1,721,008 research outputs found
La qualità degli impieghi dei gruppi bancari italiani
No full textNel bilancio bancario i
crediti verso clientela occupano una posizione di assoluta preminenza; appare, quindi,rilevante definire indicatori che catturino in modo significativo la
qualità degli impieghi, tenendo conto dei recenti sviluppi dei modelli di credit risk management. Sulla base dei dati di bilancio dei gruppi bancari italiani
relativi agli anni 1999-2002,
vengono esaminati alcuni
problemi relativi alla
rappresentazione del rischio
creditizio e proposti alcuni indicatori che consentano di determinare le PD implicite nelle valutazioni effettuate
L’accuratezza delle previsioni degli analisti e la reazione di mercato ai cambi di raccomandazione e di target price
No full textEditoriale al numero speciale intitolato “Analisti finanziari: previsioni, raccomandazioni e rapporto con il mercato”. I contributi contenuti nel numero speciale dedicato agli analisti finanziari sono stati elaborati nell’ambito del Progetto di Ricerca di Rilevante Interesse Nazionale (PRIN) “Oltre le previsioni degli analisti. Caratteristiche dei report e potenziali reazioni del mercato” (periodo settembre 2008 – settembre 2010) sviluppato dalle Università di Padova, Bologna e Ca’ Foscari Venezia. Le ricerche hanno come comune denominatore l’analisi del ruolo degli analisti come intermediari dell’informazione tra le società e il mercato. Si analizzano il tema dell’accuratezza delle stime e si verifica la reazione del mercato a cambi di raccomandazioni e di target price. Anche se i due temi sono stati investigati in precedenti studi, le analisi proposte, oltre a presentare il vantaggio di fornire nuovi risultati sul caso italiano, sono innovative rispetto a quelle già note in letteratura da molteplici punti di vista
Trust-formation processes in financial advisors: A structural equation model
No full textThis paper focuses on the investor-advisor relation, looking at financial advisory as a fiduciary service. Consistently with the economic literature on the Trust Game, we formalize trust between financial advisors and clients as driven by a combination of two traditional motives – a norm to trust and anticipated reciprocation. We use related literature and insights from the recently introduced European Markets in Financial Instruments Directive 2 (MiFID 2) to define an original survey to estimate a structural equation model of trust formation, where trust and its two main motives are described as latent variables. Besides this methodological contribution, we test the validity of the hypothesized structural relation and explore whether specific features of financial advisors are likely to lead to different trust-formation processes. We find that the professional framing (tied versus bank advisors) and the maturity (new entrants versus incumbents) of financial advisors do indeed support different trust-formation processes. We conclude by exploring how these processes may be differently affected by the new regulation and discussing implications for the financial advisory industry
Finanza comportamentale
No full textIl volume vuole presentare l'applicazione dell'approccio comportamentale alle scelte finanziario. Il primo capitolo, curato da Borsa Italiana, presenta in modo sintetico il funzionamento dei mercati e dei principali strumenti finanziari. Il secondo, che rappresenta il core del volume, introduce i principali errori comportamentali e le possibili soluzioni, per poi presentare in dettaglio l'applicazione dell'approccio comportamentale alle decisioni di investimento, alla consulenza finanziaria e alla previdenza complementare. Nonostante il capitolo sia frutto del lavoro congiunto tra gli autori, le sezioni del capitolo 2 possono essere attribuite in questo modo: a Ugo Rigoni le sotto-sezioni 2.3.1, 2.3.2, 2.4.4, 2.5, 2.7 e a Cervellati le sotto-sezioni 2.2.1, 2.2.2, 2.4.1, 2.4.2, 2.4.3 e 2.6
Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance
Full text linkThe last three decades have witnessed a huge amount of research exploring the linkage between companies' sustainability performance (SP), sustainability disclosure and financial performance (FP). Researchers have applied various methods and techniques to investigate this relationship, yet the results remain equivocal. In this article, we look inside this black box by considering various manifestations of sustainability practices and investigating their link with FP. We apply a manual content analysis technique to analyse the sustainability reports of the 100 best-performing US firms. Our results reveal that fragmentation in the results is caused by the SP measurement. Additionally, we note that the interlinkages between different SP dimensions and sub-dimensions are weak and somewhat contradictory. The results help draw important policy implications for the development of an SP reporting framework
The strategic choice of payment method in takeovers: The role of environmental, social and governance performance
Full text linkPayment method choice in takeovers is mainly driven by both asymmetric information between the acquirer and the target and the acquirer's financial capability. In this paper, we examine whether increased transparency and better access to finance induced by environmental, social and governance (ESG) performance are associated with the strategic choice of payment method in takeovers. More specifically, we investigate how the acquirer's and the target's ESG coverage and different levels of ESG performance affect the probability of cash offers in a sample of 836 US takeovers from 1992 to 2014. In examining the target, our results suggest that ESG coverage is positively associated with the probability of cash offers, whereas we find a negative relationship for ESG concerns and no effect for ESG strengths. Upon examining the acquirer, ESG coverage and ESG concerns both increase the probability of cash offers; however, we do not find results supporting our prediction regarding the acquirer's ESG strengths. We infer that ESG coverage and level affect strategic considerations in the choice of the payment method in takeovers because they not only reduce information asymmetry, but also enhance financing capability
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
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