Liquidity is an important indicator of the state of health of firms. It is, also, a measure of early warning of a possible forthcoming company default. During the global crisis Italian enterprises suffer from a decrease of liquidity index. It is important to analyze this phenomenon from the...

This paper explores an innovative solution to exit from the European debt crisis exploded in 2010.The proposal is based on the securitization of sovereign debts and the creation of a jointly responsibility bond among European countries, the Eurobond, with the surer tranches of their sovereign...

The Italian financial system is still largely relying on bank loans to small and medium enterprises. In order to develop wider equity and bond markets, it is necessary to create incentives to strengthen the role of the capital markets, starting from mini-bonds issuing and loan securitization

The Basel Agreements, designed to pursue financial stability, have been instead a cause of instability, revealing fundamental analytical and operational weaknesses. The idea to define a constant capital ratio through complex statistical models implies serious dangers. A radical change is...

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...

This paper analyzes the determinants of credit to medium-sized enterprises before and during the crisis in Italy. While the bank-enterprise relationship seems to be crucial in the granting of credit before the crisis of 2007, during the crisis the results show a greater virtuosity of firms...

The financial services turmoil and consumers change have created market fragmentation and are putting high emphasis on price. Consequently, the ability to provide products and services on a cost-effective basis may not always increase margins but also exacerbate a price competition. As a result...

This paper analyzes the methods of rating attribution of the major international agencies (Moody’s, Fitch and Standard & Poor’s) between 2005 and 2010 for a sample of Italian and European listed banks and tests empirically, through the multivariate analysis of Ols, the possible relations of...

Advanced credit risk measurement models, although statistically accurate and predictive, can not completely replace the human factor, which can develop more effective credit decisions, based on specific positions and the reference context.The credit license is a tool for objective measurement of...

Bank robberies are deemed to cause serious impacts on employees and customers. For an effective prevention it is necessary to carefully monitor the robbery risk, measured by the number of events per 100 bank branches, and its intensity, that is the measure of its traumatic impacts. ABI and Istat...