Italian Stocks Research Articles

More is less? Wealth effects of Italian stocks to the increase in allowed voting rights

To address the steadily declining numbers of listed companies, several European countries are going to allow the issuance of dual class shares. However, there is skepticism among corporate governance experts whether this is an attractive option to increase the number of IPOs. To evaluate this new rule, the Italian stock market offers a unique natural experiment. We investigate the wealth effect for Italian shareholders to the announcement of this increase in allowed voting rights. Our results show significant negative abnormal returns for firms with dual class shares, thus indicating an aversion of investors towards an asymmetrical distribution of voting rights.

Europe's gone “right” – A comparative study of stock market reactions to populist success in Sweden and Italy

We analyze the reactions of national equity markets to the election of far-right populist governments in Italy and Sweden in September 2022. We apply event study methodology to samples of 285 Swedish and 144 Italian stocks. Share prices of Italian stocks largely aligned in the week before the vote. Conversely, the Swedish electoral outcome hit markets by surprise. Share prices adjusted in the days following the vote. We use firm-level increases in intraday volatility before the vote to estimate sensitivities to electoral outcomes. Dollar-neutral long-minus-short strategies based on these sensitivities prove explanatory power of historical intraday volatility in Sweden, where post-event reactions and uncertainty were evident. The model identified those stocks that are most sensitive to the election outcome.

Microplastic contents from maricultured and natural mussels

Results of this research focuses on microplastic contents (levels, type, size, colour) in maricultured and natural mussels (Mytilus galloprovincialis) from different Italian stocks. No significant differences were found among maricultured and natural stocks. All recovered MPs are filaments ranging within 750–6000 μm of maximum length (average values 1150–2290 μm). Feeding raw mussel could produce median MP intakes of 6.2–7.2 items/g w.w. Concerning human exposure by diet, both raw and cooked values are important. Some preliminary tests performed in this study evidenced that the cooking process determined lower MPs levels (−14%) in cooked tissues compared to raw ones, MPs were recorded in cooking water and were characterized by a lower size than in raw mussels. Results obtained by this study represent an important baseline on MPs level to evaluate environmental and human exposure risks by diet.

The Short Selling Regulation in the EU: Assessing the Authorization Granted for ESMA to Prohibit Short Selling

The paper discusses the renewed short selling regulation (Regulation (EU) No 236/2012) in the European Union. The focus is on the provisions that deal with prohibiting short selling in exceptional market circumstances. The Regulation further enforces certain obligations to report and disclose short positions. It is concluded that banning short selling is not an effective tool to contain extreme price volatility. The difference-in-differences regression and repeated measures GLM were used to test whether short selling bans were successful in containing volatility of those Spanish and Italian stocks that were subject to two back-to-back prohibitions during the years 2011-2013. The results are consistent with the majority of previous research, suggesting that the effectiveness of short sale constraints in reducing volatility is limited at best. Furthermore, there are evidence of counterproductive effects: constraints on short selling may actually increase volatility as well as deteriorate liquidity. However, based on theory and previous studies, reporting and disclosure requirements shall be favored provided they improve market efficiency as well as supervisory work of regulatory bodies.This paper discusses the renewed short selling regulation (Regulation (EU) No 236/2012) in the European Union. The focus is on the provisions that deal with prohibiting short selling in exceptional market circumstances. The Regulation further enforces certain obligations to report and disclose short positions. It is concluded that banning short selling is not an effective tool to contain extreme price volatility. The difference-in-differences regression and repeated measures GLM were used to test whether short selling bans were successful in containing volatility of those Spanish and Italian stocks that were subject to two back-to-back prohibitions during the years 2011-2013. The results are consistent with the majority of previous research, suggesting that the effectiveness of short sale constraints in reducing volatility is limited at best. Furthermore, there are evidence of counterproductive effects: constraints on short selling may actually increase volatility as well as deteriorate liquidity. However, based on theory and previous studies, reporting and disclosure requirements shall be favored provided they improve market efficiency as well as supervisory work of regulatory bodies. <w:LsdException Locked="fal

The effect of financial transaction tax on market liquidity and volatility: An Italian perspective

This paper investigates the effect of the Financial Transaction Tax announcement, 29 December 2012, and the tax introduction, 1 March 2013, on the liquidity and volatility of the affected Italian stocks. The paper examines two-month windows of daily observations before and after each event. To assess the change in liquidity in pre- and post-event samples, the Mann–Whitney U-test for the equality of medians is employed, while for the assessment of volatility change, we apply the Levene test and its modifications for homogeneity of variances. The paper documents that the announcement of the tax positively affects market liquidity, whereas there is a dramatic decrease in liquidity as a result of tax introduction. It implies that the trading costs of the affected equities decrease after the tax announcement and significantly increase after the tax introduction events. As for volatility, the results mainly indicate no statistically significant changes between the pre- and post-tax announcement and introduction events.

