Green finance instruments: Exploring minibonds issuance in I taly

In the context of green finance, minibonds play a crucial role. This financial instrument was introduced in 2012 as a valid alternative to bank credit for corporate financing, aimed mainly at small and medium-sized enterprises. Minibonds also represent useful support for implementing the ecological transaction agreed upon in COP 21, held in 2015 in Paris. Indeed, as of 2017, this instrument has been expanded from an environmental perspective by allowing the issuance of green minibonds. This article contributes to the debate on minibonds and the companies issuing them. Specifically, it proposes a cluster analysis approach for comparing the issuance level of minibonds in 2016 and the subsequent performances of the issuing companies in the triennium 2017–2019. Performance is divided into three macrocategories: profitability, productivity, and growth opportunities. The results suggest a nonlinear connection between the variables of interest, showing heterogeneous effects of minibonds on performance. However, the statistical data analysis seems to establish a positive relationship between minibonds' issuance level and companies' performance

Green finance instruments: exploring minibonds issuance in Italy

In the context of green finance, minibonds play a crucial role. This nancial instrument was introduced in 2012 as a valid alternative to bank credit for corporate nancing, aimed mainly at small and medium-sized enterprises. Minibonds also represent useful support for implementing the ecological transaction agreed upon in COP 21, held in 2015 in Paris. In- deed, as of 2017, this instrument has been expanded from an environmen- tal perspective by allowing the issuance of green minibonds. This article contributes to the debate on minibonds and the companies issuing them. Speci cally, it proposes a cluster analysis approach for comparing the is- suance level of minibonds in 2016 and the subsequent performances of the issuing companies in the triennium 2017-2019. Performance is divided into three macro-categories: profitability, productivity and growth opportuni- ties. The results suggest a non-linear connection between the variables of interest, showing heterogeneous e ects of minibonds on performance. However, the statistical data analysis seems to establish a positive rela- tionship between minibonds' issuance level and companies' performance

Similarity-based heterogeneity and cohesiveness of networked companies issuing minibonds

This paper adopts a complex network approach for discussing the level of heterogeneity and cohesiveness among firms that have used a particular financial instrument — the so-called minibond. The nodes of the networks represent firms, and the weight of a link is assumed to be increasing with the similarity of the corresponding nodes/firms — where similarity is intended in terms of specific economic-financial characteristics of the firms. We assess the level of heterogeneity through the strength degree and the level of cohesiveness through the clustering coefficient. The empirical experiments are based on the paradigmatic case of the Italian reality, where minibonds have been and are currently efficiently used. The analysis reveals regularities and discrepancies among firms’ financial characteristics. Furthermore, the results suggest the potential identification of the main determinants of minibonds issuance

A Study on Users' Behaviour Towards Electric Vehicles in Immature Markets: The Argentina Case Study

The paper aims to investigate the different attributes that may influence the choosing decision on the purchase of an electric vehicle. In particular, the research focuses on the analysis of an “immature” market such the case of the Argentinean market context. From the methodological point of view, the main purpose relies on the survey data collection and data analysis and modelling. Furthermore, the results achieved from a specific Stated Preferences survey carried out on a sample of Argentinian university students are shown. Therefore, the research aims to quantify and discuss the main determinants of the choice phenomenon through the specification and calibration of a choice model based on the Random Utility Theory

Risk transmission, systemic fragility of banks’ interacting customers and credit worthiness assessment

The analysis of monetary flows’ correlation resulting from clients’ mutual transactions is crucial for small/local banks in assessing customers’ creditworthiness. This paper offers a new method based on a complex network (customers are the nodes and their mutual financial flows the links). We detect the presence of vulnerable and dangerous clients within the contagion and propagation of external shocks mechanisms and exploit the informative content of the in- and out-paths of the network, with specific reference to those associated with the geodesic patterns. We test the model over a high-quality dataset referred to 2021. The results might support banks’ customers’ creditworthiness analysis

