In this article, we provide an interpretation for the voluntary independence requirements contained in the Italian Corporate Governance Code (Preda Code) checking them against a proxy for international best practice, the independence criteria provided in the EC Recommendation on non-executive...

This paper deals with the economics of secondary markets for government bonds. Ultimately, the analysis is shaped by a public policy goal: assessing the elements of a regulatory framework for these markets. In that regard, the decisive role of market structure leads to a critical review of...

Evidence contrasting insider trades in the U.S. between high- and low- jeopardy periods and across firms at high and low risk for 10b-5 litigation indicates insiders condition their trades on foreknowledge of price-relevant public disclosures, but avoid profitable trades when jeopardy due to...

Human brain has invented the Computer&upgraded it to a level of Combrains. With Artificial Chemical Memory, these may grow to function as independent Iintellects, Master/Sponsor representatives and self- decision workers with autonomy&supreme capability. Like any human society learn and function...

Der Zusammenhang zwischen Umweltmanagement und Shareholder Value ist in den letzten Jahren Thema einer Vielzahl von Publikationen gewesen. Dass gutes Umweltmanagement grundsätzlich auch Shareholder Value schaffen kann, ist heute weitgehend unbestritten. Es wird allerdings auch deutlich, dass...

Die Studie zeigt, was unter Stakeholder Value verstanden werden kann, wie Shareholder Value und Stakeholder Value gemessen werden können und welche Verbindung zwischen beiden Konzepten besteht. In dieser Studie wird erstmals die Wertbeitragsanalyse von Stakeholderbeziehungen vorgestellt. Anhand...

Die Studie „Wertschaffendes Umweltmanagement“ betrachtet den Zusammenhang zwischen Umweltaspekten und Unternehmenswert. Hierbei bezieht sie erstmals zwei unterschiedliche, sich ergänzende Bewertungsverfahren ein: Sie nimmt erstens das Konzept des Environmental Shareholder Value auf und...

The shareholder value and the customer lifetime value approach are conceptually and methodically analogous. Both concepts calculate the value of a particular decision unit by discounting the forecasted net cash flows by the risk-adjusted cost of capital. However, virtually no scholarly attention...

This paper examines the valuation effects of mergers & acquisitions in the Portuguese banking industry from 1995 to 2003 over a 41-day (-20, +20) event window. Evidence shows some targets gains, but no gains for the bidders. The combined entity (target+bidder) shows no significant gains...