Me, Myself and I: CEO Narcissism and Selective Hedging

AbstractIn this paper, we test the hypothesis that CEO narcissism influences firms' hedging behaviour. Our empirical evidence, based on hand‐collected data on derivative positions in the U.S. oil and gas industry, suggests that firms with a narcissistic CEO hedge more selectively. Furthermore, we find that these firms reduce selective hedging comparatively more following a sharp price collapse that sent the industry into a state of distress. This result is in line with the 'narcissistic paradox': While scoring high on self‐esteem and grandiosity in the normal case, such individuals are also inherently fragile and liable to crumble when faced with adversity

Macro Asset Allocation with Social Impact Investments

Using a unique dataset of 50 listed companies that meet the majority of the OECD requirements for Social Impact Investments, we construct a Social Impact Finance stock index and investigate how investing in Social Impact Firms can contribute to portfolio risk-return performance. We build portfolios with three different methodologies (na\uefve, Markowitz mean-variance optimization, GARCH-copula model), and we study the performance in terms of returns, Sharpe ratio, utility and forecast premium based on a Constant Relative Risk Aversion function for investors with different levels of risk aversion. Consistent with the idea that Social Impact Investment can improve portfolio risk-return performance, the results of our macro asset allocation analysis show the importance of a large fraction of investor portfolios stake committed to Social Impact Investments

Colorectal Cancer Stage at Diagnosis Before vs During the COVID-19 Pandemic in Italy

IMPORTANCE Delays in screening programs and the reluctance of patients to seek medical attention because of the outbreak of SARS-CoV-2 could be associated with the risk of more advanced colorectal cancers at diagnosis. OBJECTIVE To evaluate whether the SARS-CoV-2 pandemic was associated with more advanced oncologic stage and change in clinical presentation for patients with colorectal cancer. DESIGN, SETTING, AND PARTICIPANTS This retrospective, multicenter cohort study included all 17 938 adult patients who underwent surgery for colorectal cancer from March 1, 2020, to December 31, 2021 (pandemic period), and from January 1, 2018, to February 29, 2020 (prepandemic period), in 81 participating centers in Italy, including tertiary centers and community hospitals. Follow-up was 30 days from surgery. EXPOSURES Any type of surgical procedure for colorectal cancer, including explorative surgery, palliative procedures, and atypical or segmental resections. MAIN OUTCOMES AND MEASURES The primary outcome was advanced stage of colorectal cancer at diagnosis. Secondary outcomes were distant metastasis, T4 stage, aggressive biology (defined as cancer with at least 1 of the following characteristics: signet ring cells, mucinous tumor, budding, lymphovascular invasion, perineural invasion, and lymphangitis), stenotic lesion, emergency surgery, and palliative surgery. The independent association between the pandemic period and the outcomes was assessed using multivariate random-effects logistic regression, with hospital as the cluster variable. RESULTS A total of 17 938 patients (10 007 men [55.8%]; mean [SD] age, 70.6 [12.2] years) underwent surgery for colorectal cancer: 7796 (43.5%) during the pandemic period and 10 142 (56.5%) during the prepandemic period. Logistic regression indicated that the pandemic period was significantly associated with an increased rate of advanced-stage colorectal cancer (odds ratio [OR], 1.07; 95%CI, 1.01-1.13; P = .03), aggressive biology (OR, 1.32; 95%CI, 1.15-1.53; P < .001), and stenotic lesions (OR, 1.15; 95%CI, 1.01-1.31; P = .03). CONCLUSIONS AND RELEVANCE This cohort study suggests a significant association between the SARS-CoV-2 pandemic and the risk of a more advanced oncologic stage at diagnosis among patients undergoing surgery for colorectal cancer and might indicate a potential reduction of survival for these patients

A model for pricing italian contemporary art paintings at auction

The aim of this paper is to model painting prices at auction. The novel aspects of our contribution are as follows: first, the set of regressors used as explanatory variables in the hedonic regression is wider than those previously employed in the literature. Second, we consider the selection bias arising from the possibility of unsold items. Finally, a model including pre sale evaluations by experts is also estimated which allows us to evaluate their information content. To do so, we use the Heckit model exploiting a unique dataset of 2817 Italian Contemporary Art painting transactions which took place at auction worldwide between 1990 and 2006. Our results suggest that auction prices depend upon four sets of regressors (artist identity, physical, artistic and sale characteristics of the painting); moreover, auction house, marketplace and year of sale seem to be crucial in getting artworks sold. Pre sale estimates seem to be a good predictor of painting prices but the hypothesis of their sufficiency is rejected and problems regarding the economic interpretation of the results arise

A model for pricing Italian Contemporary Art paintings at auction

Abstract The aim of this paper is to model painting prices at auction. The novel aspects of our contribution are as follows: first, the set of regressors used as explanatory variables in the hedonic regression is wider than those previously employed in the literature. Second, we consider the selection bias arising from the possibility of unsold items. Finally, a model including pre sale evaluations by experts is also estimated which allows us to evaluate their information content. To do so, we use the Heckit model exploiting a unique dataset of 2817 Italian Contemporary Art painting transactions which took place at auction worldwide between 1990 and 2006. Our results suggest that auction prices depend upon four sets of regressors (artist identity, physical, artistic and sale characteristics of the painting); moreover, auction house, marketplace and year of sale seem to be crucial in getting artworks sold. Pre sale estimates seem to be a good predictor of painting prices but the hypothesis of their sufficiency is rejected and problems regarding the economic interpretation of the results arise.Painting prices Auctions Heckit model Selection bias Pre sale evaluations Statistical sufficiency

A Model for Pricing the Italian Contemporary Art Paintings at Auction

This paper aims to model the auction prices of Italian contemporary art paintings. The contribution to the existing literature is twofold concerning both the methodological and the conceptual aspects. From the former point of view, we use the two-stages Heckit model which allows us to take into account the sample selection bias deriving from the "buying" risk, that affects transactions at auction. From the latter point of view, we have found that some sale characteristics such as auction house prestige and year of sale, are more important than the physical aspects of the paintings. Moreover, some artistic characteristics, the artist's name and their living status are also relevant. An estimation using pre-sale evaluation by experts has also been tried: this explanatory variable seems to be the main driver regarding both the probability of having an unsold painting and the auction price levels reached by sold works. Nevertheless, the hypothesis of its sufficiency is rejected and some problems related to the economic interpretation of the results arise. The whole analysis is carried out after creating a new dataset of 2817 transactions which took place at the most important auction houses between 1990 and 2006.Heckit model, auctions, painting prices, selection bias, statistical sufficiency

Me, myself and I : CEO narcissism and selective hedging

In this paper, we test the hypothesis that CEO narcissism influences firms’ hedging behaviour. Our empirical evidence, based on hand-collected data on derivative positions in the U.S. oil and gas industry, suggests that firms with a narcissistic CEO hedge more selectively. Furthermore, we find that these firms reduce selective hedging comparatively more following a sharp price collapse that sent the industry into a state of distress. This result is in line with the ‘narcissistic paradox’: While scoring high on self-esteem and grandiosity in the normal case, such individuals are also inherently fragile and liable to crumble when faced with adversity