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...

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...

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 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 aim of the paper is to investigate the long-run performance of Italian Ipos, paying close attention to the banking companies. Specifically, the objective is to test if there are differences and/or anomalies between the securities issued by banks and those delivered by other issuers, in the...

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...

A better understanding of the information provided by credit ratings and their proper use allow more transparent and effective communication to investors and a better risks’ diversification. In this way ratings will be able to play a more effective predictive role

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...

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...

The financial crisis has stimulated researches on the link between risk models and banking business, showing that banks with greater profitability deriving from traditional activity have less chancee to be involved in a crisis. This hypothesis is confirmed by an analysis conducted on a sample of...