La tassonomia XBRL italiana della nota integrativa: analisi delle fonti normative

Through a wide-ranging critical review of relevant publications, we explore and articulate what constitutes the sensemaking perspective in organization studies, as well as its range of applications and limitations. More specifically, we argue that sensemaking in organizations has been seen as consisting of specific episodes, is triggered by ambiguous events, occurs through specific processes, generates specific outcomes, and is influenced by several situational factors. Furthermore, we clarify the application range of the sensemaking perspective and identify, as well as account for, the types and aspects of organizational sensemaking that have been under-researched. We critically discuss the criticism that the sensemaking perspective has received so far and selectively expand on it. Finally, we identify the main limitations of the sensemaking perspective, which, if tackled, will advance it: the neglect of prospective sensemaking, the exclusive focus on disruptive episodes at the expense of more mundane forms of sensemaking implicated in routine activities, the ambiguous status of enactment, the conflation of first-order and second-order sensemaking, and the lack of proper attention to embodied sensemaking. Copyright © 2014 John Wiley & Sons, Ltd

Systemic Risk in Financial Systems

We consider default by firms that are part of a single clearing mechanism. The obligations of all firms within the system are determined simultaneously in a fashion consistent with the priority of debt claims and the limited liability of equity. We first show, via a fixed-point argument, that there always exists a "clearing payment vector" that clears the obligations of the members of the clearing system; under mild regularity conditions, this clearing vector is unique. Next, we develop an algorithm that both clears the financial system in a computationally efficient fashion and provides information on the systemic risk faced by the individual system firms. Finally, we produce qualitative comparative statics for financial systems. These comparative statics imply that, in contrast to single-firm results, even unsystematic, nondissipative shocks to the system will lower the total value of the system and may lower the value of the equity of some of the individual system firms.Credit Risk, Default, Clearing Systems