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APPENDICE 1 Le aziende italiane e francesi del campione

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APPENDICE 1

Le aziende italiane e francesi del campione

Di seguito sono riportati l’elenco delle aziende italiane e francesi selezionate per condurre l’analisi empirica. Si tratta di 64 aziende industriali italiane e 184 aziende industriali francesi. Per ciascuna è stato riportato il relativo codice MNEMONICS impiegato da WorldScope (Datastream) per l’identificazione delle società, la denominazione sociale, il codice ICB relativo al settore di appartenenza (per una maggiore specificazione vedere l’appendice 2), la data dell’offerta e infine eventuali eventi che si sono determinati dopo l’IPO ovvero il fallimento della società o l’uscita o sospensione dalla quotazione del titolo.

La tabella seguente riporta le società del campione italiano.

codice

MNEMONICS

IPO Nome della società ICB

Data

dell’offerta Eventi post IPO

1 I:IMA IMA 2757 12-giu-95 2 I:BRE BREMBO 3355 3-lug-95 3 I:STAY STAYER 3722 10-lug-95 4 I:BUL BULGARI 3767 17-lug-95 5 I:CRE CRESPI 1353 23-ott-95 6 I:LD LA DORIA 3577 27-nov-95 7 I:ENI ENI 0537 28-nov-95 8 I:CARR CARRARO 3355 27-dic-95 9 I:PAG PAGNOSSIN 3722 27-dic-95 10 I:ROE ROLAND EUROPE 3745 24-giu-96 11 I:RM RENO DE MEDICI 1737 11-lug-96 12 I:RIC

GR CERAMICHE

RICCHETTI 2353 30-set-96 13 I:STEF STEFANEL 3763 11-ott-96 14 I:IRC IRCE 2733 23-dic-96 15 I:ARQ ARQUATI 3722 17-feb-97 16 I:MRI

MANULI RUBBER

INDUSTRIES 1353 18-lug-97 17 I:IDP IDRA PRESSE 2757 21-lug-97 18 I:ERG ERG 0533 15-ott-97 19 I:CMB CEMBRE 2733 1-dic-97 20 I:SAB SABAF 2353 24-mar-98

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21 I:CEC GEFRAN 2737 9-giu-98 22 I:BE BEGHELLI 2353 16-giu-98

23 I:BUF BUFFETTI 3726 23-giu-98 DEAD - DELIST.17/05/01 24 I:EM EMAK 3722 25-giu-98

25 I:CAS CASTELGARDEN 3722 26-giu-98 DEAD - DELIST.05/05/00 26 I:SOL SOL 0533 9-lug-98

27 I:TS TARGETTI SANKEY 2353 21-lug-98 DEAD - 22/11/07 28 I:CRM CREMONINI 3577 11-dic-98

29 I:RG RICHARD GINORI 1735 3722 22-dic-98 SUSP - 30/11/06 30 I:DMH

DUCATI MOTOR

HOLDING 3353 24-mar-99 31 I:MRT MIRATO 3767 1-giu-99 32 I:FDP

FILATURA DI

POLLONE 3763 6-lug-99 33 I:MCL MARCOLIN 3763 19-lug-99 34 I:ARA

RONCADIN ORA

ARENA 3577 19-lug-99 35 I:OLI OLIDATA 9572 20-lug-99 36 I:PMS PERMASTEELISA 3726 23-lug-99 37 I:BZU BUZZI UNICEM 2353 27-set-99 38 I:BAN BASIC NET 3763 17-nov-99

39 I:FER FERRETTI 2357 23-giu-00 DEAD - DELIST 13/01/03 40 I:LAV LAVORWASH 3722 12-lug-00

41 I:MBFG MARIELLA BURANI 3763 21-lug-00 42 I:CLT

CENTRALE DEL LATTE

DI TORINO 3577 3-nov-00 43 I:TOD TOD’S GROUP 3765 6-nov-00 44 I:LUX LUXOTTICA 3763 4-dic-00 45 I:SAE

SAECO

INTERNATIONAL 3722 4-dic-00 DEAD - DELIST 31/08/04 46 I:GRF GRANITIFIANDRE 2353 13-giu-01

47 I:BSS BIESSE 2757 22-giu-01 48 I:AMP AMPLIFON 4535 27-giu-01 49 I:CPR DAVIDE CAMPARI 3535 6-lug-01 50 I:DLG DE LONGHI 3722 24-lug-01 51 I:NGB NEGRI BOSSI 2757 6-nov-01 52 I:ASTD ASTALDI 2357 6-giu-02 53 I:SCT SOCOTHERM 2353 11-dic-02

54 I:PROC PROCOMAC 2723 6-lug-03 DEAD - T/O BY CASH 55 I:ISG ISAGRO 1357 5-nov-03

56 I:TRV TREVISAN COMETAL 2757 5-nov-03 57 I:VIS

GREENVISION

AMBIENTE 1350 14-lug-04 58 I:PAN PANARIA GROUP 2353 19-lug-04 59 I:GEOX GEOX 3765 1-dic-04 60 I:BIE BIOERA 3577 27-lug-05 61 I:CALE CALEFFI 3722 9-nov-05 62 I:GUAL GUALA CLOSURES 2723 22-nov-05 63 I:EURO EUROTECH 9572 30-nov-05 64 I:SAFI SAFILO GROUP 4537 6-dic-05

Fonte: Datastream

L’elenco che segue invece evidenzia tutte le aziende francesi selezionate sulla base dei criteri sopra descritti nel capitolo 9.

