1,721,234 research outputs found
La finanza etica: un approccio possibile?
No full textQuesto studio identifica due filoni di ricerca orientati a coniugare finanza ed etica. Da una parte, descriviamo la limitata letteratura impegnata a evidenziare le implicazioni etiche dei principali risultati della teoria finanziaria classica, ottenuti ipotizzando per gli agenti economici comportamenti neutrali dal punto di vista etico. Dall’altra, forniamo un’ampia panoramica di uno degli strumenti più utilizzati della finanza etica, i fondi socialmente responsabili, delineando le tappe più importanti del loro sviluppo storico, descrivendo le principali modalità operative delle società di gestione del risparmio e fornendo i risultati dei contributi più recenti che hanno comparato in termini di perfomance tali strumenti finanziari con quelli tradizionali
‘‘Hit and Run’’ and ‘‘Revolving Doors’’: evidence from the Italian stock market
No full textIn recent years, a large number of companies on the Italian stock market
have been delisted. Several of these companies implemented a ‘‘Hit and Run’’
strategy, choosing to go private only a few years after their IPO. In this study, we
focus specifically on all Italian companies listed for less than 10 years between 1998
and 2010 and we calculate the return a potential investor realized by buying stocks
in the IPO and selling them during the tender offer. This return can assume either
positive or negative values. The cases of negative return are an interesting object of
analysis. In these cases, if the majority shareholder promoted both the IPO and the
tender offer, this negative return implies a loss for minority shareholders and a
specular gain for the majority shareholder, and this fact has clear ethical implications.
The Italdesign-Giugiaro case study is a remarkable example of this specific
situation, called ‘‘Revolving Doors’’ by practitioners. Using regression analyses, we
try to understand which features of the company and the tender offer influence the
calculated return—and consequently the likelihood of observing ‘‘Revolving
Doors’’. In our sample, we show that the return is lower, and, at times, even
negative, when the majority shareholder launches the tender offer, the first shareholder
owns a large stake in the company, and the company is venture-backed. Our
results suggest the need to develop new laws and governance mechanisms oriented
towards the protection of minority shareholders and provide an opportunity to discuss the ethical implications of ‘‘Revolving Doors’’ using a deontological and
teleological mode of analysis
Can board gender diversity promote corporate social performance?
Get PDFPurpose: This paper examines if gender diversity on corporate boards promotes corporate social performance (CSP) across industries and across countries. Design/methodology/approach: Fixed-effect panel models are estimated using Europe-wide data from 2002 through 2013. Instrumental variable estimation and propensity score matching are also used to control for potential endogeneity. Findings: Board gender diversity (BGD) improves environmental and social performance and consequently the CSP. Although the positive effect of gender diversity is prevalent across industries, the effect is more pronounced for firms in emerging markets. Practical implications: The findings suggest that gender law that fosters gender diversity can promote CSP in firms, and the benefit can be enjoyed with just an introduction of one female director to the board. Promotion of gender diversity in Europe is most beneficial in emerging markets. Originality/value: The results provide new insights to the literature, as we find that a critical mass of female directors on boards is not required to promote CSP. The research also highlights that BGD enhances CSP irrespective of the industry, and the effect on CSP is more pronounced in emerging markets where regulations regarding CSR are not so clear-cut
The Role of the Institutional Framework in the Relationship between Earnings Management and Corporate Social Performance
Get PDFThis study examines the influence of the institutional framework of European countries: more specifically coordinated market economies and liberal market economies on the earnings management and corporate social performance nexus. Employing econometric models impervious to endogeneity, our results show that socially responsible firms (particularly those with high governance scores) in coordinated market economies engage in earnings management. These findings suggest that in countries in which institutional settings enable implicit undertakings of corporate social responsibility in firm policies, firm practices ostensibly related to corporate social performance may serve purposes other than meeting stakeholders’ ethical expectations and those of society at large
Predictive value of programmed ventricular stimulation in patients with ischaemic cardiomyopathy: implications for the selection of candidates for an implantable defibrillator.
No full text
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
Variations on the Author
Get PDF“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
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe 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
Get PDFWe 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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