Under recently enacted legislation, financial advisory services can be offered by different categories of entities that are in competition with each other. Financial advisory firms that offer only financial advice allow a clear identification of financial advisory profits and provide a...

Italian banks can adopt various solutions to face the present structural problems: from a significant costs reduction to a rethinking of the business model, with relevant changes in the distribution capacity and in the relationship with households and businesses. In the process of change, an...

Analyzing corporate fundamentals in the internal rating process (both at industrial and competitive level), leveraging on public information, is an important issue. The aim is to facilitate the counterpart’s forwardlooking assessment, beyond a stringent cyclical point-in-time valuation, with a...

To assess the Basel 3 impact, a simple model relating capital ratios, profitability, assets growth and dividend ratios can be very useful. Showing the necessity of fostering Roas mainly through cost cutting policies

The entrepreneur is an innovator devising, creating, destroying and starting again a business. In a deep changed world, the development of a firm is influenced by the relationship with the financial market and the banks that also in the next years will have a significant role in the financing...

The sector of Italian real estate asset management companies has shown a high growth in the last decade. This study, through the analysis of a sample representative of more than 80% of the market, shows how this has not yet led to a level of maturity comparable to the rest of Italian asset...

The development of a long lasting relationship between banks and firms requires greater cooperation between the two parties, which must be based on transparency, availability of the right quantitative and qualitative information, the correct and complete use of these information by banks, in...

To estimate the probability of default of companies and the correlated rating classes, it is necessary to use efficiently the information contained in different databases. In this respect, we propose a novel approach, based on the recursive usage of Bayes theorem, that can be very helpful in...