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codice

MNEMONICS

IPO

Nome della società ICB

Data

dell’offerta Eventi post IPO

1 F:APEM APEM 2733 23-mar-95 2 F:PAS PCAS 1357 6-apr-95 3 F:ERA ERAMET 1755 26-giu-95 4 USR USINOR SACILOR (OPV) 1757 10-lug-95 5 F:IPAR INTER PARFUMS (1) 3767 15-nov-95 6 F:ARK ARKOPHARMA 4577 17-apr-96 7 F:CHAR

CHARGEURS

INTERNATIONAL 3763 24-giu-96 8 F:WALT WALTER 1753 24-set-96 9 F:COFI COFIDUR 2737 1-ott-96 10 F:BYG BOUYGUES 2357 7-nov-96 11 F:BOIZ

BOIZEL, CHANOINE,

CHAMPAGNE 3535 4-dic-96 12 F:STD S.T. DUPONT 3763 6-dic-96 13 F:SIR SIRAGA 2757 10-dic-96 14 F:SASA SASA INDUSTRIE 2757 12-dic-96 15 F:GDE GUY DEGRENNE 3722 31-gen-97 16 F:NORC NORCAN 1753 19-mar-97 17 F:LAFU LAFUMA 3763 13-mag-97 18 F:SAR SAIRP COMPOSITES 2753 4-giu-97 19 F:ROUS

ROUSSELET

CENTRIFUGATION 2757 9-giu-97 20 F:DELM DELMON INDUSTRIE 1357 17-giu-97 21 F:CYB CYBERNÉTIX 2757 19-giu-97 22 F:EXE EXEL INDUSTRIES 2753 20-giu-97 23 F:ENT ENTRELEC 2733 26-giu-97 24 F:DU DUC 3577 1-lug-97 25 F:SER SERF 4535 16-lug-97 26 F:DAN DANE-ELEC MEMORY 9572 17-lug-97 27 F:IDEA

IDEAL MEDICAL PRODUCTS

(1) 4535 28-lug-97 28 F:NER NERGECO 2353 18-set-97 29 F:NIC NICOMATIC 2733 25-nov-97 30 F:EURA EUREXIA 3578 16-dic-97 31 F:AESL AES LABORATOIRES GPE 4535 5-feb-98

DEAD - DELIST 09/12/03

32 F:FINU FINUCHEM 2753 24-feb-98 33 F:JEST JESTIN 3577 25-feb-98

DEAD - DELIST 17/05/04

34 F:JEST JESTIN 3577 25-feb-98 35 F:BIL BILLON 3763 26-feb-98

36 F:APS APS 1357 10-mar-98 SUSP - 16/04/08 37 F:THAR THARREAU INDUSTRIES 3763 18-mar-98

38 F:TRI TRIGANO 3745 19-mar-98 39 F:SICA SICAL 2723 25-mar-98 40 F:CHB CHABERT DUVAL 3728 2-apr-98 41 F:VRAP

VRANKEN-POMMERY

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42 F:MCC MICROCAST 1753 16-apr-98 DEAD - 16/11/07 43 F:MI MERMET INDUSTRIES 3763 23-apr-98

DEAD - MERGED 933240

44 F:CLEN CLEN 3726 30-apr-98 DEAD - DEL. 03/02/00 45 F:AGTA AGTA RECORD (PAR) 2353 19-mag-98

46 F:ROD RODRIGUEZ GROUP 3745 20-mag-98 47 F:ADK AUDIKA 4537 26-mag-98 48 F:OXYM OXYMETAL 2757 3-giu-98 49 F:FPEE FPEE 2353 16-giu-98

DEAD - DELEST 26/01/04

50 F:SEGU SEGUIN MOREAU 3577 17-giu-98 DEAD - DEL. 06/04/00 51 F:ERMO ERMO 2757 18-giu-98

52 F:ALO ALSTOM 2757 22-giu-98 53 F:GMAR GRAND MARNIER 3535 22-giu-98

54 F:IMVT IMV TECHNOLOGIES 4577 24-giu-98 DEAD - 13/09/07 55 F:RHA RHODIA 1357 25-giu-98

56 F:BOND BONDUELLE 3577 26-giu-98 57 F:OTO OTOR 2723 26-giu-98 58 F:JAJ GROUPE JAJ LIMITED DATA 3763 30-giu-98 59 F:FTRI FORGES DE TRIE CHATEAU 1757 7-lug-98

60 F:INTX INTEXA 3763 7-lug-98 SUSP - 17/11/06 61 F:CILN CIL 2353 7-lug-98

62 F:STRA STALLERGENES 4577 21-lug-98 63 F:STR STREIT INDUSTRIES 3355 21-lug-98

64 F:CF2M CF2M 3355 31-lug-98 DEAD - 20/12/07 65 F:POM POMMIER SCEBP 2753 29-set-98

DEAD - DELIST 04/07/03

66 F:TMR THERMOCOMPACT 2757 29-set-98

67 F:OPE OPERA CONSTRUCTION 3728 17-nov-98 DEAD - 17/10/07 68 F:BOUL

BOULANGERIES DE

L’EUROPE 3577 24-nov-98 69 S:PYE PINGUELY-HAULOTTE (VTX) 2753 3-dic-98

70 F:IOL IOLTECH 4577 8-dic-98 DEAD - 15/11/06 71 F:COTT COTTIN FRERES 3535 21-gen-99

72 F:TFF TONNEL FRANCOIS FRERES 2723 28-gen-99 73 F:MAI MAITRE FOURNIL 3577 18-feb-99

DEAD - DELIST 01/10/04

74 F:NEO NEOPOST 9574 23-feb-99 75 F:HUI HUIS CLOS 2353 16-mar-99 76 F:BAG BAGSTER 3763 25-mar-99 77 F:LABE LABEYRIE 3577 26-mar-99 78 F:SFD SOFRADECOR 2757 27-apr-99 79 F:SQF SANOFI-SYNTHELABO RFD 4577 25-mag-99

DEAD - DUPL SEE 29342X

80 F:LAU LAURENT PERRIER 3535 11-giu-99 81 F:LBE LE BELIER 3355 11-giu-99 82 F:EPI EPI 2353 24-giu-99

83 F:PFT PETIT FORESTIER 2753 29-giu-99 DEAD - 17/10/07 84 F:DLL DELTA PLUS GROUP 3763 2-lug-99

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85 F:SPAR SPARFLEX 3535 16-lug-99 86 F:BEC BOIS ET CHIFFONS 3726 28-lug-99 87 F:AUE AURES TECHNOLOGIES 2737 23-set-99 88 F:AUC AUTOMOBILES CHATENET 3353 29-set-99 89 F:FLI FLIP TECHNOLOGY 2753 7-ott-99 90 F:PIS PISCINELLE 3745 26-ott-99 91 F:PISC PISCINES WATERAIR 3745 26-ott-99 92 F:BIGB BIG BEN INTERACTIVE 3745 27-ott-99 93 F:COMB COMPOBAIE 2353 4-nov-99

