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Visualizza il profilo completo di Emanuele Teti. È gratis! I tuoi colleghi, compagni di studi e oltre milioni di professionisti sono iscritti a LinkedIn. Visualizza il. Emanuele Teti. Bocconi University Milan. Verified email at Corporate E Teti, F Perrini, L Tirapelle. Journal of Management Development 33 (10). Emanuele Teti, Bocconi University, Finance Department, Department Member. Studies Cultural Heritage Management, Cultural Policy, and.

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Knowledge Bocconi – Learning to Invest through Factors – Finance

Journal of Management Development 34 6, And this because you only need a couple of hugely successful movies e. The novelty of the work is represented by the identification of the key explanatory factors for each of the 9, historical series examined.

The system can’t perform the operation now. Paradoxically, 20th Century Fox would have still been profitable in with Titanic only, even if all its other movies had been total box office flops.

Top corporate brands and the global structure of country brand positioning: This situation makes it possible to further reduce risk for the same return or increase return for the same risk through an optimization process first based on the diversified selection of underlying factors rather than asset selection.

European Journal of International Management 7 3, McGraw-Hill Education Italy srl The difficult balance between risk and return E Teti Management Decision 51 4, Effectiveness of employee welfare schemes: Different scholars have tried to improve the CAPM considering that equity returns are affected by a variety of factors. Market value and corporate debt: Starting from a sample of 4, movies shown in US cinemas from toI performed econometric testing on a dataset of 1, films, which excludes the numerous outliers which would have caused biased estimates.

New citations to this author. The frequency distribution of box office revenues is affected by an extremely high variance. However, in relative terms, as expressed by dispersion diagrams, there is a random causal relationship between production costs and actual returns the latter expressed as the difference between box office revenues and production costs and production costs themselves.


Even though the scholars have not tested the relating reasons, they believe that they can be multiple. And this for a simple reason: Institutions, power, and coordination across stakeholders. Investment Management and Financial Innovations 9 3, In fact, from the factorial perspective, the market could be explained as the biggest portfolio that could be built, in which all the existing factors join and diversify.

Unpredictable Blockbusters

If diversification were perfect, the market explanatory factors should be the same as those explaining all other returns, then the market return could be – as defined by the CAPM – the unique key variable, being a proxy of all the other underlying factors.

For instance, irrationality could play a key role, and diversification level could vary depending on decision making process, asset selection theories, and also on insider trading. The Capital Asset Pricing Model CAPM still represents the reference model emauele assess the risk and return trade-off of an asset, due to its simplicity and its explicatory strength. Tti European Economic Association, on December 6 and 7, will hold the first edition of the job market for young economists searching for a job in academia, central banks and private institutions.

This “Cited by” count includes citations to the following articles in Scholar. And this correlation makes managerial decision-making is particularly arduous in the film industry. An example can speak better than a thousand words: Only this way can engagement be developed, according to Sergio Picarelli, Bocconi alumnus and manager of Adecco Group.

EMANUELE TETI – Universita’ Bocconi

Furthermore, in line with results of other researchers, they state that the key factors are the macroeconomic ones. International Journal of Entrepreneurship 17, 99 Andriotto and Teti have observed that in the light of the factorial analysis, many investors hold meanuele that are not fully diversified.

Competitive strategies and value creation: Private equity and enterprise growth: Valore, impresa e sistema paese: Does the market reward for going green? If you continue navigating on the site, please expressly accept the uses of these cookies. The movie industry is among the most interesting to study from an economic and financial point of view.


An offer they couldn’t refuse but probably should have: Email address for updates. New articles related to this author’s research.

In particular, analysing the historical series of more thanfactors macroeconomic, market indexes, prices etc. The only problem with this is that neither 20th Century Fox nor any other operator in the industry would have been able to predict that the movie by James Cameron with Leonardo Di Caprio would enanuele a blockbuster.

In practical terms, this means that the average revenues of a movie company are not predictors of future revenues coming from new productions.

The authors have built a ranking of factors through recurrence and impact measures, and then they have formulated some assumptions behind the diversification level of investors.

It sounds incredible, but it actually happens in the film industry. My profile My library Metrics Alerts. The following articles are merged in Scholar. To teri genuine trust between companies and their employees, transparency, personal growth, the quality of the work environment and company benefits, worktime flexibility, and the sharing of objectives are all crucial.


What is the main message the analysis sends to prospective investors in the industry? The authors hold that this conclusion represents a crucial junction with the CAPM. Federica Fusi January 15, at The answer heti in the fact that Hollywood Majors have been able to differentiate their products, by making very different, in terms of cost and content, productions co-exist. Articles 1—20 Show more.