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Articles by Massimo Massa
Regionali, Mastella: "Faccio la lista"
BENEVENTO. Noi di Centro sarà presente alle prossime elezioni regionali. A confermarlo, in un’intervista alla trasmissione Punti di Vista, condotta da Pierluigi Melillo su Ottochannel Canale 16, è il sindaco di Benevento, Clemente Mastella. «Faremo la lista» dice. LA POSIZIONE SU DE LUCA. Che sulle alleanze, è chiaro: «Aspettiamo la decisione della Corte Costituzionale del 9 aprile. Se il presidente De Luca dovesse avere il via libera, parlerò volentieri con lui di alleanze.
Regionali, le carte del centrodestra
NAPOLI. Un'analisi approfondita delle abitudini alimentari degli italiani, condotta da Coldiretti sulla base dei dati Istat relativi ai consumi familiari degli ultimi anni, mette in luce un panorama regionale variegato, con un'attenzione particolare al ruolo della Campania e di Napoli in questo contesto. L'indagine rivela infatti che le famiglie campane dedicano alla spesa alimentare una quota significativamente più elevata rispetto alla media nazionale e ad altre regioni.
Omicidio Durante, riflettori sulla Sanità
NAPOLI. Riflettori puntati soprattutto sul Rione Sanità, anche se dai radar degli investigatori non sono ancora scomparsi il Mercato e Forcella. Per risalire agli autori dell’omicidio di Emanuele Durante si guarderebbe soprattutto al quartiere caro al principe Totò, con la procura antimafia e i carabinieri (titolari dell’indagine) che sta cercando di ricostruire attraverso la videosorveglianza i loro movimenti prima e dopo l’agguato dell’altro sabato in via Santa Teresa degli Scalzi.
Unlocking opportunities in the age of digital finance
Fintech and techfin innovations are opening doors for traditional players to reinvent themselves. Emerging technologies like big data, AI and blockchain are reshaping finance. New products, such as platform finance, peer-to-peer lending and robo-advisory services, are examples of this transformation. These developments raise important questions: How concerned should traditional financial institutions be?
Unlocking Opportunities in the Age of Digital Finance
Emerging technologies like big data, AI and blockchain are reshaping finance. New products, such as platform finance, peer-to-peer lending and robo-advisory services, are examples of this transformation. These developments raise important questions: How concerned should traditional financial institutions be? What strategies can fintech and “techfin” (technology companies that move into financial services) disruptors adopt to secure their place in this evolving landscape?
Voting for Political Influence
One of the realities of today’s financial markets is the outsized shareholder voting power held by the leading mutual funds. In 2021, the top three asset management companies (BlackRock, State Street and Vanguard) owned around . This made them the largest shareholders in of the leading United States-based companies. Worryingly, it seems that these mutual funds are quite happy to use that shareholder voting power to please politicians and regulators, rather than to police underperforming companies.
The Power Of Distinct Owners As Value Catalysts
In the realm of business myths, one common misbelief stands out: the idea that shareholders are insignificant players, mere cogs within the corporate machinery. This perception, conceptualised in Berle and Means’s influential 1932 work, abstracts away shareholders and positions managers as the true custodians of corporations. However, their narrative largely focuses on a mere fraction of global firms – those publicly listed in the United States.
MASSIMO MASSA: Research shows major mutual funds vote for political influence
One of the realities of today’s financial markets is the outsize shareholder voting power held by the leading mutual funds. In 2021 the top three asset management companies (BlackRock, State Street and Vanguard) owned about 23% of the S&P 500 firms. This made them the largest shareholders in 88% of the leading US companies. Worryingly, it seems they are quite happy to use that shareholder voting power to please politicians and regulators, rather than to police underperforming companies.
The Politics of Mutual Fund Managers’ Voting
Fund managers are meant to be focused on value creation, paid to take decisions that financially benefit the firm they invest in and by extension the fund they manage. Yet, our recent research suggests that’s not always the case. In the United States at least, their decisions can be driven by political motivations. What’s more, these managers engage in “signal jamming” to avoid any potential backlash for breaching their fiduciary duties.
Investment fund managers' decision-making is affected by politics
By Massimo Massa, Lei Zhang Fund managers' political leanings sway the way they vote, impacting company governance at the expense of its performance, Massimo Massa and Lei Zhang write. Fund managers are meant to be focused on value creation, and paid to make decisions that financially benefit the firm they invest in and, by consequence, the fund they manage.
The Power of Distinct Owners as Value Catalysts
In the realm of business myths, one common misbelief stands out: the idea that shareholders are insignificant players, mere cogs within the corporate machinery. This perception, conceptualised in Berle and Means’s influential 1932 work, abstracts away shareholders and positions managers as the true custodians of corporations. However, their narrative largely focuses on a mere fraction of global firms – those publicly listed in the United States.
Target-Date Funds Exploit Their Investors’ Long Time Horizons. Here’s How.
Investing “for the long run” is an increasingly prominent phenomenon — one that has been made more pressing by the demise of the defined-benefits system and population aging. But these longer investment horizons may come with unintended consequences.
Regulating the ‘Wild West’ of Token-Based Business
Evolving standards of crypto regulation may actually result in sharper oversight than is common in the non-token world. The rise of initial coin offerings (ICOs), initial exchange offerings (IEOs) and token business models have been subject to intense scrutiny over the past few years. A majority of them have been identified as scams, Ponzi schemes and the like.
Les banquiers, sauveurs d’hommes et d’économie
Opinion Abonné OPINION. Le sauvetage de l'économie demandera des financiers intelligents, vertueux, socialement responsables et motivés par la chance de retrouver un honneur perdu en 2008, écrivent Massimo Massa, titulaire de la chaire bancaire Rothschild, et Ludo Van der Heyden, titulaire de la chaire en gouvernance d’entreprise, à l’INSEAD Une affaire de comptes fictifs auprès de Wells Fargo a fait scandale, 15 mai 2020.
How the Market Reacts to Media “Bias”
The stock market is incapable of distinguishing between actual and perceived media bias. When conservative stalwart Rupert Murdoch purchased Dow Jones Newswires (DJNW) in 2000, investors’ antennae went up – the expectation from Wall Street was that the right-wing tycoon would turn the newswire into a Republican mouthpiece. Media bias has been visible for years. During the U.S. presidential campaign, cries of bias reached fever pitch.
Does the Presence of Short Sellers Affect Insider Selling?
A large body of literature shows that insiders trade on private information. Less attention, however, has been devoted to how the trading activity of other types of “informed” investors affects insiders’ trading activity. In our study, we address this issue by exploring how the presence of a particular type of informed investors—i.e., the short sellers—could alter insiders’ incentives to trade on their private (negative) information.
Family Ties Help When Firms Go Bust
When their business goes into distress, family firms have more than money at stake. Does this place them in a better position to manage their way out of trouble?
Competition Makes Bloggers Reckless
Over the last decade social media has become all pervasive allowing almost anyone who can use web-based technology to express their opinion on anything from stock valuation and politics to fashion, culture or business. Blogging gives individuals the opportunity to become salient in a way that was unachievable via traditional media. But with over 300 million blog-sites cramming cyberspace what impact does this extreme competition have on the quality of information they deliver?
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