Order-to-trade ratios and market liquidity

We study the impact on market liquidity of the introduction of a penalty for high order-to-trade ratios (OTRs), implemented by the Italian Stock Exchange to curtail high-frequency quote submission. We find that the fee is associated with a collapse in the quoted depth of the stocks that make up the bulk of trading in Italian equities and with an increase in price impacts of trading across the treated stocks. Spreads do not change, however. Stocks from a pan-European control sample show no such liquidity changes. Thus, the Italian OTR fee had the effect of making Italian stocks markets more shallow and less resilient. Large stocks are more severely affected than midcaps. We also find evidence of a limited decrease in turnover. Consolidated liquidity, constructed by aggregating across all electronic trading venues for these stocks, decreases just like that on the main exchange. Thus, liquidity was not simply diverted from the main exchange, it was reduced in aggregate.

Order-to-Trade Ratios and Market Quality

We study the impact on market liquidity of the introduction of a penalty for high order-to-trade ratios (OTRs), implemented by the Italian stock exchange to curtail high-frequency quote submission. We find that the fee is associated with a collapse in the quoted depth of the stocks that make up the bulk of trading in Italian equities and an increase in price impacts of trading across the treated stocks. Spreads do not change, however. Stocks from a pan-European control sample show no such liquidity changes. Thus, the Italian OTR fee had the effect of making Italian stocks markets more shallow and less resilient. Large stocks are more severely affected than midcaps. We also find evidence of a limited decrease in turnover. Consolidated liquidity, constructed by aggregating across all electronic trading venues for these stocks, decreases just like that on the main exchange. Thus, liquidity was not simply diverted from the main exchange, it was reduced in aggregate.

The Italo-Libyan Relationship between 1969 and 1976

AbstractBased on the papers of former Italian statesman Aldo Moro and on several secondary sources, this article investigates the Italo-Libyan relationship between the rise to power of Qadhafi in 1969 and the mid-1970s. Qadhafi initially pursued a policy of confrontation with the former colonial power: he expelled the remaining Italian citizens in Libya, asked for post-colonial compensations and a revision of the 1956 treaty.Gradually, however, a new relationship developed: Italy badly needed Libyan oil, especially in view of the closing of the Suez Canal because of the Arab-Israeli wars, while Qadhafi needed to secure a fixed amount of oil revenues in order to build up domestic and international support for his revolution. Italian companies were also granted public works which were meant to improve Libyan infrastructure while Libyan oil profits could be invested in Italian stocks. Finally, Italy would provide Qadhafi with weapons and support for his regime, as the revelations about the ‘Hilton Assignment’ demonstrate. The author argues that this relationship gave both actors a wide freedom of manoeuvre within the context of the Cold War.

Contamination, parasitism and condition of Anguilla anguilla in three Italian stocks

In conjunction with habitat loss and overfishing, pollution and parasitism are believed to be relevant causes of collapse of Anguilla, as these can affect eel swimming ability and the development of gonads and embryos. The present study investigated Persistent Organic Pollutant (POP) concentrations, infection levels of Anguillicoloides crassus, lipid content and gonad abnormalities in eels sampled in 2007-2008 in three Italian water bodies (Caprolace Lake, Lesina Lagoon and Tevere River) that vary in salinity, trophic condition, contamination level and fishing pressure. Our analysis revealed that low-to-moderate levels of contamination and parasitism were not associated with gonad abnormalities in Caprolace Lake and Lesina Lagoon. On the contrary, POP concentrations and abundances of swim bladder nematodes were remarkably high in eels from the heavily urbanized Tevere River and were associated with significant gonad and swim bladder alterations. Contamination and infestation levels were so high to potentially impair spawner successful migration and reproduction. POP concentrations in Tevere eels also exceeded levels considered safe for food consumption. Though marginally contaminated, eels from the oligotrophic Caprolace Lake were in critical health condition: their lipid reserve was so low as to be considered insufficient to sustain the energetic costs of the transoceanic migration. Lesina eel stock was the only one displaying relatively good quality but here spawner abundance is likely limited by overfishing. Our results suggest that multiple stressors may potentially affect eel reproductive success. More definitive studies are needed to assess whether health effects caused by these multiple stressors are additive, compensatory or synergistic.