94 F:JACQ JACQUES BENEDICT 3763 3-dic-99 DEAD - 15/05/07 95 F:C2D

CIE DU DEVELOPPEMENT

DURABLE C2D 2757 7-dic-99

96 F:ALTX ALTADIS (PAR) 3785 10-dic-99 DEAD - 21/02/08 97 F:CJS CJS-PLV 3726 10-dic-99

98 F:FLEU FLEURY MICHON 3577 3-feb-00 99 F:KAUF KAUFMAN ET BROAD 3728 7-feb-00 100 F:ENCR ENCRES DUBUIT 1357 3-mar-00 101 F:LNPC LABORATOIRE NPC 3577 9-mar-00 102 F:ERME EUROMEDIS GROUPE 4535 27-mar-00 103 F:ORAP ORAPI 1357 30-mar-00 104 F:GCH COUACH 3745 19-apr-00 105 F:TANN LE TANNEUR ET CIE 3763 20-apr-00

106 F:XAVI GROUPE XAVIER GOURMET 3577 28-apr-00 DEAD - 25/07/07 107 F:COMA COMALAIT GROUPE 3577 3-mag-00

108 F:CSTF CST FRANCE 2737 4-mag-00 DEAD - 16/02/06 109 F:MAIS MAISON FRANCE CONFORT 3728 30-mag-00

110 F:PNEL PARIS NORD ELECTRONIQUE 2733 30-mag-00 DEAD - 29/01/08 111 F:SOCP SOCOPI 3785 7-giu-00

112 F:LEST LES TROIS CHENES 3577 8-giu-00 113 F:CARN GROUPE CARNIVOR 3577 5-lug-00 114 F:ACTL ACTIELEC TECHNOLOGIES 2737 6-lug-00 115 F:MICL LAROCHE 3535 12-lug-00 116 F:MIC MICROSPIRE 2733 12-lug-00 117 F:OBER OBERTHUR TECHNOLOGIES 2737 13-lug-00 118 F:CESA CESAR 3747 13-lug-00 119 F:NSI NSI 9572 28-lug-00

120 F:IREN IRENE VAN RYB 3763 8-ago-00 DEAD - 18/12/07 121 F:HIOL HIOLLE INDUSTRIES 2757 12-set-00

122 F:ATME ATMEL (PAR) 9576 21-set-00 123 F:SOLA SOLARONICS TECHNOLOGIES 2353 5-ott-00

DEAD - DELIST 01/04/04

124 F:COLE COLETICA 3767 19-ott-00

DEAD - DELIST 06/06/05

125 F:GESP GESPAC SYSTEM 9576 30-nov-00

DEAD - DELIST 03/09/04

126 D:GP9X GEMPLUS INTL. (XET) 2737 7-dic-00 DEAD - 24/01/07 127 F:CAAP COCOON LTD DATA 3728 11-dic-00

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129 F:RSF RICHEL SERRES FRANCE 3728 29-dic-00 130 F:DIAZ DIALZO 3573 25-gen-01 131 F:GECI GECI INTERNATIONAL 2713 9-mar-01 132 F:ULR ULRIC DE VARENS 3767 15-mag-01 133 F:NEX NEXO 3743 31-mag-01 134 F:NXS NEXANS 2733 12-giu-01 135 F:SAMM SAM 2757 28-giu-01 136 F:SETF SETFORGE 2757 28-giu-01 137 F:BEGH BEGHIN-SAY 3577 2-lug-01

DEAD - DELIST 11/08/03

138 F:CERL CEREOL 3577 2-lug-01

DEAD - DELIST 09/04/03

139 F:CERE CERESTAR 3577 2-lug-01 140 F:EVES EVERSET 3745 24-lug-01 141 F:COPL GROUPE COPLAN 3728 26-lug-01 142 F:EUPL EUROPLASMA 2757 28-set-01 143 F:TECN TECHNI CN 2757 31-ott-01 144 F:GING GINGER 2357 20-nov-01 145 F:POTI CHRISTIAN POTIER 3577 6-dic-01 146 F:INS LOGIC INSTRUMENT 9572 15-gen-02 147 F:ARCH ARCHOS 3743 14-feb-02

148 F:EUCR EUROCRYSTAL 4537 24-feb-02 DEAD - 03/05/06 149 F:PGO PGO AUTOMOBILES 3353 27-feb-02

150 F:ALAI ALAIN AFFLELOU 3763 10-apr-02 DEAD - 25/01/08 151 F:TELD TELECOM DESIGN 9572 22-apr-02

152 F:MLWT WT 9578 28-mag-02 153 F:3P CYBERGUN 3747 4-lug-02 154 F:NOVB NOVATECH INDUSTRIES B 2753 10-lug-02 155 F:INOV INNOV’IA 3577 18-dic-02 156 F:TENO TECHNOFLEX 4537 31-gen-03 157 F:DOL DOLPHIN INTG. 9576 5-mar-03 158 F:MLJO ETS.GUY JOUBERT 2353 18-mar-03 159 F:PARX PARFEX 1357 1-lug-03 160 F:ROYS ROYSOL 3726 25-lug-03 161 F:ROY ROYAL CANIN 3577 25-lug-03 162 F:TECF TECHNOFIRST 2735 13-ago-03 163 F:ENV EUROPE ENVIRONNEMENT 2757 27-set-03 164 F:MLVI VISIO NERF 2737 11-dic-03 165 F:MLCO COREP LIGHTING 2733 24-dic-03 166 F:MLR RACKHAM 3745 8-gen-04 167 F:MLRA RAPHAEL MICHEL 3535 8-gen-04 168 F:FERD FERCO DEVELOPPEMENT 3573 21-apr-04

