Mario Mustilli

Abnormal Returns and Fundamental Analysis in Institutional Investors’ Decision-making: An Agency Theory Approach

The purpose of this paper is to investigate the abnormal returns achieved by institutional investors. Distinguishing between institutional investors operating with a specific mandate to invest and those that operate their own choices independently from such a specific delegation, we show that the former achieve higher abnormal returns than the latter. The conceptual explanation of this result is attributable to the use of the fundamental analysis that the first type of institutional investors realized in a higher and more effective way than the second. This different approach in selecting securities might be due to the relationship between the institutional investor and the savers who provided capital. This different agency relationship might have been reflected in the institutional investors investment policies through the agent behaviour, which changes depending on the nature of the principal who has given the mandate. The empirical analysis has been conducted on a sample of 5,500 institutional investors operating all around the world in 2014, drawing data from institutional investors annual report, from their investment relations and from Bloomberg, Thomson Reuters, Bankscope, Eurostat and through Computer Assisted Telephone Interviews.

Innovation and Development through Local Creative Industries: The Goldsmith Center in Caserta – Tarì

Creative industries are one of the main productive factors that fuel quality and competition; driving forces of the Italian economy. Creative industries are leading the economic growth all over the world through their techniques, among which are Co-creation and Design Thinking. New business models are being developed which are having positive effects on other business sectors and on the urban areas where they are located. This research analyzes whether creative industries in the Goldsmith Center in Caserta (Tari) are adopting the same innovative techniques (esp. Co-creation and Design Thinking) and if they are able to contribute to the territorial economic development. Interviews were carried out to determine the awareness of the innovative techniques (Co-creation and Design Thinking) and their potential. The results of the research indicate some confusion on the innovative techniques – Co-creation and Design Thinking – but there is a general consensus on the advantages, with positive effects on the local and/or regional business communities. The results, in short, show that the craftsmanship of the goldsmiths in Caserta, or rather, the creative sector in question, can have some positive effects even on other business sectors in the province of Caserta and, therefore, on local development.