1,721,145 research outputs found
Weighted Nonparametric Classification of Companies Listed on International Equities Markets
No full textGli analisti finanziari studiano le risultanze contabili delle aziende per valutarne la capacità di onorare gli impegni finanziari assunti e remunerare i propri investitori. In quest'ottica, l'operatore ricorre ad un insieme di indicatori finanziari la cui lettura non sempre si presenta agevole quando si debbano confrontare diverse opportunità di investimento: si pone quindi un problema di classificazione. Nel lavoro, viene sviluppato un metodo nonparametrico pesato di classificazione di società sulla base dei più comuni indicatori finanziari. A differenza di quelli tradizionali, questo metodo permette di assegnare diversi gradi di importanza alle variabili di classificazione e non richiede ipotesi stringenti come quelle di normalità o linearità. Si procede in seguito alla classificazione di un insieme di società quotate sui principali listini azionari
Composite Indicators for Financial Problems
No full textQuando si tratta di affrontare problemi in campo finanziario, sono spesso coinvolte variabili complesse che non si prestano ad essere misurate in maniera diretta. Si pensi alla valutazione di una società quotata su un mercato regolamentato. Tale valutazione viene in genere effettuata indirettamente, attraverso la considerazione di diversi indicatori finanziari di bilancio e la costruzione (almeno implicita) di un indicatore composto. Nella nota, si affronta il problema della costruzione di indicatori composti in ambito finanziario. Vengono considerati metodi lineari e non lineari. Viene inoltre discussa un’applicazione alle banche italiane appartenenti all’indice DJ Euro Stoxx bancario, e si mostra come la valutazione delle banche desumibile da indicatori composti sia molto poco correlata con la variazione dei corsi azionari
How to Make a Complex Corporate Finance Indicator Simpler
No full textQuality of life or listed company rating are examples of complex variables which are not directly observed. Complex variables may be studied through a composite indicator based on other variables (partial components) that are observed and directly measured. The focus of the paper is on the reduction of the number of partial indicators under consideration to construct a complex indicator. An empirical solution is proposed. The steps of the procedure are presented and a practical application is discussed. More precisely, the ranking of listed companies for what concern their ability to meet short and long term debt obligations (the liquidity issue) is addresses
Multivariate Nonparametric Testing for Comparing Sector Credit Risk, Statistica & Applicazioni
No full textAfter the Basel II accord, banks should not distribute funds without considering which sector firms belong to, as usually done. In this context, we would like to compare firm sector for what concern different financial ratios. Through a suitable multivariate nonparametric test we evaluate whether or not sectors can be distinguished with respect to the ratios. The analysis of a data set about positions from a medium size Italian financial institution clearly contradict the common banking practice of distributing funds without considering which sector firms belong to and strongly recommend for alternative credit treatment
A Simple Dimension Reduction Procedure for Corporate Finance Composite Indicators
No full textFinancial ratios provide useful quantitative financial information to both investors and analysts so that they can rate a company.Many financial indicators from accounting books are taken into account. Instead of sequentially examining each ratio, one can analyse together different combinations of ratios in order to simultaneously take into account different aspects. This may be done by computing a composite indicator. The focus of the paper is on reducing the dimension of a composite indicator. A quick and compact solution is proposed, and a practical application to corporate finance is presented. In particular, the liquidity issue is addressed. The results suggest that analysts should take our method into consideration as it is much simpler than other dimension reduction methods such as principal component or factor analysis and is therefore much easier to be used in practice by non-statisticians (as financial analysts generally are financial analysts). Moreover, the proposed method is always readily comprehended and requires milder assumptions
Credit Risk: Sector Comparisons Using Nonparametric Methods
No full textCon l’adozione dei criteri di Basilea 2 per le piccole e medie imprese, gli istituti finanziari non potranno più procedere con l’erogazione di finanziamenti senza fare (com’è prassi) distinzioni fra i settori di appartenenza. In questo contesto, ci si propone di confrontare statisticamente tra loro diversi settori di impresa con riferimento ad alcuni indicatori economico finanziari di bilancio. Tramite un opportuno test nonparametrico multivariato si vuole valutare se i settori siano o meno distinguibili rispetto agli indicatori di bilancio considerati. L’analisi dei risultati suggerisce in maniera chiara come il Sistema Bancario dovrebbe abbandonare la prassi di una politica del credito indifferenziata per settore a favore di una politica che tenga conto in maniera esplicita delle categorie aziendali
Notes on “Sectorial Selling Product and Sectorial Operating Revenue: an Approach à la Leontief”
No full textGoing 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
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