1,720,975 research outputs found
Gli assetti proprietari degli operatori di private equity e la relazione con la performance delle aziende partecipate
Full text linkLa relazione peculiare che s’instaura tra azienda e private equity ha attirato l’attenzione di ricercatori e studiosi che, attraverso numerosi contributi, hanno analizzato l’impatto del private equity sulle aziende, confrontando la performance delle aziende venture backed rispetto a quella delle non venture backed. Il presente lavoro assume come già dimostrato, dalla letteratura nazionale e internazionale, il positivo contributo dell’investitore istituzionale all’azienda e si focalizza unicamente sul campione delle venture backed. Lo studio nasce dalla riflessione che calcolare la performance post IPO del gruppo delle venture backed company, senza effettuare distinzioni a seconda delle caratteristiche del private equity che partecipa l’azienda, possa essere un approccio eccessivamente generico. Per questo, si analizza la performance post IPO considerando la differente proprietà del private equity: bancaria o non bancaria. Nel dettaglio, il lavoro di tesi sviluppa l’analisi in riferimento al mercato italiano ed in particolare alle IPO di aziende venture backed realizzate nel periodo 1999-2006, proponendosi di verificare se la performance successiva alla quotazione delle aziende partecipate da private equity di proprietà bancaria sia significativamente differente da quella di aziende partecipate da operatori di proprietà non bancaria. L’analisi, sviluppata attraverso l’uso di differenti metodologie, evidenzia una differenza di performance a 6 mesi dalla quotazione, le venture backed partecipate da private equity non bancari realizzano una performance migliore di quelle participate da private equity bancari. Si ritiene, quindi interessante investigare quali potrebbero essere i motivi di tale diversità. In particolare si cerca di comprendere se questa sia imputabile principalmente alla scelta del private equity di investire in aziende con particolari caratteristiche di bilancio, a determinate scelte di gestione della partecipazione oppure a caratteristiche dell’investitore istituzionale. I private equity bancari rispetto ai non bancari tendono ad investire in aziende con un rapporto d’indebitamento maggiore, una capitalizzazione di mercato al momento della quotazione inferiore, detengono una minore quota di partecipazione dopo l’IPO, si caratterizzano per un maggior conflitto d’interesse e partecipano meno frequentemente come unico fondo. L’analisi successiva dimostra come, tra queste variabili, l’unica in grado di influenzare la performance a 6 mesi sia il rapporto d’indebitamento. Il lavoro di tesi identifica nell’indebitamento delle imprese la principale causa di diversità tra fondi bancari e non bancari: i fondi bancari si orientano verso imprese con un indebitamento maggiore e questo è uno dei motivi che possono contribuire a spiegare la peggiore performance dell’azienda nei 6 mesi successivi alla quotazione.The peculiar relationship established between a company and a private equity fund has attracted the attention of researchers and scholars who, through numerous contributions, have analyzed the impact of private equity on companies, comparing the performance of venture backed and non venture-backed companies.
This thesis accepts, as already demonstrated in national and international literature, the positive contribution of the institutional investor to the company, and it focuses solely on the sample of venture-backed companies. This research project comes to light from the reflection that calculating the post IPO performance of the venture backed company group, without making distinctions relative to the characteristics of the fund investing in the company, might prove to be too general an approach. For this reason, the post IPO performance is been analyzed, considering the different ownerships of the fund. The thesis proposes, in detail, an analysis of the Italian market; in particular, an analysis of the IPOs of venture backed companies made during the period ranging from 1999 to 2006. The aim is that of establishing whether the performance of companies with bank-owned private equity backing was significantly different from that of companies backed with non bank-owned funds, subsequent to listing on the Stock Exchange. The analysis is been carried out by using different methodologies: short- medium- and long-term performance after IPOs. Starting from the prior studies, the paper shows that there are significant differences in performance calculated for the entire time span under examination and in six-month performance after the IPO, where, companies with non-bank funds backing prove to have a better performance than those backed with bank-owned private equity. These findings drive to further the analysis in order to determine if the reasons of this difference correlate to particular features of the company’s balance sheet, or to particular private equity management rules of participation, or to specific private equity features.
