Publications
13 results found
Cenci S, Kealhofer S, 2022, A causal approach to test empirical capital structure regularities, Journal of Finance and Data Science, Vol: 8, Pages: 214-232
Capital structure theories are often formulated as causal narratives to explain which factors drive financing choices. These narratives are usually examined by estimating cross–sectional relations between leverage and its determinants. However, the limitations of causal inference from observational data are often overlooked. To address this issue, we use structural causal modeling to identify how classic determinants of leverage are causally linked to capital structure and how this causal structure influences the effect-estimation process. The results provide support for the causal role of variables that measure the potential for information asymmetry concerning firms’ market values. Overall, our work provide a crucial step to connect capital structure theories with their empirical tests beyond simple correlations.
Cenci S, Burato M, Rei M, et al., 2022, Business sustainability behaviour and alignment with climate targets
<jats:title>Abstract</jats:title> <jats:p>Climate actions from the private sector are crucial to cutting global emissions and meeting the climate targets set by the Paris Agreement. In recent years, an increasing number of companies have pledged to contribute to the achieving of those targets. However, the emissions pathways of most firms are still misaligned with these goals. To explain the root causes of this discrepancy between effort and outcome, we developed a new methodology to track the actions implemented by major public corporations to reduce their emissions. Our analysis shows that firms aligned with climate targets prioritise actions focused on creating growth opportunities, such as investing in research and development and new products as well as fostering cooperation with other ecosystem players. Overall, we provide a new systematic framework to track the effort of public firms to align their emissions with country-level targets. Our approach can be used by investors and policymakers to redirect capital towards its most sustainable use and to design behaviourally founded policy interventions to align business emissions with climate targets.</jats:p>
Cenci S, Burato M, Rei M, et al., 2022, Business sustainability behaviour and alignment with climate targets
<jats:title>Abstract</jats:title> <jats:p>Climate actions from the private sector are crucial to meeting country-level emissions targets. Therefore, an increasing number of companies have pledged to align their emissions with globaltargets and have launched a wide variety of climate initiatives. However, the emissions pathways of most firms are still misaligned with these goals. To explain the root causes of this discrepancy between effort and outcome, we developed a new methodology to track the actions implemented by major public corporations to contribute to the SDGs. Our analysis shows that firms aligned with climate targets prioritise actions focused on creating growth opportunities and fostering cooperation with other ecosystem players. Our approach also provides a potential solution to the limitations of ESG ratings for investment and management decisions. Finally, policymakers can use our approach to design behaviourally founded policy interventions to align business emissions with climate targets.</jats:p>
Krishnan RG, Cenci S, Bourouiba L, 2021, Mitigating bias in estimating epidemic severity due to heterogeneity of epidemic onset and data aggregation, ANNALS OF EPIDEMIOLOGY, Vol: 65, Pages: 1-14, ISSN: 1047-2797
Cenci S, Medeiros LP, Sugihara G, et al., 2020, Assessing the predictability of nonlinear dynamics under smooth parameter changes, JOURNAL OF THE ROYAL SOCIETY INTERFACE, Vol: 17, ISSN: 1742-5689
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- Citations: 3
Cenci S, Saavedra S, 2019, Non-parametric estimation of the structural stability of non-equilibrium community dynamics, NATURE ECOLOGY & EVOLUTION, Vol: 3, Pages: 912-918, ISSN: 2397-334X
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- Citations: 17
Cenci S, Sugihara G, Saavedra S, 2019, Regularized S-map for inference and forecasting with noisy ecological time series, METHODS IN ECOLOGY AND EVOLUTION, Vol: 10, Pages: 650-660, ISSN: 2041-210X
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- Citations: 22
Cenci S, Saavedra S, 2018, Uncertainty quantification of the effects of biotic interactions on community dynamics from nonlinear time-series data, JOURNAL OF THE ROYAL SOCIETY INTERFACE, Vol: 15, ISSN: 1742-5689
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- Citations: 11
Cenci S, Song C, Saavedra S, 2018, Rethinking the importance of the structure of ecological networks under an environment-dependent framework, ECOLOGY AND EVOLUTION, Vol: 8, Pages: 6852-6859, ISSN: 2045-7758
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- Citations: 18
Cenci S, Montero-Castano A, Saavedra S, 2018, Estimating the effect of the reorganization of interactions on the adaptability of species to changing environments, JOURNAL OF THEORETICAL BIOLOGY, Vol: 437, Pages: 115-125, ISSN: 0022-5193
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- Citations: 20
Cenci S, Saavedra S, 2018, Structural stability of nonlinear population dynamics, PHYSICAL REVIEW E, Vol: 97, ISSN: 2470-0045
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- Citations: 22
Cenci S, Song C, Saavedra S, 2017, Rethinking the importance of the structure of ecological networks under an environment-dependent framework
<jats:title>Abstract</jats:title><jats:p>A major quest in network and community ecology has been centered on understanding the importance of structural patterns in species interaction networks—the synthesis of who interacts with whom in a given location and time. In the past decades, much effort has been devoted to infer the importance of a particular structure by its capacity to tolerate an external perturbation on its structure or dynamics. Here we demonstrate that such a perspective leads to inconsistent conclusions. That is, the importance of a network structure changes as a function of the external perturbations acting on a community at any given point in time. Thus, we discuss a research agenda to investigate the relative importance of the structure of ecological networks under an environment-dependent framework. We hypothesize that only by studying systematically the link between network structure and community dynamics under an environment-dependent framework, we can uncover the limits at which communities can tolerate environmental changes.</jats:p><jats:p>“<jats:italic>Variation stands out as the only meaningful reality</jats:italic>”</jats:p><jats:p>Stephen J. Gould.</jats:p>
Saavedra S, Cenci S, del-Val E, et al., 2017, Reorganization of interaction networks modulates the persistence of species in late successional stages, JOURNAL OF ANIMAL ECOLOGY, Vol: 86, Pages: 1136-1146, ISSN: 0021-8790
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- Citations: 18
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