No abstract

No abstract

This paper arises from the idea that in the current conditions of the credit crunch, the Microcredit can be a solution for small businesses that find it increasingly difficult to obtain credit from the banking system and also an opportunity of investment for international investors which want invest in this sector. However, for realize it there must be a system of specialized microcredit institutions and a critical mass of financial need that justifies the action also of investors, including international. Hence the idea of this survey on microfinance in Peru where we analyze the system of Microcredit and estimate, among other things, the financial needs of the institutions of Microcredit.

The study aims to fill a gap in the literature on the impact of listing on value. Most of the relevant literature analyzes the impact of listing by focusing on the financial performance of companies. The innovative aspect of this study lies in considering value as a combination of return on equity and risk profile, the latter reflected in the cost of capital. So, in this analysis value is ascertained with the ROE-ke measure. We compare listed companies vis-à-vis their unlisted peers in the energy sector. Data are extracted from Amadeus and covers the period from 2015 to 2017. The empirical investigation considers the following areas: profitability (ROE); cost of equity (ke) and value (ROE-ke). We observe statistically significant differences between listed and unlisted companies. In particular, listed companies show lower cost of equity but they also have lower profitability than unlisted companies. Furthermore, results highlight that listing has a negative impact on shareholder value: listed companies have negative ROE-ke or they register less ROE-ke if compared with unlisted peers. This research has several limitations, for example, having considered a relatively short period of time. Future developments of this work may overcome some limitations by taking into account more recent years and using additional variables such as governance, financial structure, operations in the renewable energy sector, size.

The idea of this research starts from the debate about the efficiency of the Italian capital market. In an increasingly globalized context, where Italian companies have to compete not only among themselves but also with foreign forces, the inefficiency of the capital market could be a fundamental discriminant. This paper aims to analyze the contestability in the Italian market. As it is known, it has some peculiarities. If compared with the other market, the Italian one is strongly characterized by the presence of small and medium-sized enterprises (SME), most of them family-run. In the Italian listed companies the entrepreneur and the manager are the same person, often chosen in the same family that exercises control. So the Italian market has a low contestability. Furthermore, the analysis conducted allows determining the existence of a relationship between value creation and contestability.