Accounting and risk special issue: editorial

Editoria

Determinants of financial instruments risk disclosure: An empirical analysis in the banking sector

This study investigates the effects of firm and country factors, considered as determinants of the financial instruments risk disclosure (FIRD) proxied by IFRS 7 in the European banking system. We select 582 banks-year observations based on the largest five European economies (France, Germany, Italy, Spain and the UK) as provided by the International Monetary Fund (IMF). Our analysis covers a period of 8 years (2007-2014) and adopts an OLS model. Results show that both firm (the type of auditor, board size and profitability) and country factors (financing environment, regulatory environment, and organizational status) affect FIRD. Limitations for this paper could relate to country selection, as well as on the breadth of the sample. Nevertheless, these aspects could unveil possible areas of future inquiry. The contribution of the study is twofold. It enriches the literature about firm and country determinants on financial instruments risk disclosure, as combined rather than single-standing variables. Yet, it draws the attention of banks' management and investors on what the crucial factors to reach an optimal level of FIRD are and gain the confidence of capital markets, reducing information asymmetries. This is the first empirical investigation on the determinants of FIRD, using IFRS 7, in the European banking sector that adopts firm and country factors in a combined effort

WPSE: Fortifying Web Protocols via Browser-Side Security Monitoring

We present WPSE, a browser-side security monitor for web protocols designed to ensure compliance with the intended protocol flow, as well as confidentiality and integrity properties of messages. We formally prove that WPSE is expressive enough to protect web applications from a wide range of protocol implementation bugs and web attacks. We discuss concrete examples of attacks which can be prevented by WPSE on OAuth 2.0 and SAML 2.0, including a novel attack on the Google implementation of SAML 2.0 which we discovered by formalizing the protocol specification in WPSE. Moreover, we use WPSE to carry out an extensive experimental evaluation of OAuth 2.0 in the wild. Out of 90 tested websites, we identify security flaws in 55 websites (61.1%), including new critical vulnerabilities introduced by tracking libraries such as Facebook Pixel, all of which fixable by WPSE. Finally, we show that WPSE works flawlessly on 83 websites (92.2%), with the 7 compatibility issues being caused by custom implementations deviating from the OAuth 2.0 specification, one of which introducing a critical vulnerability

The antidepressant fluoxetine acts on energy balance and leptin sensitivity via BDNF

Leptin and Brain Derived Neurotrophic Factor (BDNF) pathways are critical players in body weight homeostasis. Noninvasive treatments like environmental stimulation are able to increase response to leptin and induce BDNF expression in the brain. Emerging evidences point to the antidepressant selective serotonin reuptake inhibitor Fluoxetine (FLX) as a drug with effects similar to environmental stimulation. FLX is known to impact on body weight, with mechanisms yet to be elucidated. We herein asked whether FLX affects energy balance, the leptin system and BDNF function. Adult lean male mice chronically treated with FLX showed reduced weight gain, higher energy expenditure, increased sensitivity to acute leptin, increased hypothalamic BDNF expression, associated to changes in white adipose tissue expression typical of "brownization". In the Ntrk2tm1Ddg/J model, carrying a mutation in the BDNF receptor Tyrosine kinase B (TrkB), these effects are partially or totally reversed. Wild type obese mice treated with FLX showed reduced weight gain, increased energy output, and differently from untreated obese mice, a preserved acute response to leptin in terms of activation of the intracellular leptin transducer STAT3. In conclusion, FLX impacts on energy balance and induces leptin sensitivity and an intact TrkB function is required for these effects to take place

Financial Versus Sports Performance: The Missing Link

This paper aims to investigate the relationship between the financial and the sports performance of Italian football teams. To achieve this aim, a panel data analysis was performed, using financial statements and data from sports results. The panel dataset covers seven seasons (from 2007–2008 to 2013–2014) and 29 clubs that belong to the Italian "Serie A." The results indicate positive effects between the expenses for football players' salaries and the clubs' sports performance but no significant effects between player transfer fees and sports performance

The Effect of Perceived Corruption on Entrepreneurial Intention: Evidence from Italy

This paper aims to examine the entrepreneurial intention of undergraduate students, using a modified version of Ajzen's theory of planned behavior (TPB), considering the perception of corruption. We conducted a questionnaire survey with Italian students. There were a total of 350 student participants. In order to analyze the data collected with the questionnaire, structural equation modeling is provided. Our results indicate that the majority of students have strong entrepreneurial intention but due to the effect of corruption students are dissuaded from engaging in entrepreneurship. Corruption has a negative effect on students' entrepreneurial behavior. This paper provides a new model that helps to understand the students' entrepreneurial intentions considering the corruption perception

from accountability to readability in the public sector evidence from italian universities

This paper aims to explore the readability of the disclosure provided by Italian universities that changed their accounting systems to accrual accounting over the past three years. The transition from cash to accrual accounting not only concerns financial statements, but also the related notes. Indeed, the Italian government has paid great attention to the narrative sections of reports due to their capacity to provide more transparency. To provide better accountability, financial statements must be readable for all stakeholders. We used two different indexes, namely the Gunning fog and GULPEase indexes. The analysis was conducted on a sample of universities to analyze the narrative sections of the first financial statements prepared according to the new accounting system in 2012–2014. The final sample comprised 32 Italian universities. The research results demonstrated low readability in the balance sheets of Italian universities after switching to accrual accounting, illustrating an unsatisfactory level of accountability

Analyzing Cloud-based Startups: Evidence from a Case Study in Italy

The aim of this study is to analyze the reasons behind the adoption of cloud computing and its implementation process in startup firms as well as to verify the advantages and disadvantages deriving from the adoption of this tool and how it could increase entrepreneurial activities. We applied a research framework developed by previous scholars on cloud adoption within SMEs in an attempt to adapt it to startup firms. In particular, we conducted a case study in an Italian technological startup.Our results show that cloud technology supports and facilitates entrepreneurial activity, especially reducing several entry barriers for new entrepreneurs. This study contributes to the existing literature on cloud computing, and it has several managerial implications. First, it shows that setting up the organizational model on cloud computing allows entrepreneurs to reduce organizational efforts and ICT investments. Furthermore, this technology can reduce diversification costs by eliminating entry barriers, thus opening new markets and opportunities for entrepreneurs