1,721,089 research outputs found
Creazione di valore nelle istituzioni finanziarie: la crescita esterna
Full text linkNel contesto economico attuale, globale ed altamente competitivo, l’evoluzione aziendale viene sempre più spesso perseguita attraverso processi di crescita esterna, che si traducono in operazioni di acquisizione e fusione. Al fine di ottimizzare la gestione aziendale anche il settore finanziario nell’Unione Europea, soprattutto negli ultimi anni, sembra aver adottato la soluzione della crescita esterna.
Il presente lavoro si pone l’obiettivo di:
1. Valutare empiricamente mediante la metodologia dell’ ”event study” se le M&A compiute da istituzioni finanziarie dell’Unione Europea (UE 25) hanno creato o distrutto valore azionario.
2. Comprendere la formazione dei risultati ottenuti dal modello event study attraverso un modello logit multinomiale, con l’analisi di differenti variabili indipendenti.
La metodologia event study analizza i benefici della M&A attraverso una stima della reazione del prezzo di mercato delle società coinvolte effettuata nel momento in cui viene annunciata la fusione. Gli studiosi che utilizzano questo approccio argomentano che, rispetto alle metodologie che si basano sui dati contabili, gli studi basati sulle reazioni del mercato sfruttano dati che meglio esplicitano i reali effetti economici della data di annuncio della transazione.
Tale metodo di analisi è l’unico che permette in maniera diretta di determinare l’impatto dell’operazione di M&A sulla creazione o distruzione del valore per gli azionisti della società coinvolta.
Molti studi esaminano l’abnormal return della società acquirente e della target separatamente, mentre altri analizzano il cambiamento del valore degli azionisti. In questi casi la somma dei valori degli abnormal return di acquirente e acquisita deve essere ponderata per essere considerata una misura appropriata della variazione di valore dello stock azionario conseguente all’attività di M&A. Questa misura quantifica la creazione di valore che il mercato ritiene che verrà prodotta dall’operazione di fusione.
E’ stato poi applicato il modello logit multinomiale, per descrivere il numero di scenari discreti nel modello, e determinare le covariate che devono essere specificate.
Nel nostro modello, una banca può sperimentare due scenari (acquirente o target), con la probabilità di essere in uno scenario spiegato da un vettore di covariate.
Definiti i due differenti campioni (campione delle banche bidder e campione delle target) l’analisi è stata svolta in modo da differenziare le posizioni che avevano creato valore (CAR positivo) da quelle che l’avevano distrutto (CAR negativo), in una logica di indagine “value based”
Do M&A lead to create shareholder value in European Banking? A short-term perspective analysis in the new Millennium
No full textUse of polymerase chain reaction to detect Listeria monocytogenes in silages
No full textUse of polymerase chain reaction to detect Listeria monocytogenes in silage
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe 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
Full text link“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
Full text linkWe 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
Diagnosis prognosis and therapy of phyllodes tumor of the breast
No full textThe authors report 4 cases very interesting for the differentil diagnosis of philloides tumor, a brest tumor with a mainly local malignant potential.
Such tumors althrough presenting histologic clinical and instrumental features which allow for a presumtive pre-surgical diagnosis often has characteristics comparable to other breast pathologies with a different natural history.
the authors after analyzing clinical mammographic echographic and histological features of the tumorsuggest the most appropriate therapy for the local control of the lesions. Surgical excission shoud be carried at least one centimeter deep into the normal tissueto prevent local relapse related to an incomplete enucleation. Infact the tumor is only apparently capsulated .An adequate clinical and instrumental follow-up for the early diagnosis of the early occurrent relapse is mandatory
Amino acid metabolism in rheumatoid arthritis: Friend or foe?
No full textIn mammals, amino acid metabolism has evolved to act as a critical regulator of innate and adaptive immune responses. Rheumatoid arthritis (RA) is the most common form of inflammatory arthropathy sustained by autoimmune responses. We examine here the current knowledge of tryptophan and arginine metabolisms and the main immunoregulatory pathways in amino acid catabolism, in both RA patients and experimental models of arthritis. We found that L-tryptophan (Trp) metabolism and, in particular, the kynurenine pathway would exert protective effects in all experimental models and in some, but not all, RA patients, possibly due to single nucleotide polymorphisms in the gene coding for indoleamine 2,3-dioxygenase 1 (IDO1; the enzyme catalyzing the rate-limiting step of the kynurenine pathway). The function, i.e., either protective or pathogenetic, of the L-arginine (Arg) metabolism in RA was less clear. In fact, although immunoregulatory arginase 1 (ARG1) was highly induced at the synovial level in RA patients, its true functional role is still unknown, possibly because of few available preclinical data. Therefore, our analysis would indicate that amino acid metabolism represents a fruitful area of research for new drug targets for a more effective and safe therapy of RA and that further studies are demanding to pursue such an important objective
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