169 F:SILI SILICON WEB GROUP 9578 23-apr-04 DEAD - 14/03/07 170 F:SCA SNECMA 2713 17-giu-04 DEAD - 16/02/06 171 F:L3C U10 3726 1-lug-04

172 F:BIM BIOMERIEUX 4537 6-lug-04 173 F:ECA ECA 2757 9-lug-04

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174 F:NOEV NEOVIA ELECTRONICS 3743 14-lug-04 175 F:CRM CRYONIC MEDICAL 4577 11-ott-04 176 F:NXI NEXITY 3728 21-ott-04 177 F:SCOP SCORPA 3353 3-nov-04 178 F:ASTP AST GROUPE 3728 24-nov-04

179 F:FINN FINANCIAL 3575 22-dic-04 SUSP - 16/05/05 180 F:OLM OLMIX 3577 29-mar-05

181 F:PONY PONCIN YACHTS 3745 12-mag-05 182 F:SAFT SAFT 2733 29-giu-05 183 F:IPN IPSEN 4577 6-dic-05 184 F:MLES EASYDENTIC 2737 22-dic-05

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APPENDICE 2

ICB nella classificazione delle aziende

Dow Jones Indexes e FTSE hanno creato un sistema definitivo di classificazione delle industrie denominato Industry Classification Benchmark (ICB), un parametro di classificazione importante e di facile uso, utile per la ricerca e le decisioni di trading e di investimento sul mercato. Il sistema è supportato dal ICB Universe Database, che contiene oltre 60.000 società e 65.000 titoli globali dal FTSE e Dow Jones universes. La copertura rende questo database uno strumento utile per analisi di settore globale e soprattutto un rilevante e userfriendly standard di classificazione per trading e decisioni di investimento.

L’Industry Classification Business, rispetto ad altri standard utilizzati, è focalizzato sugli investitori, infatti, è stato creato tenendo in considerazione le esigenze particolari della comunità degli investitori e offre maggiore chiarezza, una struttura migliore nella ripartizione delle società tra i settori e un carattere di universalità.

La sua struttura di ripartizione si presenta flessibile e i livelli individuati soddisfano i requisiti di analisi dell’industria - dalle tendenze generali dell’industria all’analisi dettagliata per regioni e paesi. L’ICB vanta una diffusione globale poiché è stato adottato da borse che rappresentano globalmente oltre il 65% della capitalizzazione di mercato del mondo.

Infine, è supportato da un unico database: il sistema ICB è stato applicato ad un universo completo di titoli per creare il Database dell’universo ICB per facilitare ulteriormente l’analisi per settore

infine, ha regole chiare, disponibili a tutti poiché per garantire che sia gestito in modo coerente, l’IBC ha una gestione indipendente, conforme alle Regole per la Gestione dell’ICB, subito disponibili.

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Figura 18. Caratteristiche dell’ICB. Fonte: www.icbenchmark.com

ICB si presenta con una struttura dettagliata per il settore industriale, facilitando la comparazione delle società attraverso quattro livelli di classificazione. Il sistema ripartisce le società in un subsector la cui definizione molto dettagliata descrive la natura tipica del business svolto le cui peculiarità sono determinate sulla base delle sue fondi di reddito o sulla base della maggioranza della provenienza della sua redditività.

Figura 19. La struttura per la classificazione delle aziende. Fonte: www.icbenchmark.com

Si prevede che la presenza mondiale di Dow Jones Indexes e FTSE trasformerà ICB nello standard mondiale; infatti, esso è già stato adottato per le classificazioni dei titoli dalle seguenti organizzazioni:

• Borse valori: NASDAQ, NYSE, London Stock Exchange, Euronext, e JSE in Sud Africa

• Fornitori di indici: STOXX Limited indexes, FXI (FTSE/Xinhua), Hang Seng (HSI), Russell indexes, Dow Jones Wilshire indexes, Bank of New York indexes, New York Stock Exchange indexes

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• Mezzi di comunicazione finanziari: Financial Times, The Wall Street Journal, CNBC e SmartMoney

Si è deciso di ricorrere a questo sistema di classificazione, poichè l’indicatore era immediatamente disponibile per tutte le imprese francesi e, in secondo luogo, perché Borsa Italiana non impiega o almeno dal sito internet non campare l’adozione di un particolare standard di ripartizione settoriale, limitandosi peraltro a indicare un settore generico di appartenenza.

Quindi sulla base delle descrizioni dei subsettori ICB si è proceduto a riclassificare tutte le imprese industriali italiane.

Di seguito si riporta, in lingua inglese, la ripartizione della struttura di ICB.

Industry Classification Benchmark - Industry Structure and

Definitions

0001 Oil & Gas 0500 Oil & Gas

0530 Oil & Gas Producers

0537 Integrated Oil & Gas : Integrated oil and gas companies engaged in the exploration for and drilling, production, refining, distribution and retail sales of oil and gas products.

0570 Oil Equipment, Services & Distribution

0573 Oil Equipment & Services : Suppliers of equipment and services to oil fields and offshore platforms, such as drilling, exploration, seismic-information services and platform construction.

0577 Pipelines : Operators of pipelines carrying oil, gas or other forms of fuel. Excludes pipeline operators that derive the majority of their revenues from direct sales to end users, which are classified under Gas Distribution. 0580 Alternative Energy

0583 Renewable Energy Equipment : Companies that develop or manufacture renewable energy equipment utilizing sources such as solar, wind, tidal, geothermal, hydro and waves.

0587 Alternative Fuels : Companies that produce alternative fuels such as ethanol, methanol, hydrogen and bio-fuels that are mainly used to power vehicles, and companies that are involved in the production of vehicle fuel cells and/or the development of alternative fuelling infrastructure.

1000 Basic Materials 1300 Chemicals

1350 Chemicals

1353 Commodity Chemicals : Producers and distributors of simple chemical products that are primarily used to formulate more complex chemicals or products, including plastics and rubber in their raw form, fiberglass and synthetic fibers.

