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...

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...

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...

Cooperative banking has produced, in more than a century, significant value in terms of proximity to clients and local communities. A governance reform is now necessary to solve interest conflicts and redefine the cooperative model in the present scenario

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...

Since the beginning of the financial crisis, multinational banks have been accused of being among the major causes of the financial system’s destabilization. But the available empirical evidence on the relationship between international diversification, value creation and riskiness of...

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...

The $13.5 bn acquisition of Barclays Global Investors by BlackRock, that creates the world’s biggest asset manager, puts again fundamental questions. Can dimensions favout efficiency, overcoming complexity and risks? While other important topics are related to the active or passive style of...

While still young, credit rating has introduced important changes in the credit process, redesigning the organizational structure of the bank, its credit policy and the relationship with businesses. Despite heavy investments, rating models have suffered some problems and a negative impact...

The consequences of the crisis on private equity and venture capital have spurred new forms of SMEs financing, based on partnership between public and private sectors. Internationally, the two sectors cooperate intensively through the fund of funds instruments. In Italy, a new investment fund...