1,720,979 research outputs found
What FinTech can learn from high-frequency trading: economic consequences, open issues and future of corporate disclosure
Full text linkThis chapter provides a review on key literature on High-Frequency Trading (HFT) over an 11-year period. Using a thematic analysis, the main themes developed within this research stream are identified and insights on the evolution of theory in relation to HFT are presented. This analysis highlights that the effects of HFT on market liquidity, trading strategies and speed, implications for market structure changes, and the relationship between the “scriptability” of corporate disclosure and HFT short-term information advantage, are key themes. The analysis also suggests that many open questions remain unanswered including more recent HFT trading strategies and complex techniques applied to analyse the content of both voluntary and mandatory corporate disclosure. As capital markets evolve, HFT’s speed may no longer be sufficient to maintain competitiveness. The chapter concludes with a discussion of future trends and areas for research on HFT.info:eu-repo/semantics/publishedVersio
Tangible fixed assets and intangible assets
No full textThe book titled "Business Administration and Accounting" represents an endeavor to compile a comprehensive guide in English that encapsulates the core ideas of Italian "Economia Aziendale" (Business Management), along with the foundational accounting principles and the methodologies for representing financial statements in Italy. Authored by Business Management professors from Italian universities, this volume is structured into 16 chapters and primarily targets students enrolled in English-taught Bachelor's and Master's degree programs in Economic Sciences. As a first edition, it gathers educational and research content with the purpose of promoting the rich heritage of Italian studies in Business Management and Accounting on a global scale
Determinants of Academic Entrepreneurial Intentions in Technology Transfer Process: an Empirical Test
No full textDeterminants of Academic Entrepreneurial Intentions in Technology Transfer Process: an Empirical Test
No full textAssessing the italian innovative start-ups performance with a composite index
Full text linkThis paper aims to assess the profitability and employees’ productivity of Italian innovative start-ups with a new composite index: the Start-ups Performance score (SP-score). In recent years, the Italian government has made several efforts to foster the economy, establishment, and growth of start-ups. Specifically, the issuing of the Italian Start-up Act in 2012 offers a unique opportunity to examine the Italian setting, given the special conditions that the government granted to the start-ups. The latter obtain generic benefits, tax reductions and hiring facilitations if they meet specific criteria granting the status (label) of “innovative” by law. Based on a sample of Italian start-ups firms (ISPs) and financial statement data for the period 2016–2020, we test whether the performance of the Italian start-ups which are granted the status of “innovative” is higher compared to start-ups without the mentioned status (NISPs). We measure the firm’s performance by building a composite index which synthesizes both profitability and employees’ productivity (controlling for the firms’ size), and find that the ISPs report higher SP-score compared to the NISPs. In addition, we examine whether the SP-score is higher (or lower) among Innovative start-ups located in different regional areas. The derivation of the composite indicator (SP-score) allows a clear and effective evaluation of several characteristics, permitting a more comprehensive understanding of the data that support the strategic choices of management and localization entrepreneurship policies. In addition, our study highlights a certain homogeneity of innovative start-ups’ performance among the Italian territories, which overcomes the classic dualistic division between Northern and Southern regions.info:eu-repo/semantics/publishedVersio
The effect of algorithmic trading on market liquidity: Evidence around earnings announcements on Borsa Italiana
No full textThis paper examines the impact of algorithmic trading (AT) on market liquidity around periods of high information asymmetry when available liquidity is more valuable. We identify the implementation of proximity hosting services by Borsa Italiana, that are expected to increase AT, in order to examine the behaviour of liquidity around earnings announcements in pre- and post-AT periods. Consistent with previous research, we find that bid-ask spreads widen and market depth falls following earnings announcements in the pre-AT period. However, in the post-AT period, while we find a similar pattern in bid-ask spreads, we find no evidence of a significant fall in market depth. We also find firms that experience the largest increase in AT from pre- to post-AT periods, exhibit lower bid-ask spreads and greater depth following earnings announcements. We conclude that AT improves market liquidity by increasing the resiliency of markets around periods of high information asymmetry, specifically around earnings announcements
Family involvement in the board and the top management team: the moderation effects on EO-performance relationship
No full textRecent meta-analysis confirms that Entrepreneurial Orientation (EO) is a substantial predictor of firm performance (Rauch et al. 2009). Yet the relationship between EO and the performance is more complex than a simple direct relationship (Lumpkin and Dess, 1996) and there is still a lack of knowledge about which factors moderate this causal linkage.
The purpose of this paper is to investigate the degree to which governance structures in SMEs moderate the effectiveness of EO on firm performance. Specifically, we study the family/non-family composition of both board and top management teams. Our random sample is drawn from 1,160 Italian manufacturing SMEs compiled by the Center for Social and Economic Studies of Chamber of commerce, 94 CEO responded to a survey sent to 590 of these SMEs to collect data related to EO and governance characteristics. Financial performance data was taken from AIDA Bureau van Dijk's database.
A hierarchical linear regression analysis was used to test our hypothesis.
Our main results demonstrate that when there is a Family only Board composition then EO has a negative and slight impact, when there is a non-family-only board then EO has a strong and positive influence on firm performance. Moreover, we find that if TMT is dominated by family, then high EO has a negative impact on firm performance, while if the TMT is non-family, then the impact is really strong. Future research is required to investigate which family/non family board behaviour and characteristics enable firms to effectively translate EO into firm performance
Retail attention and the FOMC equity premium
Full text linkWe build a new measure of investors’ attention around FOMC announcements by employing the Google Search Volume Index. Our measure shows that investors’ attention contributes and heightens the FOMC equity premium and reduces the volatility around the announcement. Although, we don't claim causality we find that active attention gathers around the announcement the day before, remains constant around the event and drops just afterwards, consistent with the resolution of uncertainty
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