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In the present thesis I study the contribution to firm value of inventories management from a risk management perspective. I find a significant contribution of inventories to the value of risk management especially through the operating flexibility channel. In contrast, I do not find evidence supporting the view of inventories a reserve of liquidity. Inventories substitute, albeit not perfectly, derivatives or cash holdings. The substitution between hedging with derivatives and inventory is moderated by the correlation between cash flow and the underlying asset in the derivative contract. Hedge ratios increase with the effectiveness of derivatives. The decision to hedge with cash holdings or inventories is strongly influenced by the degree of complementarity between production factors and by cash flow volatility. In addition, I provide a risk management based explanation of the secular substitution between inventories and cash holdings documented, among others, in Bates et al. (2009), Journal of Finance. In a sample of U.S. firms between 1980 and 2006, I empirically confirm the negative relation between inventories and cash and provide evidence on the poor performance of investment cash flow sensitivities as a measure of financial constraints also in the case of inventories investment. This result can be explained by firms' scarce reliance on inventories as a reserve of liquidity. Finally, as an extension of my study, I contrast with empirical data the theoretical predictions of a model on the integrated management of inventories, trade credit and cash holdings.

This Ph.D. thesis consists in three research papers focused on the relationship between media industry and the financial sector. The importance of a correct understanding what is the effect of media on financial markets is becoming increasingly important as long as fully informed markets hypothesis has been challenged. Therefore, if financial markets do not have access to complete information, the importance of information professionals, the media, follows. On the other side, another challenge for economic and finance scholar is to understand how financial features are able to influence media and to condition information disclosure. The main aim of this Ph.D. dissertation is to contribute to a better comprehension for both the phenomena. The first paper analyzes the effects of owning equity shares in a newspaper- publishing firm. The main findings show how for a firm being part of the ownership structure of a media firm ends to receive more and better coverage. This confirms the view in which owning a media outlet is a source of conflicts of interest. The second paper focuses on the effect of media-delivered information on financial markets. In the framework of IPO in the U.S. market, we found empirical evidence of a significant effect of the media role in the IPO pricing. Specifically, increasing the quantity and the quality of the coverage increases the first-day returns (i.e. the underpricing). Finally the third paper tries to summarize what has been done in studying the relationship between media and financial industries, putting together contributes from economic, business, and financial scholars. The main finding of this dissertation is therefore to have underlined the importance and the effectiveness of the relationship between media industry and the financial sector, contributing to the stream of research that investigates about the media role and media effectiveness in the financial and business sectors.

In this thesis I construct a unique dataset to test the role of individual characteristics in affecting the investor behaviour. In particular, I present two empirical research papers that investigate trading patterns unlikely to be driven by rational models, and a literature review in which are summarized the main findings within the new field of “personality finance”. Using an experimental analysis that combine a trading simulation with a Big-Five personality questionnaire, Paper 1 and Paper 2 illustrate how personality affects the individual level of disposition effect and trading volume respectively. In detail, among a sample of 230 students, in the first paper I find strong heterogeneity in the level of disposition effect recorded. In explaining these differences and controlling for demographic variables, I show that the trait of extroversion is positively related with tendency to sell stocks at gain rather than at loss, while subjects with high conscientiousness and openness to experience are less biased. In a different sample of 176 students, from Paper 2, I demonstrate that emotionally stable investors are more likely to exhibit higher trading volume, while high-conscientiousness seems to weaker it. Demographics and risk-attitude measures moderate the individual in- vestment choices. Finally, in the third paper I introduce a literature review on those works in which the personality of the investors is used to explain subjects trading performance and specific financial phenomena. I try to organize the main findings from this new field, named “personality finance”, identifying the psychological sources that can predict the heterogeneity in the individual investment behaviour.

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La tesi studia l’intermediazione attuata da agenti costituenti il campo letterario, nel processo di ammissione di autori esordienti. E’ il processo che inizia con un aspirante autore, con un dattiloscritto inedito, e termina con una casa editrice che accetta il dattiloscritto per la pubblicazione. Il risultato è duplice: da un lato permette una comprensione nuova e profonda del campo letterario italiano, che non ha ricevuto sufficiente attenzione. Dall’altro, lo studio dei processi di intermediazione ha ricadute teoriche più generali. Il campo letterario, così come definito da Bourdieu, comprende tutti gli agenti e le istituzioni che, da posizioni diverse, contribuiscono alla produzione simbolica e materiale dei libri, in quanto oggetti culturali. In questo ambito, teorie sull’intermediazione che ci sono utili sono la definizione bourdesiana di intermediario culturale, il concetto di gate-keeper, utilizzato come metafora dei filtri che si frappongono al flusso della produzione di oggetti culturali, quello di knowledge broker, figura in grado di generare innovazione, svolgendo un ruolo di intermediazione della conoscenza fra domini in cui esiste ma non è fruttuosa ed altri in cui non esiste e, infine, quella di intermediari studiati dall’economia della qualità, che non fanno scelte di produzione o consumo, ma influenzano le scelte fatte dai consumatori. Coerentemente con la sua natura esplorativa e l’approccio induttivo, la ricerca è condotta attraverso 64 interviste semistrutturate ad agenti del campo letterario italiano: editor, editori, agenti letterari, scrittori ed altri agenti, che svolgano un ruolo di intermediazione. Il primo risultato è una descrizione ricca del campo letterario italiano e degli agenti ed istituzioni che lo costituiscono. Si analizzano i criteri di selezione di autori ed opere inedite ed i canali che permettono l’accesso al campo letterario, insieme agli intermediari che li attivano. Degli intermediari si analizzano aspetti soggettivi ed oggettivi, per capire chi siano, cosa fanno e perché.

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My aim is to develop a theory of cooperation within the organization and empirically test it. Drawing upon social exchange theory, social identity theory, the idea of collective intentions, and social constructivism, the main assumption of my work implies that both cooperation and the organization itself are continually shaped and restructured by actions, judgments, and symbolic interpretations of the parties involved. Therefore, I propose that the decision to cooperate, expressed say as an intention to cooperate, reflects and depends on a three step social process shaped by the interpretations of the actors involved. The first step entails an instrumental evaluation of cooperation in terms of social exchange. In the second step, this “social calculus” is translated into cognitive, emotional and evaluative reactions directed toward the organization. Finally, once the identification process is completed and membership awareness is established, I propose that individuals will start to think largely in terms of “We” instead of “I”. Self-goals are redefined at the collective level, and the outcomes for self, others, and the organization become practically interchangeable. I decided to apply my theory to an important cooperative problem in management research: knowledge exchange within organizations. Hence, I conducted a quantitative survey among the members of the virtual community, “www.borse.it” (n=108). Within this community, members freely decide to exchange their knowledge about the stock market among themselves. Because of the confirmatory requirements and the structural complexity of the theory proposed (i.e., the proposal that instrumental evaluations will induce social identity and this in turn will causes collective intentions), I use Structural Equation Modeling to test all hypotheses in this dissertation. The empirical survey-based study found support for the theory of cooperation proposed in this dissertation. The findings suggest that an appropriate conceptualization of the decision to exchange knowledge is one where collective intentions depend proximally on social identity (i.e., cognitive identification, affective commitment, and evaluative engagement) with the organization, and this identity depends on instrumental evaluations of cooperators (i.e., perceived value of the knowledge received, assessment of past reciprocity, expected reciprocity, and expected social outcomes of the exchange). Furthermore, I find that social identity fully mediates the effects of instrumental motives on collective intentions.

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