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...

Ucits IV Directive will lead to the redefinition of business models in the field of asset management: the process centralization, the increasing use of outsourcing, the ongoing internationalization, the adoption of transnational strategies, able to combine services platforms with local higher...

Previous researches have demonstrated that consumer decisions could be affected by some biases in the supplementary pension field. Decisionmaking is very often not guided by rationality, and in many cases, if forced to choose, people will decide not to decide, passively accepting the decisions...

The Aifmd Directive aims to create a comprehensive regulatory and supervisory framework for the alternative fund industry in the European Union. It will help to overcome gaps and inconsistencies in existing regulatory frameworks at national level and will provide a basis for the development of...

The Simplified Prospectus delivering information on Ucits investments has been replaced by the Kiid, a concise document drafted in plain language to be easily understood by investors.The European Commission’s intention is to strengthen consumer protection and to improve communication for more...

The Specialized investment fund (Sif) has become a very popular alternative investment because it allows founders to create a wide range of funds with different strategies and structures enjoying, at the same time, a wide autonomy in the organization and determination of policies investment....

This paper investigates the effects of the Italian real estate funds governance and intermediation structure on market prices discount over Nav figures.The hypothesis is that the mandatory provision of a shareholders’ meeting of newly established Reits offers potential protection to investors...

Recent developments in the traditional and synthetic Exchange-Traded Funds industry in Europe gave rise to new risks and represent a serious threat to the stability of the financial system. Derivative products reduced simplicity and transparency, the two traditional flagship qualities of Etfs....

Otc derivatives Counterparty risk has assumed a fundamental role within the risks assumed by Sifis, Sistemically Important Financial Institutions. Different Counterparty risk management procedures have been introduced by regulatory provisions and market best practices. Moreover, the European...

MiFid has fostered competition between stock exchanges and alternative trading systems by removing the option for Eu Member States to impose that equities must be traded only on regulated markets (so-called concentration rule). The success of alternative trading venues is mainly due to the...