Enterprise Risk Management, Corporate Governance And Systemic Risk: Some Research Perspectives

The general goal of Enterprise Risk Management (ERM) processes is to generate economic value through the coverage of firm business risk, on the one hand, and by exploiting the positive side of uncertainty conditions, on the other hand. The increasing attention attributed to ERM in the creation of economic value has led to even greater interactions between risk management mechanisms and the corporate governance system. In other words, in the last two decades, the relationships between corporate governance and ERM increased since the ERM processes have been considered more and more as critical drivers to combine strategic objectives with relative low volatility of company performance. The basic idea is that a good corporate governance system must deal about specific risks along with their interactions and, at the same time, the firm’s business risk as a whole. Moreover, an efficient and effective ERM system provides clear information about linkages between strategic opportunities and risk exposure and offers tools able to manage in an optimal way the negative side of business risk (or downside risk) as wellas its positive side (or upside risk). Accordingly, extant studies concerning the relationships between ERM and corporate governance have been focusing on a micro-level of analyses (i.e., the individual organization) and, specifically, on a firm’s benefits that stem from the adoption of proper ERM processes that are consistent with corporate governance goals and are able to sustain the increase of economic value while maintaining a bearable business risk over time. From our initial analyses, a gap in literature arises. We argue that the interdependence between ERM and corporate governance may be analyzed from a broader point of view as well (i.e., the firm and its task environment composed by its suppliers, customers, and partners). In particular, our research idea is to enlarge traditional studies about interrelations between corporate governance and ERM taking into account whether such interrelations could be a driver of risk transfer from the focal organization to other organizations that belong to its task environment. Moreover, this study aims to deepen the mechanisms by which the transfer of risk from a focal organization to its task environment may foster the emergence of systemic risk, i.e., a macro risk coming from domino and/or network effects. Therefore, our paper aims to find new research areas by combining micro and macro issues tied to corporate governance, ERM and systemic risk. The starting point of our work is the three following assumptions: 1) The compliance of a firm to ERM processes as well as to corporate governance rules implies the reduction as much as possible of firm business risk; 2) The reduction of the firm business risk leads to externalizing the firm business risk through risk-sharing mechanisms; 3) The risk-sharing may arise like a driver of systemic risk especially in those industries featured by strong network interrelations. Starting from the above assumptions, the paper goal is to open a new research area which combines four academic fields (ERM, corporate governance, corporate finance, and macro-finance). So far, our initial findings tell us that the following research questions arise: RQ1: What are the conditions under which the transfer of business risk towards organizations that belong to a firm task environment is likely to become a source of systemic risk in a specific industry? RQ2: How does the capital structure of a focal firm affect its propensity to transfer business risk not only to commercial but also to financial stakeholders included in firm task environment? RQ3: How does the transfer of business risk influence the capital cost of the focal firm as well as of the organizations that absorbed such risk

Positive or negative voting premium: what happened to private benefits in Italy?

A large body of research deals with voting premium as a proxy of private benefit of control. Almost all of them find positive voting premium, in particular in Italy. Therefore appears interesting to ask what is the current status of private benefits of control in Italy in the last decade (2007-2017). Surprisingly, we show three major findings: i) reduction of non-voting share in the Italian scenario; ii) prevalence of negative voting rights premium more than positive ones, thus conflicting with the assumption and the observations by other researchers; iii) limits of the voting premium method. Our aim is that this study, despite its limitations, may encourage further researches focused on the analysis of the improvement and the change in the Italian corporate governance. The article points out that interesting evidence already exists, although still much remains to do in the future

Dynamic structural health monitoring for concrete gravity dams based on the Bayesian inference

