Purpose: The purpose of this paper is to test the different definitions of “book-value distance to default” (BVDD) to assess whether using downward assets volatility provides some advantage to the index performance or produces adverse impacts on its effectiveness....

By means of an application of the Rosse--Panzar methodology, we assess the degree of competition in the Italian car insurance market in order to evaluate the considerable fine that is imposed on 39 companies by the Italian Antitrust Authority (IAA) in 2000 for their supposed anticompetitive...