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Bianco, Magda; Ciavarella, Angela; Signoretti, Rossella - Banca d'Italia - 2013

We examine the presence of women in Italian corporate boards before the introduction of Law 120/2012. We consider all directors of publicly-traded firms in 2008-10 and investigate the potential determinants of having boards with gender-diverse representation and the correlation between female...

Persistent link: https://www.econbiz.de/10011100338

The Political Economy of Investor Protection

Tommasino, Pietro - Banca d'Italia - 2006

Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...

Persistent link: https://www.econbiz.de/10005609341

Financial innovation oversight: a policy framework

Carlo, Gola; Antonio, Ilari - Banca d'Italia - 2013

more stringent organizational solutions, which mainly include corporate governance and risk management. This also comprises … responsible risk culture, ethical standards, appropriate incentive structure, accountability, and internal controls, which are …

Persistent link: https://www.econbiz.de/10011099606

Women on Italian bank boards: are they ï¿½gold dustï¿½?

Prete, Silvia Del; Stefani, Maria Lucia - Banca d'Italia - 2013

combines individual data on bank governance with different measures of performance and risk, this paper analyses the … riskiness, implying that credit policies are more stringent when women are on the board, possibly due to their higher risk …

Persistent link: https://www.econbiz.de/10011100416

Efficiency vs. agency motivations for bank takeovers: some empirical evidence

Vincenzo, Alessio De; Doria, Claudio; Salleo, Carmelo - Banca d'Italia - 2006

Bank takeovers result on average in little improvements in performance. This may be due to conflicting driving forces behind them; however these have seldom been studied. We study directly the motivations for bank acquisitions by analyzing the prices paid for them, under the assumption that...

Persistent link: https://www.econbiz.de/10005113643

Financial innovation and risk: the role of information

Piazza, Roberto - Banca d'Italia - 2010

Financial innovation has increased opportunities for diversification and lowered investment costs, but has not reduced the relative cost of active (informed) investment strategies compared with passive (less informed) strategies. What are the consequences? I have studied an economy with linear...

Persistent link: https://www.econbiz.de/10008553016

The role of leverage in firm solvency: evidence from bank loans

Patti, Emilia Bonaccorsi di; Alessio Dï¿½Ignazio; … - Banca d'Italia - 2014

The two recessions that have hit Italy since the end of 2008 have raised the share of non-performing loans to businesses in banksï¿½ portfolios substantially. In this paper we evaluate to what extent the deterioration of credit quality was due not only to the decline in firmsï¿½ sales...

Persistent link: https://www.econbiz.de/10011100349

The portfolio allocation strategies of sovereign wealth funds and the financial crisis

Ciarlone, Alessio; Miceli, Valeria - Banca d'Italia - 2013

This paper analyzes the investment choices of sovereign wealth funds (SWFs) by country and industry in the last twenty years. Assets under management increased from $500 billion in 1995 to $4.7 trillion at end-2011. Based on a specially constructed data set, comprising 2,740 equity deals...

Persistent link: https://www.econbiz.de/10011100392

Credit ratings in structured finance and the role of systemic risk

Violi, Roberto - Banca d'Italia - 2010

This paper explores the implications of systemic risk in Credit Structured Finance (CSF). Risk measurement issues … the standard risk frameworks in CSF (Gaussian, Single Risk Factor Model; GSRFM), popular among market participants. If … implemented in a ï¿½staticï¿½ fashion, GSRFM can substantially underprice risk at times of stress. I introduce a simple ï …

Persistent link: https://www.econbiz.de/10008677911

Are Sovereign Wealth Funds contrarian investors?

Ciarlone, Alessio; Miceli, Valeria - Banca d'Italia - 2014

This paper investigates the determinants of the investment activity of Sovereign Wealth Funds (SWFs) at a macro level, with special emphasis on the possible reaction to a financial crisis in a potential target economy. The analysis relies upon a specially built proprietary database, which...

Persistent link: https://www.econbiz.de/10011099703

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