The bank-owned private equity, compared to non-bank owned private equity, invests in companies with a higher leverage and a lower market capitalization at IPO time; it holds a lower percentage of capital after IPO, has a higher conflict of interest, and participates less frequently as the sole fund.
The last analysis demonstrates that the only variable that simultaneously distinguishes the two groups of companies, and influences the performance at 6-month time after IPO is the leverage. Bank-owned private equity invests in companies that have more debt than non bank-owned private equity; this is one of the reasons, which affects the lower company six-month performance after the IPO
PID Feedback Controller used as a tactical asset allocation technique: The G.A.M. model
No full textThe objective of this paper is to illustrate a tactical asset allocation technique utilizing the PID controller. The PID (Proportional-Integral-Derivative) controller is widely applied in most industrial processes; it has been successfully used for over 50 years and it is used by more than 95% of the plants processes. It is a robust and easily understood algorithm that can provide excellent control performance in spite of the diverse dynamic characteristics of the process plant.
In finance, the process plant, controlled by the PID controller, can be represented by financial market assets forming a portfolio. More specifically, in the present work, the plant is represented by a risk-adjusted return variable. Money and portfolio managers’ main target is to achieve a relevant risk adjusted return in their managing activities. In literature and in the financial industry business, numerous kinds of return/risk ratios are commonly studied and used.
The aim of this work is to perform a tactical asset allocation technique consisting in the optimization of risk adjusted return by means of asset allocation methodologies based on the PID model-free feedback control modeling procedure. The process plant does not need to be mathematically modeled: the PID control action lies in altering the portfolio asset weights, according to the PID algorithm and its parameters, Ziegler-and-Nichols-tuned, in order to approach the desired portfolio risk adjusted return efficiently.
Key words: Tactical Asset Allocation, Buy-and-Hold Strategy, PID Controller, Feedback Systems, Portfolio Performance Inde
Greening crowdfunding campaigns: an investigation of message framing and effective communication strategies for funding success
Full text linkPurpose: Recognising the growing importance of environmental and sustainable activities and the role of communication strategies in soliciting their financing, this work investigates the influence of message framing, green emphasis and quantitative information on the probability of green crowdfunding campaigns' success. Design/methodology/approach: This analysis is based on crowdfunding campaigns published between 2015 and 2020 on the Indiegogo platform in the category “Community projects – Environment”. The study develops an in-depth qualitative content analysis of the projects before performing an empirical examination to determine funding causes. Findings: Communication strategies (message framing, green emphasis and quantitative goals) affect funding success. However, project category moderates the impact of message framing and green emphasis on campaign success. While positive framing increases agri-food campaign success, negative framing is more effective for clean energy and climate preservation projects. Moreover, indication of a quantitative goal and a marked green emphasis in a project's presentation increase campaign success, but a too marked green emphasis is only effective for agri-food projects. Practical implications: Green entrepreneurs and campaign managers must work carefully on their projects' communication, accounting for the type of product proposed, emphasising green components in its description and utilising quantitative information to present future goals. These strategies maximise backers' responses and enable entrepreneurs to obtain funding. The authors’ findings may be extended to other contexts, including the banking sector, to craft effective communication strategies for green financial products. Originality/value: By applying framing theory in a new context (i.e. the online financing of green entrepreneurs), this study identifies new campaign success determinants and provides evidence for the moderating role of project category. Furthermore, the study highlights the need to develop different communication strategies for social and environmental-oriented projects
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
A survival analysis of public guaranteed loans: Does the Financial intermediary Matter?
Full text linkThis paper investigates the risk of failure of loans guaranteed by public credit guarantee schemes. We analyse the determinants of the time to default of approximately 15,000 loans guaranteed by the Italian Central Guarantee Fund between 2007 and 2009. Using the Cox proportional hazards model, we test the role of the financial intermediary that requests the guarantee on a firm’s behalf, while distinguishing between banks and mutual guarantee institutions (MGIs) and controlling for a set of variables that characterise each guaranteed loan. The findings confirm that loans are more likely to default when a bank—rather than an MGI—is involved in the guarantee process. Considering some elements (e.g. age, size and sector) that affect opacity among small- and medium-sized enterprises (SMEs), banks seem to perform better than MGIs in screening and monitoring loans requested by firms in the manufacturing sector
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