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This paper investigates the tone newspapers use in reporting information on a company that it is linked with through an ownership tie. Our empirical setting is Italy, a country characterized by dominant national industrial groups' high ownership of newspapers. Based on a sample of about 123,000 articles, we document that newspapers' coverage of firms in conflict of interest is greater, with significantly fewer negative and uncertain words. We also document that the slant increases with ownership stakes and decreases with the newspaper's reputation. [ABSTRACT FROM AUTHOR]

This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive–chairman duality and the proportion of non-executive directors, does not increase the propensity of firms to comply with regulation. Second, family firms and firms with a high degree of separation of ownership from control are most likely to comply with regulation. Third, corporate ethos is more important in predicting regulatory compliance than explicit corporate governance structures. [ABSTRACT FROM AUTHOR]

The positive market reaction at the announcement of most European rights issues can be explained by two major factors which distinguish them from a US public offering: active insiders, and a quasi-split effect which signals a large increase in the dividend yield. An analysis of 428 Italian rights offerings and an event study involving 82 observations in the 1980-94 period show that Italian insiders are completely 'active', and almost 85% of the equity rights issues result in a dividend yield increase, which corresponds to the quasi-split effect in approximately 40% of the issues. The dividend yield rises, on average, by a significant +61% after a combined rights offering and by a significantly lower +20% following a fully-paid rights issue. The market reaction to the announcement is significantly positive for combined rights" offerings" (+2.77%) and positive, but not significant, for the whole sample (+0.79%). The dividend increase signalled by the quasi-split effect explains almost 30% of the abnormal returns' cross-sectional variation and it is" the only significant explanatory variable. [ABSTRACT FROM AUTHOR]

Abstract: Schizophrenia is associated with a high familiar, social and economic burden. During the recent years early and specific intervention for first psychotic episodes has been suggested to improve the long term outcome of the disease. Despite the promising results obtained so far, early intervention is still scarcely applied. One major problem arises from the translation of research findings into stakeholder policies. In fact very few analyses of cost reductions obtained with early intervention have been reported. In the present paper we present a simulation of direct cost reduction that can be obtained with early intervention programmes. We based our analysis on available data about schizophrenia care costs in Italy and the expected cost reduction with the use of early intervention. We observed that the increase in costs due to the more intensive early intervention is largely compensated by the reduction of inpatient admissions with a reduction of direct costs of 6.01%. Despite the apparently small economic gain, early intervention offers more clinical and social benefits as it seems to be effective also in decreasing relapse rates, in improving the patients'' quality of life and disability associated with psychosis and in increasing employment rates. Those indirect costs however are difficult to estimate and were not included in our model. In conclusion, our study supports the use of early intervention in schizophrenia, which could allow an outcome improvement with lower direct and indirect costs. [Copyright &y& Elsevier]