Bitcoin-Blockchain Phenomenon: An Investigation on News Titles Influence

The research purposed would explain, not the bitcoin-blockchain (BTC-BC) phenomenon per se, considering a good level of knowledge on the themes, but focusing the attention on two implicit connotations that these “disruptive technologies” involve. The investigation conducted by the authors considers a sentiment analysis on news titles influence during the period 2015-2018 supported by a field analysis. That approach based on framing activity would intersect different study areas from innovation, economics, psychology, behavioral analysis, marketing and decision-making. Innovations should be studied under different aspects considering their probable wide range impacts on several fields. The exploratory approach to investigate something new would be interesting and useful to open windows of discussion and interpretation. The research focuses the two main factors of marketing strategies: scarcity and persuasion. The aim would be to validate these concepts in BTC-BC phenomenon as a kind of implicit marketing strategy

Accounting for equity investments under IFRS 13: Are market multiple evaluations accurate?

In capital markets, the investment decision-making process is vastly influenced by accounting information. This paper addresses equity investment valuation through market multiples and its consequences in investors' financial statements under fair value accounting principles. After replicating the valuation process through the most used market multiples (price-to-forecasted earnings; market-to-book; enterprise-value-to-performance indicators), the authors analyze the distribution of the estimated-to-actual fair value ratio under the IFRS 13 perspective and the effects of a randomly selected portfolio on the balance sheet and income statement of the investor. The study's primary findings are that the market multiples tend to produce consistent results in 7 (at least) to 20 (at best) out of 100 cases, and over or underestimate the fair value in all the remaining cases without any apparent or predictable reason. The results of the paper confirm what previous literature underlined by studies conducted on older data and with a different geographical scope (Kim & Ritter, 1999; Lie & Lie, 2002; Palea & Maino, 2013). The results and the literature suggest being particularly cautious in applying the market multiples valuation method for estimating the fair value of an equity investment, given the preference that accounting principles accord to the Level 2 market-comparable methods, which also seem to be the most used ones in practic

Overheads as a Performance Indicator in the Local Public Sector Organizations

If we consider business forms from the point of view of satisfying needs, public companies are consumer companies that satisfy collective needs with the aim of redistributing income. They differ from production companies in that they do not have direct access to the market, so that the sources of financing derive from the taxes imposed by law, while the uses concern management costs, capital investments and debt repayments. Maintaining this interpretation, another category belonging to consumer companies is that of non-profit companies, which can be equated partially to public companies precisely because of the absence of a real market of reference and the finding of sources of funding for the performance of the activity mainly from external contributions without consideration. The only difference is inherent in the fact that such contributions cannot be imposed by law and are aimed at assisting and providing services and benefits to the community of reference, in the absence of profit and capital distribution. Therefore, if in the public sector performance is mainly and historically linked to the management of financial resources and public debt, in the field of nonprofit there is a different literature focused more on the control of economic aspects (and in particular the costs of the activity) as performance indicators of the company's activity. At the international level, and in particular in the United States, the use of the incidence of overheads is an element of examination to assess the performance of the non-profit sector. In this article, the subject of analysis is the possibility of using the overhead level to assess the performance of a public body. The analysis is carried out by comparing the incidence of overheads on the revenues of Italian municipalities in the years 2015-2017 with the performance indicators given by the deficit parameters established by current administrative legislation. From this analysis, it is possible to identify the presence of a correlation between the performance indicators and the incidence of overheads, in which the likelihood of the presence of \u201cgood\u201d, \u201cexcellent\u201d or \u201cexcellent\u201d indicators is given by levels of overhead in the region of 10% of the total revenue assessed, with a margin of tolerance of 3% in positive for smaller entities (up to 5,000 inhabitants), and 3% in negative for larger entities