1,720,987 research outputs found
Finanziare le infrastrutture. Storia, innovazione e teoria dalle «vie» romane al partenariato pubblico-privato
No full textStoria e attualità del parternariato pubblico-privato dalle vie d'acqua romane al codice degli appalti
'One Size Fits All' in Private Banking: Implications for the Wealth and Asset Management Industry
No full textWe focus on discretionary portfolio management to examine the impact of advisory on strategic asset allocation and its dynamics. We use a unique and proprietary dataset from a large European private bank of 5,627 clients that covers the period from 2005 to 2013. While high-net-worth clients opt for customized advisory, we show instead that allocations are quite similar across a range of clients; advisors are conservative and favour low-risk profiles regardless of clients’ age. We observe a low number of active clients and provide evidence of the low extra returns generated by changes in the portfolio asset allocation. Finally, we highlight that changes in risk attitude mainly depend on portfolios’ past performance and/or past market performance, suggesting that advisors are not effective in mitigating extrapolation bias and self-attribution bias. Overall, we provide evidence of the low level of tailoring, suggesting a “one size fits all” approach in private banking
The Macaulay duration: a key indicator for the risk-adjustment in fair value
Full text linkInternational Financial Reporting Standards (IFRS) 13 Fair Value Measurement lays down two methods to adjust Expected Present Value (EPV) for risk. According to Method 1, expected cash inflows should be risk-adjusted by subtracting a risk-premium and discounted at the market risk-free rate, see (IFRS 13, B25). In contrast according to Method 2, expected cash inflows should be discounted at the risk-free rate augmented by a risk-premium addendum, see (IFRS 13, B26). Standard IFRS 13, B29 leaves the freedom to choose between the two methods. The aim of this note is to identify the relationship between the Risk-Adjusted EPVs rolled out from Method 1 and Method 2. First we introduce a theoretical solution to risk-adjustments compliant with the Standard IFRS 13, B29. Then, we set up a user-oriented proxy to connect the risk-premium present in Method 1 with the risk-adjusted rate present in Method 2. This proxy spots light on the key role played by the Macaulay Duration of expected inflows, rather than that of the lifetime of the project. As a consequence, projects expiring at the same redemption date and endowed with the same EPV and/or the same total inflow may differ considerably in risk-adjustments, due to different Macaulay Durations. A user-oriented method to properly to fast evaluate risk-adjustments for multi-cash inflow projects is provided. Sensitivity analysis of the impact of the Macaulay Duration on Risk-Adjusted EPV is also rolled out through numerical examples
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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