Systemic risk determinants in the European banking industry during financial crises, 2006-2012

The recent financial turmoil has stimulated a rich debate in banking and financial literature on the identification of systemic risk determinants and devices to forecast and prevent crises. This paper explores the contribution of corporate variables to systemic risk using the CoVaR approach (Adrian and Brunnermeier, 2016). Using balanced panel data on 141 European banks from 24 countries, which were listed from 2006Q1 to 2012Q4, we investigated the impact of corporate variables during the three regimes that characterised the European banking sector-the subprime crisis (2007Q3-2008Q3), the European Great Financial Depression (2008Q4-2010Q2), and the sovereign debt crisis (2010Q3-2012Q4). Our results show that size did not play a significant role in spreading systemic risk, while maturity mismatch did. However, the nature and intensity of these two determinants varied across the three regimes

Does equity crowdfunding democratize entrepreneurial finance?

This paper investigates whether gender, age, ethnicity, and geography affect the choice of equity crowdfunding offerings vs initial public offerings (IPO) on traditional stock markets and whether these characteristics increase the likelihood of a successful offering. Using 167 equity offerings in Crowdcube and 99 equity offerings on London’s Alternative Investment Market raising between £300,000 and £5 m, we find that companies with younger top management team (TMT) members are both more likely to launch equity crowdfunding offerings than IPOs and have higher chances to successfully complete an equity crowdfunding offering. Remotely located companies are more likely to launch equity crowdfunding offerings than IPOs and have higher chances to successfully complete an equity crowdfunding offering. On the contrary, female entrepreneurs do not have higher chances to raise funds in equity crowdfunding. Minority entrepreneurs do not have higher chances of successfully raising capital but do attract a higher number of investors. Overall, our evidence provides empirical guidance for the first time to the oft-repeated policy claim that equity crowdfunding democratizes entrepreneurial finance by providing access to funding to underrepresented groups of potential entrepreneurs

The Effects of Self-Selected Music on Strength Training Performance

Music plays an important role in physical exercise performance and may in fact be a contributor to performance enhancement (Bartolomei, Sandro, et. al. 2015). Most of the studies done previously examine the effects of music on endurance performance (Brownlee, McMurray, et. al. 1995 and Waterhouse, et. al. 2009). Yet, very little data examines the effects of music on strength exercise. We will examine a one rep max (1RM) bench press and the number of repetitions to failure with and without self selected music (SSM). Subjects will complete two weight lifting sessions that are 6 days apart with the use of SSM or no SSM. SSM will randomly assigned per session. The subjects will prepare a 30 minute music playlist of songs of their choosing and it will be used when assigned to the entire use of SSM. Subjects will start with a warm up period prior to testing for both sessions. The data recorded will be force applied, rate of perceived exertion (RPE), number of repetitions, and heart rate for both sessions. Measurements will be taken at the end of 1RM and at the end of the repetitions to failure. The results will be analyzed using paired T-tests to determine the difference between the variables when SSM is used versus no SSM

The geography of initial coin offerings

Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. Although they have recently sprouted up all over the world, raising millions of dollars for early-stage firms, few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2018, our study reveals that ICOs take place more frequently in countries with developed financial systems, public equity markets, and advanced digital technologies. The availability of investment-based crowdfunding platforms is also positively associated with the emergence of ICOs, while debt and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not clearly related to ICOs

Cumulative Information Generating Function and Generalized Gini Functions

We introduce and study the cumulative information generating function, which provides a unifying mathematical tool suitable to deal with classical and fractional entropies based on the cumulative distribution function and on the survival function. Specifically, after establishing its main properties and some bounds, we show that it is a variability measure itself that extends the Gini mean semi-difference. We also provide (i) an extension of such a measure, based on distortion functions, and (ii) a weighted version based on a mixture distribution. Furthermore, we explore some connections with the reliability of $k$-out-of-$n$ systems and with stress-strength models for multi-component systems. Also, we address the problem of extending the cumulative information generating function to higher dimensions.Comment: 25 pages, 1 figure, submitted for publication on November 30, 202

Academic inbreeding and choice of strategic research approaches

Academic inbreeding is a phenomenon that has been studied mostly from the standpoint of its association with research productivity. The focus has been on knowledge creation outputs and outcomes, while little to no attention has been given to the association of academic inbreeding with knowledge creation strategies and processes in academia. This article focusses on the latter, confirming that academic inbreeding is detrimental to the research aspirations, innovativeness, risk‐taking, and multidisciplinarity engagement of academics' research agendas, as predicted by literature. These findings, based on a sample of more than 7000 academics from all fields of knowledge, working in more than 140 countries, do not find a greater influence of the PhD mentor on the strategic research agendas of homegrown academics as the literature would expect. The findings also underline critical differences between homegrown academics and silver‐corded academics, stressing that the latter category of academics should not be considered as part of the academic inbreeding process (which concept rests on immobility), but rather understood as a category of limited institutional mobility that deserves further study.info:eu-repo/semantics/acceptedVersio

Skilled unemployment and the creation of academic spin-offs: a recession-push hypothesis

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Esplorazione transcistica della via biliare principale per via laparoscopica nella gestione in un tempo della colecistite acuta associata a coledocolitiasi.

Riassunto analitico In corso di colecistite acuta litiasica (AC) l’intervento di elezione è la colecistectomia laparoscopica, che in un’alta percentuale di casi porta alla risoluzione della patologia, soprattutto se eseguita in fase precoce. In una percentuale non trascurabile di pazienti (15-20%) la colecistite litiasica è complicata da litiasi coledocica; in questi casi l’approccio chirurgico non è univoco, potendo variare da una ERCP + sfinterotomia endoscopica pre/intra o post operatoria fino a una esplorazione transcistica del coledoco durante l’intervento di colecistectomia laparoscopica. In questo studio si cerca di dimostrare che quest’ultima strategia terapeutica si rivela efficace nella risoluzione della litiasi del coledoco in corso di colecistite , senza presentare maggiori mortalità e morbilità rispetto alle strategie terapeutiche in più tempi