Legal Determinants of the Return on Equity

Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total stock market returns are positively correlated with overall measures of the quality of institutions, such as judicial efficiency and rule of law, but have no relationship with measures of shareholder rights, controlling for risk. Second, dividend yields and earning-price ratios also correlate positively with judicial efficiency and rule of law, but negatively with shareholder rights' protection, controlling for risk and expected earnings growth. Thirdly, the excess return on new issues is negatively associated with the quality of accounting standards. We interpret the positive effect of the overall quality of institutions on equity returns as capturing the resulting curtailment of private benefits and increase of profitability, under imperfect international integration of stock markets. The negative impact of shareholders' legal protection and of accounting standards can instead be seen as resulting from the implied reduction in shareholders' auditing and monitoring costs.law, enforcement, shareholder protection, corporate governance, return on equity

Law and Equity Markets: a Simple Model

We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while invariably associated with broader equity markets, have different effects on equity returns depending on the institutional change considered and on the degree of international stock market segmentation. The model is useful to interpret the results of recent empirical work, such as La Porta et al. (1997) and Lombardo and Pagano (1999). In particular, it can rationalize the observed cross-country pattern, whereby better institutions are associated both with broader equity markets and higher risk-adjusted returns on equity.law, enforcement, shareholder protection, corporate governance, return on equity

Measurements of new physics in top quark decay at LHC

A summary of ATLAS and CMS results on searches for new physics in top quark decay is presented. Three analysis are reported: the ATLAS and CMS searches for flavor changing neutral currents (FCNC) in top-quark decays and the CMS search for baryon number violation (BNV) in top-quark decays. ATLAS and CMS provided exclusion limits (at 95% CL) on the FCNC decay t -> Zq, using respectively 2.1 fb(-1) and 5.0 fb(-1) of pp collisions at root s = 7 TeV collected in 2011. Upper limits on B(t -> Zq) are respectively 0.73% and 0.24%. CMS has also set an exclusion limit (at 95% CL) on the BNV decay t -> lbq using 5.0 fb(-1) of data. Upper limit on B(t -> lbq) is 0.67%

iPrivacy: a Distributed Approach to Privacy on the Cloud

The increasing adoption of Cloud storage poses a number of privacy issues. Users wish to preserve full control over their sensitive data and cannot accept that it to be accessible by the remote storage provider. Previous research was made on techniques to protect data stored on untrusted servers; however we argue that the cloud architecture presents a number of open issues. To handle them, we present an approach where confidential data is stored in a highly distributed database, partly located on the cloud and partly on the clients. Data is shared in a secure manner using a simple grant-and-revoke permission of shared data and we have developed a system test implementation, using an in-memory RDBMS with row-level data encryption for fine-grained data access controlComment: 13 pages, International Journal on Advances in Security 2011 vol.4 no 3 & 4. arXiv admin note: substantial text overlap with arXiv:1012.0759, arXiv:1109.355

EmiR: Evolutionary minimization for R

Classical minimization methods, like the steepest descent or quasi-Newton techniques, have been proved to struggle in dealing with optimization problems with a high-dimensional search space or subject to complex nonlinear constraints. In the last decade, the interest on metaheuristic nature-inspired algorithms has been growing steadily, due to their flexibility and effectiveness. In this paper we present EmiR, a package for R which implements several metaheuristic algorithms for optimization problems. Unlike other available tools, EmiR can be used not only for unconstrained problems, but also for problems subjected to inequality constraints and for integer or mixed-integer problems. Main features of EmiR, its usage and the comparison with other available tools are presented

Drivers of SMEs’ exporting activity: a review and a research agenda

Purpose The purpose of this paper is to provide a systematic and updated assessment of studies on key exporting stimuli for small and medium enterprises (SMEs) and to propose a research agenda on this topic. Design/methodology/approach The authors develop a review of empirical articles on SMEs’ exporting stimuli and outline future research directions based on key emerging drivers. Findings Research on SMEs’ exporting drivers focuses mainly on human resources’ competences, skills and subjective characteristics and on the role of relevant network actors (customers, intermediaries). Originality/value This paper provides an original contribution with regard to updating the framework on export drivers by Leonidou et al. (2007), highlighting an emerging research perspective based on internal/external network dimensions and proposing future research directions on internal individual and organisational actors and on new external network actors

A Methodological Proposal for the Design of Agricultural Parks—The Case of Metropolitan City of Rome

Urbanisation processes have led to the emergence of functional and formal hybrids, blurring and fragmenting the traditional boundaries between urban and rural areas. Agricultural parks have emerged as a planning tool to govern these hybrid areas between ‘countryside’ and the ‘city’, as well as to promote sustainable land use and community development. This paper, analysing the Metropolitan City of Rome (Italy) as a case study, illustrates an innovative pilot methodology for identifying the area of an Agricultural Park and, in particular, the area of the Rome Metropolitan Agricultural Park (MAP), a policy proposal for the metropolitan city. The aim of the article is twofold: to analyse the multifunctionality of farms in the periurban area of Rome to highlight the types of goods and services on which the relationship between farms and the metropolitan population is based and to expose the methodological path on which the MAP policy proposal was developed. A geospatial analysis, using the National Land Consumption Map (LCM) and the CORINE Land Cover (CLC), highlights the main agricultural areas and evaluates their quality. Isochronous curves assess the accessibility, and the GHS population grid (GHS-POP) defines the catchment areas. This approach, building on the 15 min city framework, has analysed the multifunctional farms and the types of goods and services offered to the population. A total of 91,656 hectares were identified as potential geographical areas of the Metropolitan Agricultural Park that could serve nearly 1 million inhabitants between rural and urban areas of Rome. The research highlights its characteristics in terms of the role of multifunctional farms, Alternative Food Networks, and the relationships between consumers and producers

Skype-Hunter: A real-time system for the detection and classification of Skype traffic

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INVASIVE FUNGAL INFECTIONS IN PATIENTS WITH CHRONIC LYMPHOPROLIFERATIVE DISORDERS IN THE ERA OF TARGET DRUGS

This review summarizes the more recent evidence about epidemiology and risk factors for invasive fungal infections (IFI) in patients affected by Chronic Lymphocytic Leukemia (CLL), indolent Non Hodgkin Lymphoma (iNHL) and Multiple Myeloma (MM). Despite advances in the prognosis and treatment of hematological malignancies in recent years, susceptibility to infection remains a significant challenge to patient care. A large amount of data regarding patients with acute leukemia has been published while little information is available on the incidence of IFI in chronic lymphoproliferative disorders (CLD). New drugs are now available for treatment of lymphoproliferative disorders which may cause suppression of humoral immunity, cellular immunity, and deficiency of white blood cells, increasing the risk for infections which remain the leading cause of mortality in these patients