1357 Specialty Chemicals : Producers and distributors of finished chemicals for industries or end users, including dyes, cellular polymers, coatings, special plastics and other chemicals for specialized applications. Includes

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makers of colorings, flavors and fragrances, fertilizers, pesticides, chemicals used to make drugs, paint in its pigment form and glass in its unfinished form. Excludes producers of paint and glass products used for construction, which are classified under Building Materials & Fixtures.

1700 Basic Resources 1730 Forestry & Paper

1733 Forestry : Owners and operators of timber tracts, forest tree nurseries and sawmills. Excludes providers of finished wood products such as wooden beams, which are classified under Building Materials & Fixtures.

1737 Paper : Producers, converters, merchants and distributors of all grades of paper. Excludes makers of printed forms, which are classified under

Business Support Services, and manufacturers of paper items such as cups and napkins, which are classified under Nondurable Household Products. 1750 Industrial Metals & Mining

1753 Aluminum : Companies that mine or process bauxite or manufacture and distribute aluminum bars, rods and other products for use by other

industries. Excludes manufacturers of finished aluminum products, such as siding, which are categorized according to the type of end product.

1755 Nonferrous Metals : Producers and traders of metals and primary metal products other than iron, aluminum and steel. Excludes companies that make finished products, which are categorized according to the type of end product.

1757 Iron & Steel : Manufacturers and stockholders of primary iron and steel products such as pipes, wires, sheets and bars, encompassing all processes from smelting in blast furnaces to rolling mills and foundries. Includes companies that primarily mine iron ores.

1770 Mining

1771 Coal : Companies engaged in the exploration for or mining of coal. 1773 Diamonds & Gemstones : Companies engaged in the exploration for and

production of diamonds and other gemstones.

1775 General Mining : Companies engaged in the exploration, extraction or refining of minerals not defined elsewhere within the Mining sector. 1777 Gold Mining : Prospectors for and extractors or refiners of gold-bearing

ores.

1779 Platinum & Precious Metals : Companies engaged in the exploration for and production of platinum, silver and other precious metals not defined elsewhere.

2000 Industrials

2300 Construction & Materials 2350 Construction & Materials

2353 Building Materials & Fixtures : Producers of materials used in the construction and refurbishment of buildings and structures, including cement and other aggregates, wooden beams and frames, paint, glass, roofing and flooring materials other than carpets. Includes producers of bathroom and kitchen fixtures, plumbing supplies and central

air-conditioning and heating equipment. Excludes producers of raw lumber, which are classified under Forestry.

2357 Heavy Construction : Designers, manufacturers, distributors and installers of industrial machinery and factory equipment, such as machine tools, lathes, presses and assembly line equipment. Includes makers of pollution

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control equipment, castings, pressings, welded shapes, structural steelwork, compressors, pumps, bearings, elevators and escalators.

2700 Industrial Goods & Services 2710 Aerospace & Defense

2713 Aerospace : Manufacturers, assemblers and distributors of aircraft and aircraft parts primarily used in commercial or private air transport. Excludes manufacturers of communications satellites, which are classified under Telecommunications Equipment.

2717 Defense : Producers of components and equipment for the defense industry, including military aircraft, radar equipment and weapons. 2720 General Industrials

2723 Containers & Packaging : Makers and distributors of cardboard, bags, boxes, cans, drums, bottles and jars and glass used for packaging.

2727 Diversified Industrials : Industrial companies engaged in three or more classes of business within the Industrial Industry that differ substantially from each other.

2730 Electronic & Electrical Equipment

2733 Electrical Components & Equipment : Makers and distributors of electrical parts for finished products, such as printed circuit boards for radios, televisions and other consumer electronics. Includes makers of cables, wires, ceramics, transistors, electric adapters, fuel cells and security cameras.

2737 Electronic Equipment : Manufacturers and distributors of electronic products used in different industries. Includes makers of lasers, smart cards, bar scanners, fingerprinting equipment and other electronic factory

equipment.

2750 Industrial Engineering

2753 Commercial Vehicles & Trucks : Manufacturers and distributors of commercial vehicles and heavy agricultural and construction machinery, including rail cars, tractors, bulldozers, cranes, buses and industrial lawn mowers. Includes nonmilitary shipbuilders, such as builders of cruise ships and ferries.

2757 Industrial Machinery : Designers, manufacturers, distributors and installers of industrial machinery and factory equipment, such as machine tools, lathes, presses and assembly line equipment. Includes makers of pollution control equipment, castings, pressings, welded shapes, structural steelwork, compressors, pumps, bearings, elevators and escalators.

2770 Industrial Transportation

2771 Delivery Services : Operators of mail and package delivery services for commercial and consumer use. Includes courier and logistic services primarily involving air transportation.

2773 Marine Transportation : Providers of on-water transportation for

commercial markets, such as container shipping. Excludes ports, which are classified under Transportation Services, and shipbuilders, which are classified under Commercial Vehicles & Trucks.

2775 Railroads : Providers of industrial railway transportation and railway lines. Excludes passenger railway companies, which are classified under Travel & Tourism, and manufacturers of rail cars, which are classified under Commercial Vehicles & Trucks.

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2777 Transportation Services : Companies providing services to the Industrial Transportation sector, including companies that manage airports, train depots, roads, bridges, tunnels, ports, and providers of logistic services to shippers of goods. Includes companies that provide aircraft and vehicle maintenance services.

2779 Trucking : Companies that provide commercial trucking services. Excludes road and tunnel operators, which are classified under

Transportation Services, and vehicle rental and taxi companies, which are classified under Travel & Tourism.

2790 Support Services

2791 Business Support Services : Providers of nonfinancial services to a wide range of industrial enterprises and governments. Includes providers of printing services, management consultants, office cleaning services, and companies that install, service and monitor alarm and security systems. 2793 Business Training & Employment Agencies : Providers of business or

management training courses and employment services.

