1,720,973 research outputs found
A MacIntyrean Perspective on the Collapse of a Money Market Fund
No full textThis paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund (RPF), which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case
Non-Banking Financial Institutions and Sustainability Issues: Empirical Evidences of ESG scores on Market Performances
No full textThis study highlights how environmental, social and governance (ESG) scores relate to the market performance of nonbanking financial institutions (NBFIs), using a sample for the period 2006–20 composed of 415 international listed financial institutions. To show whether firms oriented toward long-term sustainability achieve not only reputational but also financial benefits, we run a panel regression based on the Tobin model. We find that the market-to-book ratio is positively affected by increases in ESG scores, with stronger evidence for environmental and governance drivers. Finally, we analyze the role of the ESG controversies score on the financial performance of NBFIs, finding a negative and significant relation. This study represents a novel contribution to this field of research in two respects: first, the specific financial sectors investigated are diversified financials, insurance and real estate investment trusts, rather than traditional financial intermediaries (banks are excluded); second, the time horizon analyzed contains many important economic and financial events and much interesting evidence
The Economy of Francesco: Ongoing Perspectives for a New Economy
No full textIn this editorial we introduce and discuss what the Economy of Francesco (EoF) is and why it matters for research at the crossroad between Economics, Management, Spirituality and Religion. EoF is both a process and a community of people researching economics and management, and/or practising economic activities in the spirit of the long tradition of Catholic social teaching. Founding its ideal roots in the mediaeval spiritual movement of St. Francis, and its fresher branches in the recent encyclicals of Pope Francis on integral ecology (Laudato Sì) and on fraternity (Fratelli Tutti). In this editorial essay, we present and discuss the four papers published in this special issue, and we explore three main areas of research which may be advanced through the lens, the process and the spirit of EoF: sustainable entrepreneurship, inclusive finance, and relationships and communities. Finally, we offer some inspirational research questions that this process has still left unanswered
Interaction between ownership structure and systemic risk in the European financial sector
Full text linkThis empirical study examines the interaction between systemic risk and corporate governance in European financial institutions. Specifically, we investigate how two corporate governance issues, ownership concentration, and institutional investors‘ presence, affect systemic risk. We use the conditional value-at-risk (CoVaR) approach (Adrian & Brunnermeier, 2016) to measure systemic risk and analyze balanced panel data of 96 listed banks from 19 European countries during the period 2011–2020. We choose the European context of its corporate governance‘s heterogeneity, the presence of a high level of institutional ownership, and the financial turmoil it has been through over the period analyzed. Our findings reveal that ownership concentration decreases systemic risk, while the high presence of institutional investors increases it. This study contributes to the existing literature by shedding light on the relationship between corporate governance and systemic risk, and how it varies across different ownership structures and institutional contexts. Furthermore, this study provides valuable insights for regulators and policymakers in designing effective corporate governance frameworks that can mitigate systemic risk in financial institutions
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
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe 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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