Template-type: ReDIF-Article 1.0 Author-Name: Sven-Olof Yrjo Collin Title: Reflections about Italian academic life in Economia Aziendale and its evolution Abstract: Applicants for habilitation to Associate and Full professor in Economia Aziendale has during two years been evaluated by a commission, containing four Italian professors and one international professor. Me, being the international evaluator, present here some of my observations and impressions from the evaluation and present some reflections about the evolution of the Italian academic system and the subject, Economia Aziendale. My main conclusion, that the tradition of the subject is, at least in the short run, at threat due to the push towards internationalisation, could be regarded as rather pessimistic. But it is also a call for governed development, which should benefit all of us in the area, the whole international community. Classification-JEL: Keywords: Note: Pages:5-25 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56430&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Sabrina Pisano Author-Name: Luigi Lepore Author-Name: Rocco Agrifoglio Title: Corporate governance and information asymmetry between shareholders and lenders: an analysis of Italian listed companies Abstract: This paper analyzes the information asymmetry between owner/manager and lenders. More specifically, the research investigates the role of corporate governance mechanisms in reducing the agency costs of debt. The findings show that lenders perceive higher agency costs of debt if the controlling shareholder owns a percentage of capital greater than 66%. Results also show that the presence of independent directors elected by minority shareholders on the board mitigates the agency conflicts between borrowers and lenders. In the same way, the audit committee independence reduces the agency costs of debt. Moreover, the study shows that when the audit committee chairman coincides with the board chairman banks perceive more risk and, therefore, a bigger asymmetry. This coincidence increases the concentration of power in the hands of just one person and this enhances the likelihood of opportunistic actions by the management that could damage lenders. This means that it is costly for companies to concede to just one person too much influence over the board activities, because it reduces the effectiveness of the monitoring role played by independent directors, increasing the information asymmetry between borrowers and lenders. Classification-JEL: Keywords: Agency costs of debt, board of directors, audit committee, ownership concentration Note: Pages:27-53 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56431&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002002 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=56431 Template-type: ReDIF-Article 1.0 Author-Name: Pier Luigi Marchini Author-Name: Carlotta D'Este Title: Comprehensive Income: which potential effects on firms? performance evaluation and users? decision process? Abstract: The reporting of comprehensive income is becoming increasingly important. After the introduction of Other Comprehensive Income (OCI) reporting, as required by the 2007 IAS 1-revised, the IASB is currently seeking inputs from investors on the usefulness of unrealized gains and losses and on the role of comprehensive income. This circumstance is of particular relevance in code law countries, as local pre-IFRS accounting models influence financial statement preparers and users. This study aims at investigating the role played by unrealized gains and losses reporting on users? decision process, by examining the impact of OCI on the Italian listed companies RoE ratio and by surveying a sample of financial analysts, also content analysing their formal reports. The results show that the reporting of comprehensive income does not affect the financial statement users? decision process, although it statistically affects Italian listed entities? performance. Classification-JEL: Keywords: Note: Pages:55-94 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56437&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002003 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=56437 Template-type: ReDIF-Article 1.0 Author-Name: Elisa Roncagliolo Title: Managerial discretion in authorising open market share repurchases: empirical evidence from the Italian context Abstract: This paper contributes to existing literature on open market share repurchases in Italy by studying authorisations that the board of directors needs to obtain from the shareholders? general meeting in order to acquire company?s own shares. In such a context, I investigate whether the buyback purpose that managers disclose in their report affects number of shares to be repurchased. Particularly, since managers could potentially benefit from share repurchase programmes carried out in the presence of stock option plans, I explore whether this motivation influences the number of shares they require to include in the buyback programme. In pursuit of my objectives, I analyse reports managers provide shareholders? meeting to obtain the authorisation to acquire company?s own shares over a 6-year period (2004-2009) in Italian listed companies. Main results suggest that the buyback motivation affects number of shares managers intend repurchasing, highlighting the role of the quality of the board of directors in this issue. Classification-JEL: Keywords: Note: Pages:95-116 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56438&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002004 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=56438 Template-type: ReDIF-Article 1.0 Author-Name: Tiziano Onesti Author-Name: Mario Romano Author-Name: Marco Taliento Title: Acquisition-type or merger-type accounting? Further insights on transactions involving businesses governed by the same party(-ies) Abstract: This paper - aiming at encouraging a fruitful debate - intends to highlight the discontinuous evolution of the accounting solutions explored by notable bodies (Efrag-Oic, Iasb, Fasb, Kasb, etc.) with reference to transactions involving businesses under common control. The work finally recompose them in two basic categories (discussing their pros/cons as well), here analyzed: acquisition-type accounting, which emphasizes fair value (emergence of exchange or current amounts) vs. merger-type accounting, linked to historical costs (continuity values approach). The first cluster includes the pure-acquisition and the fresh-start method, whereas the second the predecessor basis and the pooling of interests techniques. The concrete identification of the proper methodology, in this regard, essentially requires the profound understanding of the underlying economics, architecture and key elements of a specific transaction shedding light on the most relevant and reliable information useful to stakeholders. Classification-JEL: Keywords: Note: Pages:117-137 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56443&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002005 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=56443 Template-type: ReDIF-Article 1.0 Author-Name: Fabrizio Gran? Title: Book Review Abstract: Classification-JEL: Keywords: Note: Pages:139-148 Volume: 2015/2 Year: 2015 Issue:2 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=56463&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2015-002006 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=56463