An application of the option-pricing model to the valuation of football player in the ‘Serie A League’

Football is perhaps the most popular sport in the world. The market of football players is one of the most popular factors of the sport that makes the fans dream of each team which increases the interest around the sport. In 2013 the player Gareth Bale was sold from Tottenham to Real Madrid for 100 million Euros. Someone argues that the market for football players is inherently irrational precisely because of the sale price of certain players. This paper is based on Tunaru et al. model that is real option based model. The aim of the paper is the financial valuation of a goalkeeper of Serie A League club. The model depends on relationship of player’s and team’s performance and the club’s turnover

Gender diversity on corporate boards: an empirical investigation of Italian listed companies

In recent years, there has been a growing consensus that gender diversity could improve the economic and social performance of companies—although progress has been painfully slow. In Italy, Law n. 120/2011 has required that since 2012 the composition of corporate boards must comprise at least 1/5 women and, from 2015, 1/3 women. Here, our primary aim was to study the proportion and the progression of female directors on the boards of Italian companies over the period between 2009–2014, among a sample of 60 companies listed on the Milan Stock Exchange. We additionally studied the characteristics of the women on the companies’ boards, in order to assemble a typical profile. To do this, we verified the boards’ compositions, the number of female directors, women’s power on the boards and their levels of education. Our results confirm that Italian law has produced significant effects on the composition of corporate boards. Moreover, we found that female directors are generally of Italian ethnic origin and have high levels of education, with a master’s, and sometimes, post-master’s degree. Furthermore, female directors are more likely to be professional figures with experience—the percentages of female directors with professional qualifications as well as the percentage of female directors on boards of other companies have consistently increased during the period mentioned. Our findings provide a descriptive analysis of female directors during the period between 2009–2014, thereby presenting a picture of gender equality in the Italian context. To our knowledge, this is the first study that has focused on examining gender equality among Italian-listed companies over such a long period. Future development of this research could examine in more depth the differences between male and female presence, behaviour and characteristics on boards, as well as how these issues affect the performance of firms. This article is published as part of a collection on the role of women in management and the workplace

Different methods to estimating the cost of equity. An analysis on a sample of too big to fail banks

In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the inverse of the multiple P/E. These three models are used to estimate the cost of equity. The comparison was made on a sample of 24 banks selected among the largest for assets in the world (too big to fail banks) belonging to 11 different countries. The results show that the CAPM estimates a premium for the higher risk than the one obtained with the actuarial method and the method based on the inverse of the P/E (except for 2013)

Does Intellectual Capital Affect the Volatility of Returns? An Empirical Investigation on Italian Listed Companies

In modern information economies, economic success increasingly depends on the ability to apply knowledge and to transform it into firm value. While intellectual capital plays a critical role in firm success, it is an intangible asset that is difficult to measure and that is unrecorded by the firm. Difficulties in measuring intellectual capital, as well as the dynamic nature of the firms that rely on it, may lead to greater stock market volatility/risk. Consistent with this expectation, in statistical tests we find that intellectual capital, measured by VAIC, positively relates to the volatility of stock returns section among Italian listed companies. We find this positive relation for two components of a firm’s risk: systematic risk and specific risk. The finding is relevant to both investors concerned with understanding the risk/reward balance of particular investments and regulators concerned with market stability

Efficacy of spa-therapy, mud-pack therapy, balneotherapy and mud-bath therapy in the management of knee osteoarthritis. A systematic review

Background: Osteoarthritis (OA) is the most common musculoskeletal disease in the world. OA is the result of an inflammatory and degenerative process affecting the entire joint. Osteoarthritis, especially involving the knee, has a relevant socio-economic impact in terms of drugs, hospital admissions, work absences and temporary or permanent invalidity. Therapy of knee osteoarthritis is based on pharmacological and non-pharmacological measures. Methods: We conducted a systematic review of the studies published between 2002 and 2017 on spa-therapy, mud-pack therapy, balneotherapy and mud-bath therapy in the treatment of knee osteoarthritis in order to investigate the evidence of the efficacy of such treatment on pain, functional limitation, drug use and quality of life. Overall, 35 studies were examined among which 12 were selected and included in the review if trial comparative. Each report was reviewed to identify the criteria used for study enrolment and for assignment to experimental vs control groups, sample size, type and characteristics of treatment, features of mineral water, control intervention, assessment point, endpoints, outcome measures, tests used for statistical analysis of the results. We have been able to illustrate the main results obtained in the individual studies and to elaborate these results in order to allow as much a unitary presentation as possible, and hence an overall judgment. Results: Because the studies we reviewed differed markedly from one another in terms of the methods used, we were unable to conduct a quantitative analysis (meta-analysis) of pooled data from the 12 studies. For the purposes of the present review, we re-evaluated the results of the different studies using the same statistical method, the Student’s t test, which is used to compare the means of two frequency distributions. Among all the studies, the most relevant indexes used to measure effectiveness of spa therapy were improved including VAS, Lequesne’s and WOMAC Score. Conclusions: The mud-pack therapy, balneotherapy, mud-bath therapy and spa therapy has proved to be effective in the treatment and in the secondary prevention of knee osteoarthritis, by reducing pain, non-steroidal antiinflammatory drug consumption, functional limitation and improving quality of life of affected patients. Is a noninvasive, complication-free, and cost-effective alternative modality for the conservative treatment of knee osteoarthritis

Editorial: la gobernanza del riesgo en el mundo post pandemia

Ningun

Event marketing e Web 2.0. Il caso Lucca Comics & Games.

