The relationship between corporate governance and the cost of equity capital. Evidence from the Italian stock exchange

The aim of this paper is to investigate the relationship between corporate governance (CG), in terms of its internal significance, and the cost of equity capital (CEC), based on a sample of companies listed on the Italian Stock exchange on 31/12/2009. We used Italy as a case study mainly because we expect that the key features of the Italian setting in terms of financial markets and corporate governance will impact on the relationship between CG and CEC. On the basis of a literature review, we identify the attributes of internal CG predicted as having a direct effect on CEC. The selected CG attributes (board independence, board size, existence of the audit and the nomination/remuneration committees and independence of board committees) have been used to construct a comprehensive corporate governance quality index for each firm. The CG score, as indicator of CG quality, is the independent variable of the multiple regression equation that brings together CG score and CEC (dependent variable), after controlling for the variables related to the risk. This paper belongs to the current of research regarding the relationship between CG and CEC, and it contributes to the literature dealing with CG and firm value determinants, by providing additional information concerning the impact of CG on another important determinant of firm value, i.e. CEC, in a context, that of Italy, which has not been extensively explored in previous research. The main contribution of the paper hinges on the setting chosen, in terms of how CG and key financial markets features impact on the relationship between CG and CEC offering new insights not previously addressed by literature. The results provide evidence of a significant association between the CG score and the firm’s equity capitalcost, after controlling for differences in the Fama and French (J Financial Econ 33:3-56, 1993) risk factors.     

Crowds and value. Italian Directioners on Twitter

This paper addresses crowd-based dynamics of value creation in participatory culture. Based on a corpus of 114,931 tweets associated with One Direction and similar boy bands, we draw on recent theories of crowd-based organization in digital media as well as classical crowd theory to build a theoretical model of collective value creation. In our model, the achievement of value in the form of trending and individual microcelebrity is based on affectively driven processes of imitation, rather than on rational evaluation and deliberation. We contrast this model with established accounts of microcelebrity and draw out implications for theories of crowd-based organization in digital media and for theories of participatory culture and collaborative value creation in general.     

Nonlinear filters based on taylor series expansions ∗

The nonlinear filters based on Taylor series approximation are broadly used for computational simplicity, even though their filtering estimates are clearly biased. In this paper, first, we analyze what is approximated when we apply the expanded nonlinear functions to the standard linear recursive Kalman filter algorithm. Next, since the state variable α_t and α_t-t are approximated as a conditional normal distribution given information up to time t - 1 (i.e., I_t-1) in approximation of the Taylor series expansion, it might be appropriate to evaluate each expectation by generating normal random numbers of α_t and α_t-1 given I_t-1 and those of the error terms θ and η_t. Thus, we propose the Monte-Carlo simulation filter using normal random draws. Finally we perform two Monte-Carlo experiments, where we obtain the result that the Monte-Carlo simulation filter has a superior performance over the nonlinear filters such as the extended Kalman filter and the second-order nonlinear filter.     

Lombardy’s local labour systems and foreign immigrants

The analysis highlights the relationship between the territorial distribution of foreigners in Lombardy and the economic space they occupy, territorially defined by the Local Labour Systems. In particular, using these units the study assesses the importance of ethnic networks and local labour market conditions in defining the varying concentration of foreign nationalities living in the territory.The research was partially supported by grants from CNR (99.01522.CT10). Preliminary findings have been presented at SIS (Societá Italiana di Statistica) Annual Meeting, Milano Bicocca, 2002     

Personal psychological resources,resilience and self-efficacy and their relationship with psychological distress in situations of unemployment / Los recursos psicológicos personales,resiliencia y autoeficacia,y su relación con el malestar psicológico en situaciones de desempleo

According to Hobfoll’s conservation of resources theory (1989), psychological resources such as resilience and self-efficacy could mediate the effects of unemployment on well-being. The objective of this study is to analyse the mediating role of self-efficacy and resilience on the relationship between the amount of time unemployed and psychological distress. A sample of unemployed persons from the Region of Murcia was used (N = 280). With a transversal design and using the macro PROCESS for SPSS (2013), a multiple mediation model is proposed which analyses the mediating role of psychological resources in relation to the amount of time unemployed and self-perceived health. The explained variance of this model is 23.79%. The results show that only self-efficacy partially mediates in the relationship between the two variables (β = .18, SD = 0.06, p < .01). The main contribution of this article is showing that personal psychological resources are an effective tool to cope with life stressors, such as, in this case, unemployment.     

Parental Competence in Italy: A Comparison Between Italian and Immigrant Parents

The migration experience could influence parental competence perception in immigrant parents. Within this framework the current work focuses on immigrant parenthood and whether a family’s migratory path could lead parents to feel less competent in their parental roles. The aim of the present study is to analyze perceptions of parental competence and family routines among immigrant and Italian parents during the middle childhood stages. The results showed that immigrant parents perceive themselves as more competent than Italians. Immigrants also attribute more importance to the dimension of relational and regulatory routines in daily family life than do Italian parents. Professionals can use these findings to better understand how best to enhance practices and strategies appropriate to the complexity of these intercultural contexts.