2795 Financial Administration : Providers of computerized transaction

processing, data communication and information services, including payroll, bill payment and employee benefit services.

2797 Industrial Suppliers : Distributors and wholesalers of diversified products and equipment primarily used in the commercial and industrial sectors. Includes builders merchants.

2799 Waste & Disposal Services : Providers of pollution control and

environmental services for the management, recovery and disposal of solid and hazardous waste materials, such as landfills and recycling centers. Excludes manufacturers of industrial air and water filtration equipment, which are classified under Industrial Machinery.

3000 Consumer Goods 3300 Automobiles & Parts

3350 Automobiles & Parts

3353 Automobiles : Makers of motorcycles and passenger vehicles, including cars, sport utility vehicles (SUVs) and light trucks. Excludes makers of heavy trucks, which are classified under Commercial Vehicles & Trucks, and makers of recreational vehicles (RVs and ATVs), which are classified under Recreational Products.

3355 Auto Parts : Manufacturers and distributors of new and replacement parts for motorcycles and automobiles, such as engines, carburetors and batteries. Excludes producers of tires, which are classified under Tires.

3357 Tires : Manufacturers, distributors and retreaders of automobile, truck and motorcycle tires.

3500 Food & Beverage 3530 Beverages

3533 Brewers : Manufacturers and shippers of cider or malt products such as beer, ale and stout.

3535 Distillers & Vintners : Producers, distillers, vintners, blenders and shippers of wine and spirits such as whisky, brandy, rum, gin or liqueurs. 3537 Soft Drinks : Manufacturers, bottlers and distributors of nonalcoholic

beverages, such as soda, fruit juices, tea, coffee and bottled water. 3570 Food Producers

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3573 Farming & Fishing : Companies that grow crops or raise livestock, operate fisheries or own nontobacco plantations. Includes manufacturers of livestock feeds and seeds and other agricultural products but excludes manufacturers of fertilizers or pesticides, which are classified under Specialty Chemicals.

3577 Food Products : Food producers, including meatpacking, snacks, fruits, vegetables, dairy products and frozen seafood. Includes producers of pet food and manufacturers of dietary supplements, vitamins and related items. Excludes producers of fruit juices, tea, coffee, bottled water and other nonalcoholic beverages, which are classified under Soft Drinks. 3700 Personal & Household Goods

3720 Household Goods & Home Construction

3722 Durable Household Products : Manufacturers and distributors of domestic appliances, lighting, hand tools and power tools, hardware, cutlery,

tableware, garden equipment, luggage, towels and linens.

3724 Nondurable Household Products : Producers and distributors of pens, paper goods, batteries, light bulbs, tissues, toilet paper and cleaning products such as soaps and polishes.

3726 Furnishings : Manufacturers and distributors of furniture, including chairs, tables, desks, carpeting, wallpaper and office furniture.

3728 Home Construction : Constructors of residential homes, including manufacturers of mobile and prefabricated homes intended for use in one place.

3740 Leisure Goods

3743 Consumer Electronics : Manufacturers and distributors of consumer electronics, such as TVs, VCRs, DVD players, audio equipment, cable boxes, calculators and camcorders.

3745 Recreational Products : Manufacturers and distributors of recreational equipment. Includes musical instruments, photographic equipment and supplies, RVs, ATVs and marine recreational vehicles such as yachts, dinghies and speedboats.

3747 Toys : Manufacturers and distributors of toys and video/computer games, including such toys and games as playing cards, board games, stuffed animals and dolls.

3760 Personal Goods

3763 Clothing & Accessories : Manufacturers and distributors of all types of clothing, jewelry, watches or textiles. Includes sportswear, sunglasses, eyeglass frames, leather clothing and goods, and processors of hides and skins.

3765 Footwear : Manufacturers and distributors of shoes, boots, sandals, sneakers and other types of footwear.

3767 Personal Products : Makers and distributors of cosmetics, toiletries and personal-care and hygiene products, including deodorants, soaps, toothpaste, perfumes, diapers, shampoos, razors and feminine-hygiene products.

Includes makers of contraceptives other than oral contraceptives, which are classified under Pharmaceuticals.

3780 Tobacco

3785 Tobacco : Manufacturers and distributors of cigarettes, cigars and other tobacco products. Includes tobacco plantations.

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4500 Health Care

4530 Health Care Equipment & Services

4533 Health Care Providers : Owners and operators of health maintenance organizations, hospitals, clinics, dentists, opticians, nursing homes, rehabilitation and retirement centers. Excludes veterinary services, which are classified under Specialized Consumer Services.

4535 Medical Equipment : Manufacturers and distributors of medical devices such as MRI scanners, prosthetics, pacemakers, X-ray machines and other nondisposable medical devices.

4537 Medical Supplies : Manufacturers and distributors of medical supplies used by health care providers and the general public. Includes makers of contact lenses, eyeglass lenses, bandages and other disposable medical supplies.

4570 Pharmaceuticals & Biotechnology

4573 Biotechnology : Companies engaged in research into and development of biological substances for the purposes of drug discovery and diagnostic development, and which derive the majority of their revenue from either the sale or licensing of these drugs and diagnostic tools.

4577 Pharmaceuticals : Manufacturers of prescription or over-the-counter drugs, such as aspirin, cold remedies and birth control pills. Includes vaccine producers but excludes vitamin producers, which are classified under Food Products.

5000 Consumer Services 5300 Retail

5330 Food & Drug Retailers

5333 Drug Retailers : Operators of pharmacies, including wholesalers and distributors catering to these businesses.

5337 Food Retailers & Wholesalers : Supermarkets, food-oriented convenience stores and other food retailers and distributors. Includes retailers of dietary supplements and vitamins.

5370 General Retailers

5371 Apparel Retailers : Retailers and wholesalers specializing mainly in clothing, shoes, jewelry, sunglasses and other accessories.

5373 Broadline Retailers : Retail outlets and wholesalers offering a wide variety of products including both hard goods and soft goods.

5375 Home Improvement Retailers : Retailers and wholesalers concentrating on the sale of home improvement products, including garden equipment, carpets, wallpaper, paint, home furniture, blinds and curtains, and building materials.

