The working group, in valuing the scientific publications made in previous years on the quantification and measurement of the indicators of 'attraction' of a territory, tried to find a sustainable development model, verifing the effect that the recent introduction APEA (Industrial Areas...

This paper examines if overreaction of oil price forecasters is affected by uncertainty. Furthermore, it takes into account joint effects of uncertainty and oil price returns on forecast changes. The panel smooth transition regression model from Gonz alez et al. (2005) is applied with univariate...

This paper uses analysts' forecasts to estimate a share's equity duration, a measure of a company's average cash-flow maturity. We find that short duration equity is associated with high expected and realized returns, which cannot be attributed to the shares' systematic risk exposure as implied...

This study analyzes the impact of regional economic conditions on stock returns. I identify all U.S. states that are economically relevant for a firm through textual analysis of annual reports and construct a novel proxy for regional economic activity. Using this proxy, I find that economic...

The paper studies the effects of anticipated earnings announcements on liquidity before the earnings announcement day, utilizing full limit order book data. We find very convincing supportive evidence of deteriorating liquidity due to the increase in information asymmetry, which is in line with...

This paper documents that ECB announcements increase the stock market volatility in the euro area (EA) on the same day. I consider two volatility measures from January 1998 to May 2019. First, a realized volatility measure uses intraday data for 8 different stock market indices. Second, a range...

We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). Adapting a finance-specific German dictionary based on Loughran and McDonald (2011), we find that CEO speeches' textual sentiment is significantly related to abnormal stock returns and trading...

In more than 130 years, the cooperative banks and rural banks, have become a best practice, widespread in all the Italian regions so as to become, through Federcasse, a federal system included among the 130 European banks, referents ECB. A model that today has about 400 local banks and that,...

Cloud computing is widely seen as a new source of innovation as well as a driving factor of productivity improvements of firms. This paper analyses the determinants of cloud computing adoption in general as well as for specific deployment (Public vs. Private) and service models (SaaS, IaaS,...