The impact of R&D in firm value across Europe

In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.

I beni immateriali nella valutazione d'azienda

In seguito ad una disamina del materiale presente in letteratura, ci siamo chiesti se i numerosi investimenti pubblicitari, promozionali, di marketing e, per dirla in una parola sola “intangibili”, generassero un aumento del valore dell’impresa nel contesto valutativo oppure se dessero origine esclusivamente ad aumenti di fatturato. L’obiettivo più ambito consiste nel capitalizzare gli investimenti su attività intangibili come la costruzione del marchio, l’utilizzo di brevetti, le operazioni rivolte alla soddisfazione del cliente e tutto quanto si possa definire immateriale. Eppure coesistono nel mare magnum della stessa azienda. Fino a quando non si potrà inserire criteri di valutazione d���azienda delle performance di marketing non ci potrà essere crescita in quanto, le risorse, sono utilizzate senza un criterio di ritorno di investimento.

Au(I) Catalyzed Manipulation of Propargylic Alcohols: A New Route Towards the Synthesis of Indole Alkaloids

In this work we presented several aspects regarding the possibility to use readily available propargylic alcohols as acyclic precursors to develop new stereoselective [Au(I)]-catalyzed cascade reactions for the synthesis of highly complex indole architectures. The use of indole-based propargylic alcohols of type 1 in a stereoselective [Au(I)]-catalyzed hydroindolynation/immiun trapping reactive sequence opened access to a new class of tetracyclic indolines, dihydropyranylindolines A and furoindolines B. An enantioselective protocol was futher explored in order to synthesize this molecules with high yields and ee. The suitability of propargylic alcohols in [Au(I)]-catalyzed cascade reactions was deeply investigated by developing cascade reactions in which was possible not only to synthesize the indole core but also to achieve a second functionalization. Aniline based propargylic alcohols 2 were found to be modular acyclic precursors for the synthesis of [1,2-a] azepinoindoles C. In describing this reactivity we additionally reported experimental evidences for an unprecedented NHCAu(I)-vinyl specie which in a chemoselective fashion, led to the annulation step, synthesizing the N1-C2-connected seven membered ring. The chemical flexibility of propargylic alcohols was further explored by changing the nature of the chemical surrounding with different preinstalled N-alkyl moiety in propargylic alcohols of type 3. Particularly, in the case of a primary alcohol, [Au(I)] catalysis was found to be prominent in the synthesis of a new class of [4,3-a]-oxazinoindoles D while the use of an allylic alcohol led to the first example of [Au(I)] catalyzed synthesis and enantioselective functionalization of this class of molecules (D*). With this work we established propargylic alcohols as excellent acyclic precursor to developed new [Au(I)]-catalyzed cascade reaction and providing new catalytic synthetic tools for the stereoselective synthesis of complex indole/indoline architectures.

Mode-I fracture parameters of quasi-brittle materials: direct evaluation using DIC and relationship with Mode-II interfacial parameters

The objective of this thesis is the investigation of the Mode-I fracture mechanics parameters of quasi-brittle materials to shed light onto the influence of the width and size of the specimen on the fracture response of notched beams. To further the knowledge on the fracture process, 3D digital image correlation (DIC) was employed. A new method is proposed to determine experimentally the critical value of the crack opening, which is then used to determine the size of the fracture process zone (FPZ). In addition, the Mode-I fracture mechanics parameters are compared with the Mode-II interfacial properties of composites materials that feature as matrices the quasi-brittle materials studied in Mode-I conditions. To investigate the Mode II fracture parameters, single-lap direct shear tests are performed. Notched concrete beams with six cross-sections has been tested using a three-point bending (TPB) test set-up (Mode-I fracture mechanics). Two depths and three widths of the beam are considered. In addition to concrete beams, alkali-activated mortar beams (AAMs) that differ by the type and size of the aggregates have been tested using the same TPB set-up. Two dimensions of AAMs are considered. The load-deflection response obtained from DIC is compared with the load-deflection response obtained from the readings of two linear variable displacement transformers (LVDT). Load responses, peak loads, strain profiles along the ligament from DIC, fracture energy and failure modes of TPB tests are discussed. The Mode-II problem is investigated by testing steel reinforced grout (SRG) composites bonded to masonry and concrete elements under single-lap direct shear tests. Two types of anchorage systems are proposed for SRG reinforced masonry and concrete element to study their effectiveness. An indirect method is proposed to find the interfacial properties, compare them with the Mode-I fracture properties of the matrix and to model the effect of the anchorage.