CALIBRATION AND VALIDATION OF A MACROSCOPIC TRAFFIC FLOW MODEL BASED ON PLATOON DISPERSION AND QUEUE PROPAGATION

This paper proposes a preliminary calibration and validation of a macroscopic traffic flow model for signalised junctions. In fact, on the network signal setting design problem, a reliable modelling approach must be adopted to acknowledge the traffic flow effects, considering two phenomena: queue dispersion and spillback. The proposed model is an extension of the space-time discrete Cell Transmission Model (CTM), which can simulate dispersion and horizontal queue. This preliminary calibration and validation use real-world data collected on an arterial of the city of Salerno (south of Italy). Results showed that the estimated parameters are consistent with the literature

Identifying minibonds issued level’s determinants to empower companies’ funding managerial strategies

Purpose – This paper aims to explore the determinants of the level of minibonds issued by companies. In doing so, it discusses the importance of minibonds in providing a market-based funding source. In the empirical analysis, special attention is paid to the study of the recovery from the COVID-19 crisis. Design/methodology/approach – The analysis is carried out through an econometric approach, on the basis of a high-quality empirical dataset related to the Italian small- and medium-sized enterprises (SMEs). The reference period covers the recent pandemic. From a theoretical point of view, a regression model is implemented, including a multicollinearity analysis and an outlier detection procedure. Findings – The results of the study indicate that factors such as leverage, cash flow, firm collaterals and seniority can explain the amount of minibonds issued. These findings provide valuable insights into the drivers of minibond issuance and highlight the potential benefits of minibonds as a funding option for Italian SMEs. Practical implications – Importantly, results highlight relevant managerial implications at two levels. On one side, we carry on a managerial discussion about the worthiness of accessing the minibonds market; on the other side, we give insights on the managerial implications related to the features of the companies issuing minibonds. Originality/value – The paper investigates an innovative financial instrument that has been introduced recently and has not yet been studied in depth. To the best of our knowledge, this is the first contribution assessing the main drivers for minibonds issuance level, which is a timely and relevant managerial research topic. In addition, this study also takes into account the impact of the COVID-19 pandemic on minibond issuance, making the analysis appropriate for explaining the current economic context

Species identification in anchovy pastes from the market by PCR-RFLP technique.

The wide variety of marketed fishery products sometimes makes the recognition of species difficult, especially in processed food. So the consumer can be exposed to several commercial and health frauds. The European law obliges to indicate the species by specific commercial names only in fresh and prepared fishery products, but not in processed ones, in which the species can be named using generic denominations. In the present study, the use of a PCR-RFLP technique for species identification in anchovy paste, a widespread product in Italy, is described. After the PCR amplification of a common 272 bp fragment of mitochondrial cytochrome b gene from different fish species used as standards (European anchovy, European pilchard, European sprat, twaite shad, round sardinella, Atlantic horse mackerel and Mediterranean horse mackerel), the amplicons were digested using four restriction enzymes (MspI, HincII, Eam1104I and Alw26I). These patterns were compared with patterns from DNA extracted from anchovy pastes purchased from the market enabling to detect the presence of species different from anchovy (Engraulis encrasicolus) in some of them. The suitability of extending the obligation to indicate the species using specific commercial denominations even to processed fishery products is also discussed

Calibration and validation of a hybrid traffic flow model based on vehicle trajectory data from a field car-following experiment

The paper focuses on the calibration of the hybrid multi-scale modelling approach that incorporates multiple levels of traffic flow representation. This paper refers to a model already developed in the literature, the Hybrid Cellular Automata (CA) and Cell Transmission Model (CTM). We use vehicle trajectory data collected from a car-following field experiment on a circular road track to explore the calibration of the CA model concerning various cell lengths through two distinct approaches: simulating all vehicles within the closed loop and simulating each vehicle using data obtained from its respective follower. We also evaluate different methods for the CTM calibration with respect to the CA model. The major findings are: (1) the calibrated parameters obtained using the simulated leader approach display greater regularity across different cell lengths; (2) the Constrained Squared Error [CsqE] method for macroscopic calibrations yielded promising results, showcasing the lowest sum of squared errors between fundamental diagrams