Over recent decades, securities post-trading has seen a radical change from paper-based to electronic procedures. Technological advances have facilitated digitisation as a global trend. While in the investment industry technology has also been a key driver for financial automation since the late...

A recent strand of the literature shows that the adoption of different lending technologies is associated with heterogeneous credit policies and performance. Using a unique Bank of Italy?s survey, specifically designed to capture some organizational features and the lending techniques adopted by...

When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks...

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...

Using a unique dataset, which combines bank organizational variables, information on lending techniques, firms' credit demand and others balance sheet indicators, we investigate the impact of lending organization on credit dynamics during the crisis period. Our main findings suggest that the...

The literature on debt restructuring usually assumes that banks behave in a uniform way towards firms in distress. Using a recent survey of Italian banks, we show that banks follow different strategies when they decide whether to take part in the workout process, in that some of them do...

The literature on debt restructuring usually assumes that banks behave in a uniform way towards firms in distress. Using a recent survey of Italian banks, we show that banks follow different strategies when they decide whether to take part in the workout process, in that some of them do...