Environmental Influences on Flight Activity of USDA–ARS Russian and Italian Stocks of Honey Bees (Hymenoptera: Apidae) During Almond Pollination

Differences in flight activity and in the percentages of pollen foragers between commercially managed honey bees, Apis mellifera L. (Hymenoptera: Apidae), of two stocks (USDA-ARS Russian, n = 41 colonies; and Italian, n = 43 colonies) were evaluated in an almond, Prunus dulcis (Miller) D. A. Webb, orchard in Kern Co., CA, during February and March 2002. Flight activity was measured by taking 1-min counts of bees exiting colonies on each of 9 d. Flight activity was best predicted with a model containing the effects of colony size (populations of adult bees and sealed brood), temperature, time of day, the interaction of adult bee population with temperature, and the interaction of adult bee population with time of day. Flight increased linearly with adult bee and brood population, had a quadratic relationship with temperature (increasing, but less so at higher temperatures), and had a quadratic relationship with time of day (decreasing, but less so at later times). Larger colonies had more response to changing temperatures and less response to different times of day than small colonies. Bee type had no direct influence on flight activity at any given colony size, temperature, or time of observation or when evaluated using a reduced data set retaining 34 Italian colonies and 32 Russian colonies whose mean sizes were equal. Overall, however, Russian colonies were less populous by about one-fourth and so fielded on average 71% of the foragers that Italian colonies did. Pollen collection was measured by capturing returning foragers on 4 d. The percentages of foragers with pollen were not different for the bee types.

Environmental Influences on Flight Activity of USDA–ARS Russian and Italian Stocks of Honey Bees (Hymenoptera: Apidae) During Almond Pollination

Environmental Influences on Flight Activity of USDA–ARS Russian and Italian Stocks of Honey Bees (Hymenoptera: Apidae) During Almond Pollination

The Content of Reports on Italian Stocks: Do Evaluation Methods Matter?

The paper presents an empirical study on the content of reports on Italian stocks. We collected 4,603 reports regarding 29 blue chips listed in Italian stock market and released during years 2000-2003 by important brokers and investment firms. We carefully examined each report to find out the evaluation method used to get the final recommendation. The first puzzling finding is that for most of reports (about 70%) it is not possible to understand clearly the evaluation method used. This behaviour is coherent only with a very strong reputation effect, so that it does not matter why an analyst says something but only what he says and who he is. Then we restricted the analysis to reports whose main evaluation method was elicit. We divided evaluation methods into two main categories: the one based on market ratios and the one on fundamental analysis, that is the in-depth estimation of future profits and cash flows. The two methods occur with a quite similar proportion, but the year by year approach shows that the situation has changed through time. While in year 2000 market ratios were above fundamental analysis, in the following three years the weight of market ratios has constantly declined and in year 2003 the position was reversed. At last, we assessed whether the evaluation methods have some impact on the estimates, measured by recommendation's delta ((Target price - Current price)/Current price). But we did not find any significant relation: it doesn't matter if the report is based mainly on supposed original estimates, which is the typical feature of fundamental analysis, or on well known market data. The quality and the value of a report, if there are any, don't rely on the evaluation method used.

Effects of Selected Fungicides on Growth and Development of Larval Honey Bees,Apis melliferaL. (Hymenoptera: Apidae)

Laboratory studies were conducted to determine the effects of incorporating selected almond fungicides into the diet of larval honey bees, Apis mellifera Linnaeus. One-day-old larvae, from mixed Italian stocks, were grafted to basic larval diet or basic diet containing various fungicides. Experimental concentrations were calculated from field dose application rates of formulated product per hectare. Larvae were transferred to fresh diet daily and incubated in the dark at 35°C and 95% RH. After defecation, prepupae were moved into a dark incubator at 35°C and 75% RH. Mortalities of larvae, prepupae, and pupae were recorded daily. No larvae fed Captan, Rovral, or Ziram completed development to adults. In the case of Rovral, a novel amorphogenic effect was observed. There were no significant differences in total mortality between the controls and larvae fed Abound, Elevate, Flint, Rally, and Vangard.

Control region haplotype variation in the central Mediterranean common sole indicates geographical isolation and population structuring in Italian stocks

Nine common sole Solea vulgaris samples from five fishery Management Units (MUs) of the central Mediterranean exhibited differences in a control region sequence marker. Parsimony network showed two low‐divergent haplotype phylogroups. The former predominated in samples from the Ligurian, Tyrrhenian, Adriatic and north‐western Ionian Seas (MUs 9, 10, 17, 18 and northern part of 19, respectively), whereas the latter was abundant in the south‐western Ionian (southern part of MU 19). The geographical clustering of maternal lineages accounts for population structuring and indicates geographical isolation of common sole stocks in the Mediterranean. Several life‐history traits of common sole and hydro‐geographical features of the basin might support this pattern of differentiation. Haplotype frequency differences were detected among samples either from different MUs or within the same MU. This situation indicates the presence of partially subdivided or nearly panmictic population units, whose exploitation should be based on appropriate bio‐ecological features. The usefulness of control region sequence marker enhances the routinely use of the genetic stock structure analysis in low‐dispersal demersal marine resources.

