is selective and varies by sector and over time, yet can be anticipated by auditors and companies. We find evidence that increased enforcement intensity leads to temporary increases in audit fees and more conservative accruals. However, cross-sectional analysis across market segments reveals that audit fees increase primarily in the less-regulated AIM segment, and especially those AIM companies with a higher likelihood of financial distress and less stringent governance. On the contrary, less reliable operating asset-related accruals are more conservative in the Main segment and, in particular, those Main companies with stronger incentives for higher financial reporting quality. Overall, our study indicates that financial reporting enforcement generates costs and benefits, but not always for the same companies
Stock market valuation of patent portfolios: Offprint of Paragraph 5
No full textThe investors in the stock market place a value on patent portfolios of traded firms in addition to
other corporate assets.
A growing body of empirical literature has documented a significantly positive relationship
between patents and firm market value. In addition, the market seems to recognize the different
quality of different patent portfolios. Therefore, a better understanding of how the stock market
evaluates firms’ patents can be important for managers and professionals.
Accordingly, this chapter analyzes the theoretical and methodological foundations of the
relationship between patents and market value and it reviews the main results of the empirical
literature, discussing the implications for patent valuation
La diffusione dell'ICT nelle Piccole e Medie Imprese: un' indagine nel settore dei servizi di arredamento
No full textCommercialization Strategy and IPO Underpricing
No full textThis paper studies the interplay between two defining features of technology-based firms: licensing as a commercialization strategy and the reliance on equity financing. Within the context of an IPO, we argue that the technology commercialization strategy of a firm going public affects information asymmetries and, therefore, 120 underpricing. In particular, we theorize that underpricing will be higher when a firm's technology commercialization strategy is more based on licenses. We also posit that the size of the patent portfolio will mitigate this effect. Our results from a sample of 130 IPOs in the U.S. semiconductor industry confirm these predictions.STI
ATTIVITÀ IMMATERIALI E L’ADOZIONE OBBLIGATORIA DEGLI IFRS
No full textNel corso dell’ultimo ventennio la letteratura economico-
strategica ha ampliamente riconosciuto il rilievo
delle attività immateriali a livello economico e aziendale.
Un’ampia letteratura economico-finanziaria ha altresì
messo in luce come i criteri di rilevazione contabile siano
inefficaci nel comunicare a pieno il valore economico degli
intangibles [Amir e Lev 1996]. Crescenti asimmetrie
informative [Aboody e Lev 2000] e progressiva perdita
di value relevance delle informazioni contabili [Lev e Zarowin
1999] sono tra le principali deficienze informative
indotte dai criteri di rilevazione contabile delle attività
immateriali.
Recentemente lo Iasb ha preso in considerazione possibili
modifiche dei criteri di rilevazione contabile degli
intangibles (Iasb meeting, 12/12/2007), affermando:
... intangible assets are an increasingly significant class of assets
for a wide range of entities across many jurisdictions and [...]
information about intangible assets is important to the needs
of users. The issues are pervasive and, to the extent that the
current requirements in Ias 38 are inadequate, the current accounting
treatment will give rise to problems that are frequent
and material unless resolved.
Pur riconoscendo l’inadeguatezza dello Ias 38, lo Iasb
non ha tuttavia avviato un progetto di revisione delle attività
immateriali in quanto «properly addressing the accounting
for intangible assets would impose a large demand
on the Board’s limited resources». Pertanto, l’efficacia
degli standard contabili nel fornire agli investitori
184
informazioni significative (relevant) sugli intangible assets
rimane un tema aperto e non ancora esplorato empiricamente
in modo compiuto.
Obiettivo del presente articolo è analizzare se i principi
contabili e conseguentemente i criteri di rilevazione
contabile influenzano la value relevance degli intangible
assets. A tal fine prendiamo in considerazione l’adozione
obbligatoria dei principi contabili internazionali (Ifrs) in
Italia, e confrontiamo la value relevance degli intangible
assets contabilizzati rispettivamente secondo i principi
contabili italiani e gli Ifrs. In particolare, intento della
nostra analisi è analizzare se e quanto l’adozione degli
Ifrs abbia inciso sulla value relevance di diverse categorie
di intangibles quali avviamento, marchi e brevetti, licenze,
computer software e costi di R&S.