The preservation of concrete dams is a key issue for researchers and practitioners in dam engineering because of the important role played by these infrastructures in the sustainability of our society. Since most of existing concrete dams were designed without considering their dynamic behaviour, monitoring their structural health is fundamental in achieving proper safety levels. Structural Health Monitoring systems based on ambient vibrations are thus crucial. However, the high computational burden related to numerical models and the numerous uncertainties affecting the results have so far prevented structural health monitoring systems for concrete dams from being developed. This study presents a framework for the dynamic structural health monitoring of concrete gravity dams in the Bayesian setting. The proposed approach has a relatively low computational burden, and detects damage and reduces uncertainties in predicting the structural behaviour of dams, thus improving the reliability of the structural health monitoring system itself. The application of the proposed procedure to an Italian concrete gravity dam demonstrates its feasibility in real cases

pRb2/p130: a new candidate for retinoblastoma tumor formation

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Wild and cultivated plants used in traditional alcoholic beverages in Italy: an ethnobotanical review

This study aims to gather, analyze, and discuss the ethnobotanical information regarding wild and cultivated plants used in traditional alcoholic beverages in Italy. The online literature search allowed data collection from 161 articles concerning the use of wild and cultivated plants in Italy for liqueurs preparation. Overall, we identified 130 taxa belonging to 35 families, among them Rosaceae is the most cited (21.4%) followed by Asteraceae (14.3%), Lamiaceae (12.7%), Apiaceae and Pinaceae (5.6% each). Tuscany (N=49), Friuli Venezia Giulia (N=46) and Lombardy (N=36) show the largest number of species used in a single region. The common use of liqueurs as aperitif and digestive is also discussed. This work increases the ethnobotanical data of traditional alcoholic beverages from Italy, till now not well explored. This study can be the basis for future research on the supposed bioactivity and toxicity of alcoholic beverages

Phenomenological interpolation of the inclusive J/psi cross section to proton-proton collisions at 2.76 TeV and 5.5 TeV

We present a study of the inclusive J/psi cross section at 2.76 TeV and 5.5 TeV. The energy dependence of the cross section, rapidity and transverse momentum distributions are evaluated phenomenologically. Their knowledge is crucial as a reference for the interpretation of A-A and p-A J/psi results at the LHC. Our approach is the following: first, we estimate the energy evolution of the pt-integrated J/psi cross section at mid-rapidity; then, we evaluate the rapidity dependence; finally, we study the transverse momentum distribution trend. Whenever possible, both theory driven (based on pQCD predictions) and functional form (data driven fits) calculations are discussed. Our predictions are compared with the recently obtained results by the ALICE collaboration in pp collisions at 2.76 TeV.Comment: 23 pages, 19 figures, updated text+figures, added comparison to ALICE measurements at 2.76Te

Speed and entropy of an interacting continuous time quantum walk

We present some dynamic and entropic considerations about the evolution of a continuous time quantum walk implementing the clock of an autonomous machine. On a simple model, we study in quite explicit terms the Lindblad evolution of the clocked subsystem, relating the evolution of its entropy to the spreading of the wave packet of the clock. We explore possible ways of reducing the generation of entropy in the clocked subsystem, as it amounts to a deficit in the probability of finding the target state of the computation. We are thus lead to examine the benefits of abandoning some classical prejudice about how a clocking mechanism should operate.Comment: 25 pages, 14 figure

L’ectopia tiroidea: problemi di diagnosi e terapia

Gli Autori analizzando la casistica di tireopatie operate in circa un ventennio (2.670) riportano i casi di ectopia tiroidea (22) giunti alla loro osservazione, discutendone le caratteristiche cliniche nonché l’approccio diagnostico e terapeutico. Talora asintomatica, talora emersa clinicamente solo a seguito di tiroidectomia, l’ectopia tiroidea può creare problemi sia di funzione sia, più frequentemente, locali da compressione che richiedono il trattamento chirurgico, sempre indicato a loro parere anche in forme asintomatiche. Seppur rara, infatti, non può essere trascurata l’ipotesi della degenerazione neoplastica, intercorsa in due casi nella loro esperienza

Editorial: Molecular Mechanisms of Pathogen-Driven Infectious and Neoplastic Diseases

No abstract availabl