Control region haplotype variation in the central Mediterranean common sole indicates geographical isolation and population structuring in Italian stocks

Control region haplotype variation in the central Mediterranean common sole indicates geographical isolation and population structuring in Italian stocks

Value-at-Risk: a multivariate switching regime approach

This paper analyses the application of a switching volatility model to forecast the distribution of returns and to estimate the Value-at-Risk (VaR) of both single assets and portfolios. We calculate the VaR value for 10 Italian stocks and a number of portfolios based on these stocks. The calculated VaR values are also compared with the variance–covariance approach used by JP Morgan in RiskMetrics™ and GARCH(1,1) models. Under backtesting, the VaR values calculated using the switching regime beta model are preferred to both other methods. The Proportion of Failure and Time Until First Failure tests [The Journal of Derivatives (1995) 73–84] confirm this result.

The Pricing of Italian Equity Returns

In this paper, we investigate the relationship between common risk factors and average returns for Italian stocks. Our research has identified the Italian stock market's economic variables by using the results from factor analyses and time series regressions.We study several multi‐factor models combining the relevant macroeconomic variables with the mimicking equity portfolios SMB (small minus big) and HML (high minus low) proposed by Fama and French (1993). The key question we want to ask ourselves, is whether the influential role of the size and book‐to‐market equity factors in explaining average stock returns can stand up well when competing with some macroeconomic factors. In other words, do stock returns carry some risk premium that is independent of either the market return or the economic forces that underlie the common variation in returns?Our empirical work estimates risk premiums using both traditional two‐pass procedures and one‐pass (full information) methodologies. We show that only the market index and variables linked to interest rate shifts are consistently priced in the Italian stock returns. The role of other factors, and in particular both the size and the price‐to book ratio, are crucially dependent on the estimation procedure.(J.E.L.: G11, G12).

Reproductive compatibility despite large-scale genetic divergence in Cepaea nemoralis

Cepaea nemoralis is remarkable for its geographic variation for both shell polymorphism and allozymes. An electrophoretic study of 20 loci revealed genetic identities as low as 0.53 between English and Italian populations. Despite this genetic divergence, crosses among American, English, and Italian stocks demonstrate that populations of C. nemoralis are reproductively compatible on a continental scale. This reproductive compatibility in the face of large-scale genetic divergence indicates the danger of using a genetic index to assess reproductive relationships. The decoupling of genetic divergence from speciation emphasizes the limitations of viewing the process of speciation solely in genetic terms. A comparison of Cepaea with another genus of land snails, Partula, suggests that competition may be an important determinant of the likelihood of speciation. C. nemoralis from Lexington, Virginia, were included in the matings and electrophoretic comparisons, in order to test conflicting proposals on the origin of that population. Both sets of data favour a British, rather than an Italian, origin, but are also compatible with earlier evidence that the Lexington population is of hybrid origin.

The Distribution and Foraging Activities of Common Italian and “Hy-Queen” Honey Bees 1 during Alfalfa Pollination

The distribution and foraging activities of honey bees ( Apis mellifera L.) were compared for common Italian and Hy-Queen stocks, the latter selected for alfalfa ( Medicago sativa L.) preference and high pollen collection from general sources. The experimental area contained 674 colonies in 27 apiaries. Foraging bees (4000) were collected throughout an alfalfa field (34.0 ha) and tagged with metal discs that were recovered (78.1%) magnetically at hives. Most (81.6%) alfalfa foragers originated from 263 colonies in 12 apiaries at the field. Territorial dominance was evident by bees from the nearest apiaries. Mean foraging distances were 338±56.7 m (common stock) and 237±13.9 m (Hy-queen). Pollen collection from all sources was greater for Hy-Queen (37.9%) than for common stock (30.9%). Stocks were very similar otherwise. Only 1.4% of the alfalfa foragers carried pollen loads, 84.2% of which were from other plant species in the area. Nectar loads of bees collected during foraging were small (mean range = 5.2–9.2 μ liters) and independent of pollen foraging activity. Weak apparent preference for alfalfa by Hy-Queen stock may be caused in part by a genetically reduced foraging distance.

Distribution and Foraging Activities of Honeybees During Almond Pollination

SummaryA magnetic capture-recapture system was used to study the distribution and foraging activities of 1513 honeybees from 60 apiaries in 5 almond orchards (area 9 km2) in California, USA. Bees tended to forage near the apiary from which they flew. Where there was intense competition, owing to high hive densities, foragers dispersed to orchards containing fewer hives. There were significantly more foragers in populous than in small colonies, but the distance at which they foraged was not affected by colony size. The mean nectar load was 5·9 μl, and its mean sugar concentration 43·9%. Pollen collection and foraging distance were similar for Hy-Queen and for common Italian stocks.