The paper aims at shedding some light on the dynamics of competition among off-shore centers that attract capitals of illicit origins. The paper takes a relational approach, focusing on the relations established between off-shore centers and criminal organizations, in order to design the optimal...

The risks of terrorism and of organised crime depend on the actual and potential diffusion of the Lax Financial Regulation (LFR) countries. The LFR country is a jurisdiction in which the features of the financial regulation increase the probability to offer money laundering services, utilised by...

The Parmalat scandal is widely interpreted as evidence of the deficiencies in the supervision over financial intermediaries. Accordingly, a draft bill has been adopted, transferring to so-called "Super-Consob" powers previously entrusted to the Bank of Italy. While some of the proposed rules...

This paper analyzes the Italian rules concerning the decision to adopt defensive tactics in the face of a hostile bid.The regulation presents an enabling aspect in that it does not set ex ante the level of resistance that firms can implement. Rather, it merely sets a pro-resistance default rule....

The paper surveys the limits of Italian corporate governance. The development of an efficient market for corporate control appears to be a necessary step towards strengthening Italian corporate governance mechanisms. Mounting competitive pressure stemming from other jurisdictions emphasizes the...

The paper analyzes the rules concerning the decision to adopt defensive tactics in the face of a hostile bid, set forth by the Consolidated Act on Financial Markets and Intermediares. The regulation presents and enabling aspect in that it does not set ex ante the level of resistance that firms...

Focuses on the features of some countries that make them more likely to offer money laundering services, arguing that these tax havens are structurally different from other countries: they lack significant resources for trading internationally, which pushes them to generate income through a lax...