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1 – 3 of 3Riccardo Ferretti and Andrea Sciandra
This paper focuses on the influence of social, cultural and religious factors on investors' attention. In particular, the authors examined if the attention-grabbing mechanism…
Abstract
Purpose
This paper focuses on the influence of social, cultural and religious factors on investors' attention. In particular, the authors examined if the attention-grabbing mechanism works on Sundays, that is, if the Italians' Sunday activities and habits lead to a lower attention to second-hand financial news, compared to Saturdays.
Design/methodology/approach
The authors analyzed the market reaction to equivalent stale events published on the Saturday and Sunday editions of an Italian financial newspaper and conducted a standard event study on abnormal returns and abnormal volumes for Saturday and Sunday columns and a multivariate analysis on abnormal returns for columns reporting positive recommendations. As a robustness check, the authors performed a sentiment analysis of the columns and included this variable in the regression analysis, but sentiment proved to be not significant in the final model.
Findings
The study’s results confirmed that the attention-grabbing mechanism directed buying decisions, while had no influence on selling decisions. Furthermore, event study and multivariate analysis showed a significant lower market reaction to Sunday columns, supporting the study hypothesis of a Sunday investors' inattention which can be traced to cultural and/or religious factors since Sunday in Italy is a day devoted to family, entertainment and religious rituals.
Practical implications
The lower investors' attention on Sundays and the related influence of social, cultural and religious factors have implications for the timing of both corporate communications and financial advertising.
Originality/value
The authors’ paper provides an original contribution, on the empirical ground, to the attention-grabbing theory and to the growing theoretical literature in microeconomics that models attention.
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Keywords
Paolo Barbieri and Andrea Zanoni
This study focuses on the main problems of the design and implementation of e-procurement in Italian Universities. We look at the main features of e-procurement in a university…
Abstract
This study focuses on the main problems of the design and implementation of e-procurement in Italian Universities. We look at the main features of e-procurement in a university environment, through an analysis of various documents and reports, together with interviews with some of the key actors involved. The most important aspects of its adoption and the consequences for process management and organization itself are highlighted. The results of those phases of the project that have already been implemented (the "pilot projects") are discussed. We conclude by drawing up an overall assessment of the actual status of the project.
Lucia Errico, Andrea Mosca and Sandro Rondinella
This study explores whether ethnic minorities exhibit varying levels of income inequality compared to the host population.
Abstract
Purpose
This study explores whether ethnic minorities exhibit varying levels of income inequality compared to the host population.
Design/methodology/approach
The research leverages a unique immigration event in Italy, specifically the settlement of multiple Albanian groups in southern Italy during the 16th century. This historical occurrence enables an investigation into the role of cultural traits in income inequality, as these groups are situated in the same geographical region and often share borders.
Findings
The results, which remain consistent after undergoing various robustness checks, indicate that Albanian villages, while still preserving their identity and tradition, tend to experience an approximately 2% lower level of income concentration compared to similar Italian municipalities.
Originality/value
Our findings aim to provide supporting evidence for future policy considerations regarding the long-term impact of immigration on income inequality.
Details