L’adozione italiana degli Ifrs rappresenta un set empirico
unico per molteplici ragioni. Innanzitutto, il cambiamento
di principi contabili è stato obbligatorio allo stesso
momento per tutte le aziende quotate. La contemporaneità
nell’adozione degli Ifrs rende il caso italiano esente dalle
problematicità di self-selection bias indotte da un’adozione
volontaria degli Ifrs. In secondo luogo, i principi contabili
italiani e gli Ifrs rappresentano due opposti sistemi contabili,
rispettivamente, stakeholder-oriented e shareholderoriented.
Pertanto, diviene importante comprendere l’effetto
dell’adozione di principi contabili shareholder-oriented
in un paese caratterizzato da un sistema contabile stakeholder-
oriented. Infine, per quanto attiene strettamente
la valutazione contabile delle risorse immateriali, principi
contabili italiani e Ifrs sono caratterizzati da criteri valutativi
assai diversi. L’analisi di queste divergenze permette
dunque di desumere l’influenza dei principi contabili sulla
value relevance degli intangible assets
Location-Based Discovery and Network Handover Management for Heterogeneous IEEE 802.11ah IoT Applications
No full textThis research was funded by the Flemish IDEAL-IoT project (FWO SBO, grant nr. S004017N). The author Serena Santi is funded by the Flemish FWO SB grant (nr. 1S82120N). The author Filip Lemic was supported by the EU MSCA grant (nr. 893760). The computational resources were provided by the VSC (Flemish Supercomputer Center), funded by FWO and the Flemish Government -department EWI
IPO performance and strategic management of IPRs: evidence from the US semiconductor industry
No full textIn order to complement previous literature, we intend to analyze whether and to what extent the choice of a given patent commercialization strategy by a high-technology company affects its pricing at IPO. We focus on the impact of commercialization strategy because, ceteris paribus, it can significantly affect the uncertainty over the firm value and therefore information asymmetries and underpricing. We will analyze such research questions in the semiconductor industry and we refer in particular to two different commercialization strategies (Hall and Ziedonis 2001; Linden and Somaya, 2003; Ahuja and Lahiri 2006): a) licensing-based strategies adopted by firms focusing on the development of patented technologies which are then licensed to external partners (so called fabless companies); b) integrated strategies, adopted by firms which engage in the development, manufacturing and commercialization of new technologies
Erratum: Lack of immunity against rubella among Italian young adults. [BMC Infect Dis., 17, (2017) (199)] Doi: 10.1186/s12879-017-2295-y
No full textAfter publication of this article [1], the authors noted that the given names and family names of all authors had been inverted, and are therefore incorrect in the original article. In the original article, the author names appear as the following: Gallone Maria Serena, Gallone Maria Filomena, Larocca Angela Maria Vittoria, Germinario Cinzia and Tafuri Silvio. However, this is incorrect, and the author names should appear as per the below: Maria Serena Gallone, Maria Filomena Gallone, Angela Maria Vittoria Larocca, Cinzia Germinario, Silvio Tafuri. The author names have been corrected in the author list and the citation for this Erratum
Justice, markets, and the family: an interview with Serena Olsaretti
No full textSerena Olsaretti (Naples, Italy, 1971) is a political philosopher at
Pompeu Fabra University (UPF), where she holds a research
professorship with the Catalan Institute of Research and Advanced
Studies (ICREA). Before moving to Barcelona, she was University Senior
Lecturer at the Faculty of Philosophy of Cambridge University. She
obtained a BA, MPhil, and DPhil degree in political philosophy from
Oxford University. Her DPhil thesis was supervised by G.A. Cohen.
Olsaretti’s research interests range widely, including the ethics of
markets, justice and the family, feminist philosophy, theories of
responsibility, and theories of well-being. She is the author of Liberty,
desert and the market (2004), and the editor of Desert and justice (2003),
Preferences and well-being (2006), and the Oxford handbook of
distributive justice (forthcoming). Her work has appeared in various
journals, including Analysis, Economics & Philosophy, Philosophy & Public
Affairs, and Proceedings of the Aristotelian Society. Olsaretti is one of the
editors of Law, Ethics, and Philosophy. She is the principal investigator
of Family justice: an analysis of the normative significance of procreation
and parenthood in a just society, a research project funded by a
European Research Council (ERC) consolidator grant.
The Erasmus Journal for Philosophy and Economics (EJPE)
interviewed Olsaretti about becoming a political philosopher, her work
on the ethics of markets and justice and the family, the ERC-project that
she directs, her views on teaching, and her advice for political
philosophy graduates aspiring to an academic career.This project has received funding from the European Research Council (ERC) under the European Union’s Horizon 2020 Research and Innovation programme (Grant Agreement Number: 648610)
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