5377 Specialized Consumer Services : Providers of consumer services such as auction houses, day-care centers, dry cleaners, schools, consumer rental companies, veterinary clinics, hair salons and providers of funeral, lawn-maintenance, consumer-storage, heating and cooling installation and plumbing services.

5379 Specialty Retailers : Retailers and wholesalers concentrating on a single class of goods, such as electronics, books, automotive parts or closeouts. Includes automobile dealerships, video rental stores, dollar stores, duty-free shops and automotive fuel stations not owned by oil companies.

5500 Media 5550 Media

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5553 Broadcasting & Entertainment : Producers, operators and broadcasters of radio, television, music and filmed entertainment. Excludes movie theaters, which are classified under Recreational Services.

5555 Media Agencies: Companies providing advertising, public relations and marketing services. Includes billboard providers and telemarketers.

5557 Publishing : Publishers of information via printed or electronic media. 5700 Travel & Leisure

5750 Travel & Leisure

5751 Airlines : Companies providing primarily passenger air transport. Excludes airports, which are classified under Transportation Services. 5752 Gambling : Providers of gambling and casino facilities. Includes online

casinos, racetracks and the manufacturers of pachinko machines and casino and lottery equipment.

5753 Hotels : Operators and managers of hotels, motels, lodges, resorts, spas and campgrounds.

5755 Recreational Services : Providers of leisure facilities and services, including fitness centers, cruise lines, movie theaters and sports teams. 5757 Restaurants & Bars : Operators of restaurants, fast-food facilities, coffee

shops and bars. Includes integrated brewery companies and catering companies.

5759 Travel & Tourism : Companies providing travel and tourism related services, including travel agents, online travel reservation services, automobile rental firms and companies that primarily provide passenger transportation, such as buses, taxis, passenger rail and ferry companies. 6000 Telecommunications

6500 Telecommunications

6530 Fixed Line Telecommunications

6535 Fixed Line Telecommunications : Providers of fixed-line telephone services, including regional and long-distance. Includes companies that primarily provides telephone services through the internet. Excludes companies whose primary business is Internet access, which are classified under Internet.

6570 Mobile Telecommunications

6575 Mobile Telecommunications : Providers of mobile telephone services, including cellular, satellite and paging services. Includes wireless tower companies that own, operate and lease mobile site towers to multiple wireless service providers.

7000 Utilities 7500 Utilities

7530 Electricity

7535 Conventional Electricity : Companies generating and distributing electricity through the burning of fossil fuels such as coal, petroleum and natural gas, and through nuclear energy.

7537 Alternative Electricity : Companies generating and distributing electricity from a renewable source. Includes companies that produce solar, water, wind and geothermal electricity.

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7573 Gas Distribution : Distributors of gas to end users. Excludes providers of natural gas as a commodity, which are classified under the Oil & Gas Industry.

7575 Multiutilities : Utility companies with significant presence in more than one utility.

7577 Water : Companies providing water to end users, including water treatment plants.

8000 Financials 8300 Banks

8350 Banks

8355 Banks : Banks providing a broad range of financial services, including retail banking, loans and money transmissions.

8500 Insurance

8530 Nonlife Insurance

8532 Full Line Insurance : Insurance companies with life, health, property & casualty and reinsurance interests, no one of which predominates.

8534 Insurance Brokers : Insurance brokers and agencies.

8536 Property & Casualty Insurance : Companies engaged principally in accident, fire, automotive, marine, malpractice and other classes of nonlife insurance.

8538 Reinsurance : Companies engaged principally in reinsurance. 8570 Life Insurance

8575 Life Insurance : Companies engaged principally in life and health insurance.

8600 Real Estate

8630 Real Estate Investment & Services

8633 Real Estate Holding & Development : Companies that invest directly or indirectly in real estate through development, investment or ownership. Excludes real estate investment trusts and similar entities, which are classified as Real Estate Investment Trusts.

8637 Real Estate Services : Companies that provide services to real estate companies but do not own the properties themselves. Includes agencies, brokers, leasing companies, management companies and advisory services. Excludes real estate investment trusts and similar entities, which are

classified as Real Estate Investment Trusts. 8670 Real Estate Investment Trusts

8671 Industrial & Office REITs : Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) that primarily invest in office, industrial and flex properties.

8672 Retail REITs : Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) that primarily invest in retail properties. Includes malls, shopping centers, strip centers and factory outlets.

8673 Residential REITs : Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) that primarily invest in residential home properties. Includes apartment buildings and residential communities. 8674 Diversified REITs : Real estate investment trusts or corporations (REITs)

or listed property trusts (LPTs) that invest in a variety of property types without a concentration on any single type.

8675 Specialty REITs : Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) that invest in self storage properties,

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properties in the health care industry such as hospitals, assisted living facilities and health care laboratories, and other specialized properties such as auto dealership facilities, timber properties and net lease properties. 8676 Mortgage REITs : Real estate investment trusts or corporations (REITs)

or listed property trusts (LPTs) that are directly involved in lending money to real estate owners and operators or indirectly through the purchase of mortgages or mortgage backed securities.

8677 Hotel & Lodging REITs : Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) that primarily invest in hotels or lodging properties.

8700 Financial Services 8730 Real Estate

8733 Real Estate Holding & Development : Companies that invest directly or indirectly in real estate through development, management or ownership, including property agencies. Excludes real estate investment trusts and similar entities, which are classified as Real Estate Investment Trusts. 8737 Real Estate Investment Trusts: Real estate investment trusts or

corporations (REITs) and listed property trusts (LPTs.) 8770 Financial Services

8771 Asset Managers : Companies that provide custodial, trustee and other related fiduciary services. Includes mutual fund management companies. 8773 Consumer Finance : Credit card companies and providers of personal

finance services such as personal loans and check cashing companies. 8775 Specialty Finance : Companies engaged in financial activities not

specified elsewhere. Includes companies not classified under Equity Investment Instruments or Nonequity Investment Instruments engaged primarily in owning stakes in a diversified range of companies.

