1,721,005 research outputs found
Market for Information and Identity Disclosure in an Experimental Open Limit Order Book
No full textStock exchanges have recently introduced specialists to improve market quality of less traded stocks. This paper studies the effect of market making in the Italian Stock Exchange, where information disclosure requirements are imposed on specialists. The focus is on the natural experiment of STAR, a group of small-medium capitalization stocks that are assigned a specialist starting from 2001. Because liquidity requirements are not binding for the sample stocks, the analysis can concentrate on the specialists' obligations of information disclosure. The results show that specialists' activity as information providers improves market quality by reducing the bid-ask spread and price volatility. Information asymmetries, measured by the probability of informed trading (PIN), and the adverse selection component of the spread significantly decrease. An event study approach provides evidence that the information released by the specialists is perceived as useful by market participants
The impact of adopting international accounting standards (IAS/IFRS) on banking audit fees
No full textThis paper studies the effect of adopting IAS/IFRS on audit fees in the banking industry. This issue has not been considered yet by previous works on audit fee determination and the findings may shed light on the costs associated with the accounting harmonisation process. We consider 150 Italian banks from 1999 to 2006 and we base our analysis on a panel model relating fees to firm-specific determinants. Consistent with the view that adopting IAS/IFRS increases auditor effort, we find that higher fees are paid after the switch to the new standards. Fees increase both in the transition year and in the following one. In the elements of banks’ accounts, financial instruments are among the most difficult assets to be evaluated at fair value. Accordingly, we find that the increase in fees observed after the introduction of IAS/IFRS is partly driven by the presence of derivatives held for hedging purposes
Market Makers as Information Providers: the Natural Experiment of STAR1
No full textMarket makers are financial intermediaries that are supposed to provide additional liquidity, but do not have any information-related obligation. This paper studies the unique case of the Italian Stock Exchange, where market makers are also obliged to facilitate information disclosure about the firms they cover. We focus on a group of small/medium capitalization stocks (STAR) that are assigned a specialist starting from 2001. We show that their liquidity requirements were not effective and that the main impact of the specialists ´ introduction was due to their information provision obligations. We find that specialists ' activity as information providers reduces the spread and price volatility, the probability of informed trading (PIN), and the adverse selection component of the spread. An event study provides evidence that the informational meetings organized by specialists are perceived as useful by market participants
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe 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
Diagnostic value of Narrow Band Imaging according to different and oropharyngeal epithelial types.
No full textMorbidity and functional outcomes of different transoral supraglottic resections as defined by the European Laryngological Society Classification.
No full textA data-driven epidemic model with social structure for understanding the COVID-19 infection on a heavily affected Italian province
No full textIn this work, using a detailed dataset furnished by National Health Authorities concerning the Province of Pavia (Lombardy, Italy), we propose to determine the essential features of the ongoing COVID-19 pandemic in terms of contact dynamics. Our contribution is devoted to provide a possible planning of the needs of medical infrastructures in the Pavia Province and to suggest different scenarios about the vaccination campaign which possibly help in reducing the fatalities and/or reducing the number of infected in the population. The proposed research combines a new mathematical description of the spread of an infectious diseases which takes into account both age and average daily social contacts with a detailed analysis of the dataset of all traced infected individuals in the Province of Pavia. These information are used to develop a data-driven model in which calibration and feeding of the model are extensively used. The epidemiological evolution is obtained by relying on an approach based on statistical mechanics. This leads to study the evolution over time of a system of probability distributions characterizing the age and social contacts of the population. One of the main outcomes shows that, as expected, the spread of the disease is closely related to the mean number of contacts of individuals. The model permits to forecast thanks to an uncertainty quantification approach and in the short time horizon, the average number and the confidence bands of expected hospitalized classified by age and to test different options for an effective vaccination campaign with age-decreasing priority
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