1,720,996 research outputs found
La crescita esterna delle imprese assicurative europee
Full text linkIl settore assicurativo europeo è stato nell’ultimo decennio al centro di un importante processo di concentrazione stimolato da fattori quali, tra gli altri, deregulation e cicli positivi dei mercati azionari. Una parte rilevante delle M&A che hanno interessato assicurazioni europee ha avuto inoltre carattere cross-border.
Allo scopo di contribuire alla letteratura esistente, la presente tesi di dottorato analizza, tramite la tecnica dell’event study, gli effetti di creazione di valore determinati sui prezzi azionari delle imprese coinvolte dall’annuncio di 33 operazioni di aggregazione intraprese nel periodo 1997-2006 da assicurazioni europee nei confronti di altre assicurazioni ovvero di banche o altri intermediari finanziari.
I risultati, in linea con la prevalente letteratura in materia di aggregazioni nel settore finanziario, mostrano rendimenti anomali cumulati (CAR) lievemente negativi per l’assicurazione acquirente, sensibilmente positivi per l’impresa acquisita e complessivamente identificano effetti di tenue distruzione di valore per l’operazione nel suo complesso.
L’analisi multivariata dei rendimenti anomali mette in luce la preferenza del mercato verso operazioni di aggregazione su scala transnazionale, in accordo con le evidenze della letteratura che ipotizza una sorta di specialità del settore assicurativo rispetto al grado di internazionalità dei processi aggregativi, dimostrando la presenza di minori barriere implicite ad investimenti stranieri rispetto al mercato bancario. Il mercato ha inoltre attribuito una maggiore capacità di creazione di valore alle operazioni di crescita esterna che hanno interessato target di dimensione e volume d’affari relativamente piccoli rispetto all’acquirente, scontando minori difficoltà di integrazione. Infine, i CAR della società target sono risultati tanto più positivi quanto più l’assicurazione acquirente fosse caratterizzata da dimensione rilevante e performance reddituali positive, lasciando ipotizzare un beneficio per gli azionisti dell’impresa acquisita legato allo standing dell’acquirente.European insurance industry faced in the last 10 years a relevant consolidation process that was enhanced by, among others, deregulation and positive market cycles. A significant part of M&A transactions regarding European insurers was cross-border.
In order to contribute to the existing literature, this thesis analyses through an event study technique the wealth effects on share prices related to the announcement of 33 M&As in which a European insurer acquired an insurer, a bank or another financial institution in the period 1997-2006.
The results, in accordance with the major literature regarding consolidation in financial industry, show slightly negative cumulative abnormal returns (CAR) for the acquiring insurer, material positive CARs for the target institution and identify very little wealth destruction effects for the transaction as a whole.
A multivariate analysis of CAR shows market preference for cross-border integration; this result is in line with a literary strand that assumes sort of a specialty of insurance sector as regard to the internationality of M&A activity, indicating that implicit barriers to foreign investment are less relevant than in banking market. Moreover, market judged as value enhancing the acquisitions of targets of relative lower dimension compared to the acquirer, assuming lesser integration threats. Finally, the higher the dimension and the performance of the acquirer insurer, the higher the target CAR. This may indicate the existence for target shareholders of a “benefit” related to the acquirer standing
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
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
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