We study the effect of financial literacy on advice seeking. test relationship across different measures former and latter, providing a contribution to existing literature. Overall results suggest complementarity, but when considering product-specific seeking, complementary emerges for investments debt, while substitution prevails insurance pension products. Financial advising services can therefore compensate lack in planning short run. Conversely, greater policy efforts are needed...

Investment decisions are very difficult because they involve money and can impact our quality of life. According to the axioms rationality, different but equivalent information formats should not affect investment strategies. The authors perform two experiments here, find evidence a strong absolute magnitude effect on decisions. In Experiment 1, participants (students) chose sell losing fund more often when returns were expressed as percentage variation between buying value actual (e.g.,...

Our paper offers evidence that the print media can affect stock prices by covering public information. After price-to-book value figures of Italian listed shares were first published on major national financial newspaper, stocks did, average, show a positive reaction. The price reaction was limited to small caps and disappeared within three weeks. Over period analysis, we could not find any abnormal behaviour returns other European markets. These findings support view newspapers play role in...

Abstract This study analyses the role of private equity investors in solving asymmetric information problems and relationship to underpricing, wealth loss for pre-existing shareholders cost going public. According certification theory, companies backed by are expected have lower underpricing at moment an initial public offering, as they fewer adverse selection problems, there is less ex-ante uncertainty. However, between backing issuers clear. We use a dataset 66 equity-backed 94 non-private...

AbstractThis article investigates whether the market reaction to second-hand information is due price pressure or dissemination. We use perspective of attention grabbing analyse dissemination analysts' recommendations published in print media. This able explain asymmetric 'buy' and 'sell' advice, which difficult rationalize within hypothesis. base our empirical analysis on content a weekly column most important Italian financial newspaper, publishes past listed companies. Our findings show...

The interactions between the Mib30 stock market index and its future contract are examined. Using daily data for 1994–2002 period, it is found that cost-of-carry model holds as an equilibrium relationship spot futures prices. Deviations from corrected by movements in market, but cross-market dynamics also important short run. We time-varying volatility of returns’ autoregressive conditional heteroscedastic process; this used to estimate minimum-variance hedge ratios. In- out-of-sample...

Passive Gamma Emission Tomography (PGET) has been developed by the International Atomic Energy Agency to directly image spatial distribution of individual fuel pins in a spent nuclear assembly and determine potential diversion. The analysis interpretation PGET measurements rely on availability comprehensive datasets. Experimental data are expensive limited, so Monte Carlo simulations used augment them. However, have high computational cost simulate 360 angular views tomography. Similar...

AbstractThis paper focuses on the relationship between financial analysts' recommendations and press sentiment from perspective of attention-grabbing theory. Specifically, should not be enough to explain effect that media coverage has investment decisions, since investors are wary making a mistake anticipate regret future loss. Our case study pertains column reporting secondhand information recommendations. Once did report advice anymore, we hypothesized also assess make sure they costly...

Our paper offers evidence that printed media can affect stock prices by covering public news (nonevents) even without resorting to spin or emphasis. However, the price reaction is limited small caps, suggesting investors still obtain information mainly through newspapers. The absence of emphasis core element differentiates our study from existing evidence, making it unique, best knowledge, in financial literature on and asset pricing.

This paper investigates whether the market reaction to second-hand information is due price pressure or dissemination. We use perspective of attention grabbing analyze dissemination analysts’ recommendations published in print media. able explain asymmetric “buy” and “sell” advice, which difficult rationalize within hypothesis. base our empirical analysis on content a weekly column most important Italian financial newspaper publishes past listed companies. Our findings show volume reactions...

Abstract This paper investigates the way in which financial market defines and evaluates different business models, using a sample of listed European banking groups from 2006 to 2015. The main findings suggest that seems associate better risk‐return trade‐off non‐banking fees than ones performance models varies depending on context conditions. In particular, current economic context, characterised by combination slow growth with historically low levels interest rates, market‐oriented model...

We examine the impact of cultural differences on nominal share prices across 63 countries from 2002 to 2018. Using institutional and catering theories, we assess how dimensions—including World Governance Indicators (WGI), legal systems, religious influences, GLOBE dimensions—affect spatial heterogeneity price levels. Our findings indicate that are higher in with common law systems comprehensive information reporting, as these environments tend attract investors. Conversely, traits...

This study investigates the predictive capability of textual similarity within context financial news, drawing upon empirical evidence from prior research. Two hypotheses are formulated and subsequently validated through analysis: firstly, that among newspaper articles concerning same company can forecast future stock performance, secondly, a negative relationship exists between distance (TD) returns. The analysis demonstrates employing as selection criterion result in effective selection....

Purpose This paper focuses on the influence of social, cultural and religious factors investors' attention. In particular, authors examined if attention-grabbing mechanism works Sundays, that is, Italians' Sunday activities habits lead to a lower attention second-hand financial news, compared Saturdays. Design/methodology/approach The analyzed market reaction equivalent stale events published Saturday editions an Italian newspaper conducted standard event study abnormal returns volumes for...

We present a test of the behavioral versus rational model advertising in financial market. analyze Granger-causality relationship existing between Comit stock market index and products services from most important daily published newspaper Italy. run for both risky non-risky advertising, finding that is supported when are considered, while true non-risky. ascribe this result to dual process reasoning: When investors evaluate decision buy nancial services, they activate automatic, rapid...

This study analyzes the effectiveness of Market Abuse Directive (MAD) in reducing possible profits insider trading during voluntary tender offers with purpose delisting initiated by controlling shareholders Italy. Our results suggest that introduction MAD did not produce appreciable effects on magnitude abnormal returns and volumes noted period preceding announcement a offer. However, regression analysis reveals has changed manner which certain corporate characteristics influence capacity...