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)

Coronary Heart Disease in Women: A Challenge for the 21st Century

Heart disease is the first killer of women in the modern era, regardless of age, race and of ethnicity, although its prevalence rises after menopause. Modern women have professional and housewife responsibilities, consume excess of fat and carbohydrates, smoke, do not exercise regularly and do not have enough time to rest. This situation leads to overweight, dyslipidemia, arterial hypertension, impaired glucose tolerance and diabetes. Women do not often participate in preventive studies and still undergo less intensive and invasive evaluation and treatment for chest pain when compared to men. However, the rate of coronary death is twice higher in women than in men after myocardial infarction and revascularization procedures. The objective of this review is to analyze the main gender differences regarding symptoms, diagnosis, management and prognosis of coronary heart disease and to discuss the influence of hormonal replacement therapy in the prevention of cardiovascular disease in postmenopausal women

Historical aspects of infective endocarditis

SummaryInfective endocarditis was a fatal disease three generations ago. Temporal evolution of knowledge made possible important advances in diagnostic techniques, specially in echocardiography, the possibility of cardiac surgery during the active infeccious process and new guidelines for antibiotic prophylaxis before interventional procedures. Nowadays infective endocarditis is curable. In this review we describe historical aspects of endocarditis since Osler's observations in the 19th century until the change from a “clinically possible” to a “clinically definite” disease

Environmental Impact of Different Business Models: An {LCA} Study of Fresh Tomato Production in Italy

This paper aims to define and measure the environmental impacts associated with three distinct industry techniques used in the production of fresh tomatoes, from planting to harvesting. A comparative Life Cycle Assessment (LCA) is conducted to evaluate the environmental performance of producing one kilogram of fresh processing tomatoes. The study includes three Italian companies representing different Business Models: standard production, integrated production, and precision farming. The impact evaluation method used is ReCiPe, at both midpoint and endpoint levels. The results reveal that the adoption of advanced technology, such as precision farming, in managing the agricultural production of fresh tomatoes leads to a significant reduction in environmental impacts across all categories analyzed. Interestingly, the largest contribution to climate-changing gases comes from the use of fertilizers. Precision farming demonstrates a remarkable reduction of CO2 emissions by 52% compared to integrated production and 67% compared to standard production. This analysis provides valuable insights for managers and policymakers in developing strategies for large-scale, sustainable production using innovative techniques. The main contribution of this study lies in comparing the performance of three different Business Models employed in Italian fresh tomato production