L'obiettivo principale della mia tesi è quello di analizzare e descrivere l'importanza che gli eventi hanno assunto come nuovi strumenti di marketing. Partendo dalla creazione di un evento, fino ad arrivare alla sua promozione,soffermandomi sulla comunicazione digitale. In particolare, ho analizzato le opportunità che il Web 2.0 mette a disposizione in riferimento al caso Lucca Comics & Games, avanzando infine una serie di proposte per la promozione della futura edizione

Araucariácea nativa de argentina : estado de conservación y características del recurso forestal Araucaria araucana (Molina) K. Koch

La familia Araucariáceas está representada en Argentina por el género Araucaria; A. araucana se encuentra distribuida naturalmente al sur restringida a un clima extremo y aunque ha encontrado condiciones agroclimáticas únicas para prosperar, el grave estado de conservación en que se encuentran, peligra la perpetuidad no solo de ella sino también del ecosistema que la alberga, ya que contribuye a mantener un equilibrio ecológico único. El presente trabajo describe las características ecológicas de la especie y resume los aspectos más relevantes del estado de conservación y hábitat de este representante nativo de un género tan emblemático, ya que solo a través del conocimiento del patrimonio que poseemos es posible implementar acciones para su conservación, protección e integración de las comunidades locales en dicha actividades.The Araucariaceae family in Argentina is represented by the genus Araucaria; A. araucana is naturally distributed to the south restricted to extreme weather and although it has found unique growing conditions to thrive, severe condition they are in, endangered the perpetuity not only her but also the ecosystem that houses it, as it helps to maintain a unique ecological balance. This paper describes the ecological characteristics of the species and summarizes the most relevant aspects of the conservation status and habitat of this native representative of as emblematic genre; because only through knowledge of the heritage we have is possible to implement actions for their conservation, protection and integration of local communities in such activities.Fil: Goth, Silvia A.. Universidad Nacional del Nordeste. Facultad de Ciencias Agrarias; ArgentinaFil: Fontana, María Laura. Universidad Nacional del Nordeste. Facultad de Ciencias Agrarias; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Nordeste. Instituto de Botánica del Nordeste (i); ArgentinaFil: Luna, Claudia Verónica. Universidad Nacional del Nordeste. Facultad de Ciencias Agrarias; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Nordeste. Instituto de Botánica del Nordeste (i); Argentin

La importancia del don en al sociedad occidental contemporánea

El principal objetivo del presente ensayo es dar un marco teórico que permita mostrar los desarrollos hechos en la temática relacionada con la solidaridad y que sirven de antecedentes para el avance que, actualmente, se lleva a cabo en el tema como consecuencia del surgimiento y fortalecimiento del llamado “Tercer Sector”. La idea es la elaboración de un contexto, a partir del cual se pueda reflexionar sobre el “don” planteado por Marcel Mauss y retomado por Maurice Godelier, y que permita ofrecer un panorama sobre el papel que en la actual sociedad juega la solidaridad puesta en marcha a través de diversas Organizaciones No Gubernamentales. Se pone de manifiesto que en las últimas décadas se han producido grandes cambios y situaciones poco previstas dentro de los procesos sociales, lo que llevó a transformaciones tanto de la sociedad como del Estado, requiriendo de respuestas urgentes. También se analizan la incidencia de los medios de comunicación en la promoción de la solidaridad, los cuales son utilizados por las organizaciones dedicadas a la caridad como instrumentos para concientizar a la población, en especial, sobre los efectos y necesidades que aparecen durante una crisis

La importancia del don en la sociedad occidental contemporánea

El principal objetivo del presente ensayo es dar un marco teórico que permita mostrar los desarrollos hechos en la temática relacionada con la solidaridad y que sirven de antecedentes para el avance que, actualmente, se lleva a cabo en el tema como consecuencia del surgimiento y fortalecimiento del llamado “Tercer Sector”. La idea es la elaboración de un contexto, a partir del cual se pueda reflexionar sobre el “don” planteado por Marcel Mauss y retomado por Maurice Godelier, y que permita ofrecer un panorama sobre el papel que en la actual sociedad juega la solidaridad puesta en marcha a través de diversas Organizaciones No Gubernamentales. Se pone de manifiesto que en las últimas décadas se han producido grandes cambios y situaciones poco previstas dentro de los procesos sociales, lo que llevó a transformaciones tanto de la sociedad como del Estado, requiriendo de respuestas urgentes. También se analizan la incidencia de los medios de comunicación en la promoción de la solidaridad, los cuales son utilizados por las organizaciones dedicadas a la caridad como instrumentos para concientizar a la población, en especial, sobre los efectos y necesidades que aparecen durante una crisis.Fil: Fontana, Silvia Esther. Universidad Católica de Córdoba. Facultad de Ciencia Política y Relaciones Internacionales; Argentin