8777 Investment Services : Companies providing a range of specialized financial services, including securities brokers and dealers, online brokers and security or commodity exchanges.

8779 Mortgage Finance : Companies that provide mortgages, mortgage insurance and other related services.

8900 Investment Instruments

8985 Equity Investment Instruments : Corporate closed-ended investment entities identified under distinguishing legislation, such as investment trusts and venture capital trusts.

8995 Nonequity Investment Instruments : Noncorporate, open-ended investment instruments such as open-ended investment companies and funds, unit trusts, ETFs, currency funds and split capital trusts.

9000 Technology 9500 Technology

9530 Software & Computer Services

9533 Computer Services : Companies that provide consulting services to other businesses relating to information technology. Includes providers of

computer-system design, systems integration, network and systems operations, data management and storage, repair services and technical support.

9535 Internet : Companies providing internet-related services, such as internet access providers and search engines and providers of Web site design, Web hosting, domain-name registration and e-mail services.

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9537 Software : Publishers and distributors of computer software for home or corporate use. Excludes computer game producers, which are classified under Toys.

9570 Technology Hardware & Equipment

9572 Computer Hardware : Manufacturers and distributors of computers, servers, mainframes, workstations and other computer hardware and subsystems, such as mass-storage drives, mice, keyboards and printers. 9574 Electronic Office Equipment : Manufacturers and distributors of

electronic office equipment, including photocopiers and fax machines. 9576 Semiconductors : Producers and distributors of semiconductors and other

integrated chips, including other products related to the semiconductor industry, such as semiconductor capital equipment and motherboards. Excludes makers of printed circuit boards, which are classified under Electrical Components & Equipment.

9578 Telecommunications Equipment : Makers and distributors of

high-technology communication products, including satellites, mobile telephones, fiber optics, switching devices, local and wide-area networks,

teleconferencing equipment and connectivity devices for computers, including hubs and routers.

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APPENDICE 3

La regressione a effetti fissi

I dati Panel, anche noti come longitudinal data o cross-sectional time series data, sono dati in cui molteplici aspetti (persone, aziende, paesi…) sono osservati per due o più periodi temporali. In un panel di dati si possono individuare due tipi di informazioni: le informazioni cross-sectional, riflesse nelle differenze tra i soggetti, e le time-series o within-subject information, che riflettono le informazioni di cambiamento per ogni soggetto nel corso del tempo. Le regressioni condotte su dati panel permettono agli utilizzatori di tener in considerazione queste differenti forme di informazioni.

I metodi di regressioni a effetti fissi sono usati generalmente per analizzare dati panel (longitudinal data) con valori ripetuti nel tempo sia per le variabili indipendenti (x) che la variabile dipendente (y). Questi strumenti sono in grado di controllare le caratteristiche stabili di tutte le unità dei campioni siano esse quantitative che qualitative. Questo si effettua usando solo la variazione tra le unità (within variation) per stimare i coefficienti della regressione.

Alla base dell’utilizzo della regressione a effetti fissi si individuano due prerequisiti sui dati. Innanzitutto, la variabile dipendente deve essere misurata per ogni unità del campione almeno in due momenti temporali diversi. Questi valori dovranno inoltre essere direttamente comparabili cioè devono esprimere lo stesso significato e avere la medesima unità di misura.

In secondo luogo, le variabili esplicative devono anch’esse variare il loro valore nel corso del tempo (almeno due unità temporali) per una buona parte del campione. I fixed effects methods sono meno utilizzati per stimare gli effetti di variabili che non cambiano nel corso del tempo, come sesso e razza.

Per illustrare il metodo, occorre far riferimento al seguente modello lineare: ij

i ij

ij x

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In cui i si riferisce alle diverse unità del campione (aziende nell’analisi condotta nella tesi) e j ai differenti valori tra le unità, ovvero alle variabili misurate in corrispondenza di diversi momenti temporali. β1xij è descritto come l’effetto fisso perché i termini xij sono tutti valori misurati (empirici) mentre

β

1 è un parametro fisso.

ij

ε è considerato come una variabile casuale con una distribuzione di probabilità sulla quale si fa’ una serie di assunzioni235

. i

α

può essere trattato come un insieme di coefficienti fissi oppure come variabile casuale nei modelli a effetti fissi è trattato come un vettore di parametri fissi stimati dal metodo in questione.

Occorre tener presente che i metodi a effetti fissi applicati a dati non sperimentali spesso incrementano la varibilità campionaria rispetto ad altri metodi di analisi. Ciò è dovuto al fatto che nella rilevazione di dati osservati nella realtà, le variabili indipendenti variano sia tra le unità che all’interno di ciascuna unità. A questo proposito i fixed effects methods ignorano la varianza (o variabilità) tra i cluster per focalizzarsi solo sulla varianza all’interno di ciascuna unità. Sfortunatamente, accantonando la between variance si può produrre uno standard error molto più alto rispetto a quello ottenibile utilizzano sia la between variance che la within variance.

Una grande limitazione del metodo a effetti fissi è che non stima i coefficienti per le variabili che non hanno variabilità within; bisogna però tener in considerazione che tutte queste variabili “stabili” sono controllate in un modello fisso anche se non ci sono loro rilevazioni.

Per concludere, quindi si può affermare che i metodi a effetti fissi sono primariamente utilizzati per analizzare gli effetti di variabili che cambiano entro le unità.

Occorre tener presente che le differenti tipologie di variabili dipendenti richiedono differenti tipi di metodi a effetti fissi. SAS ha una varietà di procedure che possono essere usate per implementare i metodi a effetti fissi: per modelli lineari, PROC GLM, PROC REG PROC MIXED, mentre nel caso di regressioni logistiche la procedura più adeguata è PROC LOGISTIC.

235

Una delle assunzioni più importanti è che

ε

ijabbia una distribuzione normale con media 0 e varianza

2 σ .

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Figura

Figura 19. La struttura per la classificazione delle aziende.  Fonte: www.icbenchmark.com

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