1,720,975 research outputs found
Considerazioni in merito alla definizione dell'intervallo di oscillazione del valore del capitale eocnomico nelle stime peritali
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La valutazione del capitale umano dell'impresa. Modelli qualitativi e quantitativi di logica economico-aziendale
No full textLA STIMA DELLA DURATA DELLA "VITA DELLE IMPRESE" ALLA LUCE DELLE EVIDENZE DEGLI ULTIMI 90 ANNI
No full textISSN 1593-9154 In this paper a new field of research is briefly outlined in terms of estimation of the life duration of private and public companies. The basic idea is to change the focus of credit rating shifting from the short term point in time default probability to a long term through the cycle survival probability. To this extent some estimation are made available starting from the Moody’s default corporate data base covering 1920-1998. Several operating implications are briefly discussed regarding the risk-adjusted discount rate, the economic value of High Yield business, the Goodwill accounting treatment and the Going Concern valuation. This empirical research can be considered a part of the Biological Theory applied to Finance and Capital Markets
Top management evaluation in Italian food and beverage industry
No full textPurpose: The purpose of this paper is to present and discuss a model to evaluate the top management quality and its impact on the default probability/survival probability of companies operating in the Italian food and beverage industry. The focus is on SMEs and private companies (ie. companies with no external or public rating). The general aim of this paper is to initiate a new field of research enjoying the fast and growing number of information underlying the development of the private lending market (both banking channel and private debt channel) and the recent developments in assessing the managerial styles of leadership. Design/methodology/approach: The methodology used in the research is a mixed method based on quantitative and qualitative analysis. The authors have followed the sequential mixed methods design (Creswell and Plano Clark, 2007; Almalki, 2016) belonging to a practice perspective (Tashakkori and Creswell, 2007). The two components (quantitative and qualitative) are integrated in the combined approach: a final proposed evaluation model is explained and discussed. Findings: According to the experience (and private market best practice) the leadership style has a material impact on the survival probability of a company (and, on the contrary, on the default probability of a company). In other words, the leadership style – other variables be equal – can provide significant information to investors about the future evolution of the financial performance and related credit risk. In the paper, the authors provide a useful model (and tool) in order to capture the above mentioned relationship to support investment decisions in food and beverage industry. Research limitations/implications: While a positive relationship between a participative style of leadership and the financial performance is widely accepted in the literature; there is no published research on the relationship between managerial styles of leadership and default probability/survival probability. There are several workstreams to be performed in future research in order (1) to provide more business evidence and (2) to extent the analysis to further industries (other than food and beverage). The first step is to collect more data and company information on managerial styles of leadership and to start to track, to measure and monitor the evolution of the credit risk over time in each of the four clusters identified in the combined model. Practical implications: The practical implication is to provide a methodological contribution to develop an evaluation model of top management quality to be used for the certification of the quality system. The proposed evaluation model is intended to support both (1) the ISO quality management system certifiers and (2) financial analysts and auditors in order to assess the going concern and the business sustainability and (3) the credit risk assessment and evolution in investment decisions. Social implications: The authors believe that a more deep understanding on the effectiveness of managerial styles of leadership on credit risk can improve the credit and investment allocation and to enhance the borrowing capabilities of the food and beverage industry (with relevant implications on number of employees and size of new investments). Originality/value: This is the first applied research on the link between the default probability/company survival probability and the quality of management in the Italian food and beverage industry
La stima del capitale economico di impresa: modelli per la determinazione del premio per il rischio
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Alcune metodologie per la stima del valore economico dei marchi d'impresa del settore alimentare
No full textI prezzi di borsa riflettono i fondamentali delle aziende quotate? Un'analisi comparata dei mercati azionari bancari
No full textIl lavoro ha per oggetto l'analisi dell'efficienza valutativa dei mercati bancari. Postulando che l'efficienza valutativa possa essere espressa mediante la stima del grado di correlazione esistente tra il rapporto P/BV e una serie di altri quozienti, espressione dei "fondamentali" delle banche quotate, il lavoro, di natura empirica, mira a fornire un giudizio critico sulla efficienza valutativa dei principali mercati bancari del mondo e, conseguentemente, sull'impiego dei metodi diretti per la stima del valore economico del capitale delle banche.This work is the result of an empirical research on the bank market efficiency. If the capital market efficiency can be expressed in terms of statistical correlation between P/BV multiple and fundamentals of a bank, it is possible to esteem and compare the efficiency of some of the most important bank markets in the world. Following this method, the authors assume a critical perspective on the efficiency of bank markets and on the possiblity to apply market approach for evaluating a bank
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