In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

The debate on new rules currently focuses on two major questions. On the one hand the process of reform of the prudential regulation of banks (Basel 3), coming to an end after the Seoul G20 approval of Basel Committee proposals. On the other hand, particularly in Europe, the discussion on the...

Do rating models embody correctly the impact of macroeconomic variables on debtors’ solvency, determining a lag in downgrading? In pre-crisis periods, when interest rates increases are recorded as well as decreases in real growth rates, rating assessments fail to register risk increases in...

Financial crisis has highlighted the responsibilities of rating agencies in the evaluation of some assets and in the delay in reacting to deteriorating market conditions. In Europe, this experience has made urgent to adapt the rules and fill a real law gap, with the adoption of a binding...

This research analyzes the relevance of pricing models to the behaviour of banking service customers, in particular, how bank pricing models influence the acquisition and retention of retail customers.The survey is based on a dataset of 90,000 bank current account holders at an Italian...

Banks capitalization has assumed greater importance after the new minimum capital standards required by Basel 3 and 2011 Eba Recommendations.This question could overshadow other important issues, such as those referred to the strategic models banks should adopt towards firms and individuals

The banking market changes, the globalization of trade relations, the territorial location, the differences in interest rates, the informative asymmetries are some of the aspects that explain the credit rationing phenomenon.Among these the firm dimension plays a crucial role.Theories and some...

Risk management, its prospects and improvements are analyzed in the experience of a large Italian banking group. In line with the basic principles of prudential supervision, risk management is aimed not only to identify and to measure risks, but it realizes a process involving objectives and...

The literature that examines target prices issued by equity research analysts is vast, and the role of the analytical process and valuation model used to determine target prices has received growing attention by scholars. However, the specific evidence that indicates how professional analysts...